MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
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Name : |
COOPER-STANDARD AUTOMOTIVE INDIA PRIVATE LIMITED |
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Formerly Known As : |
COOPER TIRE AND RUBBER COMPANY INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 3 A, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
26.05.2000 |
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Com. Reg. No.: |
18-45025 |
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CIN No.: [Company
Identification No.] |
U25111TN2000PTC045025 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC05317E |
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PAN No.: [Permanent
Account No.] |
AABCC3665P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Power Steering Hose and Tube Assemblies, Fuel Tube
Assemblies, Brake Tube Assemblies. |
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 440000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Plot No. 3 A, |
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Tel. No.: |
91-44-27454457 |
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Fax No.: |
91-44-27454697 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Emmi Jude Joseph |
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Designation : |
Director |
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Address : |
# 912 South Nattes, |
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Date of Birth/Age : |
26.12.1960 |
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Date of Appointment : |
01.12.2003 |
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Name : |
Mr. Sonam Sinha |
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Designation : |
Director |
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Address : |
Shivani B – 111, A 4 Flat # 40 Eastcoast Road, Thiruvanmiyur, Chennai
– 600041, Tamilnadu, India |
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Date of Birth/Age : |
19.03.1968 |
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Date of Appointment : |
11.04.2005 |
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Name : |
Mr. V. S. Rajan |
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Designation : |
Director |
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Address : |
C – 3 Srinivasa Apartment |
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Date of Birth/Age : |
27.04.1967 |
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Date of Appointment : |
01.12.2003 |
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Name : |
Mr. K. K. Tiwari |
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Designation : |
Director |
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Address : |
Flat # GA [Shreyas] 4th Seaward Road, Valmiki Nagar,
Thiruvanmiyur – 600041, |
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Date of Birth/Age : |
15.05.1969 |
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Date of Appointment : |
26.05.2000 |
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Name : |
Mr. Dinesh Panditrao Pawar |
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Designation : |
Director |
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Address : |
H 85, F |
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Date of Birth/Age : |
10.07.1972 |
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Date of Appointment : |
15.07.2000 |
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Date of Ceasing : |
06.12.2001 |
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Name : |
Mr. Grieto Lukje |
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Designation : |
Director |
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Address : |
2, |
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Date of Birth/Age : |
22.03.1954 |
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Date of Appointment : |
06.12.2001 |
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Name : |
Mr. Stephen William Murray |
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Designation : |
Director |
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Address : |
18, Shannon Staffordshire B 77 2 NZ United Kingdom |
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Date of Birth/Age : |
24.02.1960 |
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Date of Appointment : |
06.12.2001 |
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Name : |
Mr. Ian Jones |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.02.1961 |
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Date of Appointment : |
26.05.2000 |
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Date of Ceasing : |
30.11.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Cooper Standard Automotive Inc. |
|
4863375 |
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Cooper Standard Automotive Services Inc. |
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20 |
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Total |
|
4863395 |
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Equity Share
Breakup |
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Category |
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Percentage of Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Power Steering Hose and Tube Assemblies, Fuel Tube
Assemblies, Brake Tube Assemblies. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
TPL House, Second Floor, 3, |
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Associates/Subsidiaries : |
Cooper Standard Automotive Inc., |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,863,395 |
Equity Shares |
Rs. 10/- each |
Rs. 48.634
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
48.634 |
48.634 |
48.634 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.325 |
48.235 |
49.883 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
110.959 |
96.869 |
98.517 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
28.182 |
25.548 |
25.660 |
|
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2] Unsecured Loans |
1.666 |
1.444 |
1.007 |
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TOTAL BORROWING |
29.848 |
26.992 |
26.667 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
3.067 |
4.627 |
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TOTAL |
140.807 |
126.928 |
129.811 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.597 |
51.831 |
54.270 |
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Capital work-in-progress |
0.552 |
2.231 |
0.833 |
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INVESTMENT |
1.055 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
55.199
|
27.067 |
26.784 |
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Sundry Debtors |
39.964
|
36.081 |
25.064 |
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Cash & Bank Balances |
19.851
|
38.500 |
34.389 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.002
|
4.819 |
1.685 |
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Total
Current Assets |
124.016
|
106.467 |
87.922 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.519
|
17.714 |
9.871 |
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Provisions |
5.894
|
15.887 |
3.343 |
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Total
Current Liabilities |
35.413
|
33.601 |
13.214 |
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Net Current Assets |
88.603
|
72.866 |
74.708 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
140.807 |
126.928 |
129.811 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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Sales Turnover |
240.084 |
146.778 |
175.807 |
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Other Income |
1.279 |
1.771 |
8.891 |
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Total Income |
241.363 |
148.549 |
184.698 |
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Profit/(Loss) Before Tax |
26.694 |
21.056 |
36.698 |
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Provision for Taxation |
9.854 |
6.089 |
13.496 |
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Profit/(Loss) After Tax |
16.840 |
14.967 |
23.202 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.032 |
5.316 |
1.071 |
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Other Earnings |
0.000 |
0.103 |
0.000 |
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Total Earnings |
0.032 |
5.419 |
1.071 |
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Imports : |
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Raw Materials |
95.637 |
43.770 |
54.855 |
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Capital Goods |
4.036 |
4.361 |
0.000 |
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Total Imports |
99.673 |
48.131 |
54.855 |
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Expenditures : |
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Raw Material Consumed |
0.000 |
87.068 |
106.383 |
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Personnel Expenses |
0.000 |
10.760 |
9.794 |
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Operating and Other Expenses |
0.000 |
19.256 |
23.521 |
|
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Increase/(Decrease) in Finished Goods |
0.000 |
2.160 |
0.989 |
|
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Interest |
0.372 |
0.263 |
0.282 |
|
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Depreciation & Amortization |
8.592 |
7.988 |
7.032 |
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Other Expenditure |
207.642 |
0.000 |
0.000 |
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Total Expenditure |
216.606 |
127.495 |
148.001 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
6.98
|
10.08 |
12.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.12
|
14.35 |
20.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.29
|
13.30 |
25.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.22 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.59
|
0.63 |
0.40 |
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Current Ratio (Current Asset/Current Liability) |
|
3.50
|
3.17 |
6.65 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Leasehold Improvements
- Plant and Machinery
- Furniture and Fittings
- Office Equipments
- Computer
- Vehicles
Bankers Charges
Report as per Registry
|
Name of the company |
COOPER-STANDARD
AUTOMOTIVE INDIA PRIVATE LIMITED |
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Presented By |
Mr. K. K. Tiwari
|
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1) Date and description of instrument creating the change |
Agreement for
hypothecation of Tools to secure Trade Advance dated 20.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Trade Advance Rs.
3.370 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
Tools proposed to be purchased |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Trade Advance |
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5) Name and Address and description of the person entitled to the charge. |
Ford India
Private Limited S. P. Koil,
Chengleput – 603204, Kancheepuram District, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
AS PER WEBSITE
Profile
It is the mission of Cooper-Standard Automotive to be the leading
manufacturer of sealing system products, fluid systems, vibration control
applications and other related products while focusing on innovative, continuously
improved solutions to their customers' problems with world-class quality,
leading edge technologies, service and competitive pricing. Their pledge to
ethical, honest principles driven by the spirit, pride and dedication of their
people will drive them toward their vision of market leadership and success.
Cooper-Standard Automotive News
Cooper-Standard Automotive Signs Definitive Purchase Agreement to
Acquire Certain Operations of Metzeler Automotive Profile Systems in Europe and
Novi, Mich., June 14, 2007 - Cooper-Standard Automotive Inc. today announced it has
signed a definitive sale and purchase agreement with Automotive Sealing Systems
S.A. providing for the acquisition by Cooper-Standard of Metzeler Automotive
Profile Systems (MAPS) sealing systems operations in Germany, Italy, Poland and
Belgium, including joint venture interests in India and China, in accordance
with the previously announced Memorandum of Understanding between the parties.
The transaction, which is valued at approximately 100 million euros, is subject
to certain conditions including regulatory approvals, and is expected to close
in the third quarter of 2007. Cooper-Standard’s principal shareholders, Goldman
Sachs Capital Partners and The Cypress Group will invest a total of 20 million
euros of new equity in Cooper-Standard as part of the financing of the
acquisition.
The MAPS operations to be acquired include eight manufacturing facilities in
Europe and participations in joint ventures in
Cooper-Standard
Automotive is a global leader in each of its product lines, which include body
& chassis systems and fluid handling systems. The addition of the MAPS
businesses will strongly complement Cooper-Standard’s current business in terms
of customer base and geographic footprint, with limited overlap. MAPS is a
leader in Europe in the development and manufacture of complete automotive
weathersealing systems, and the MAPS businesses to be acquired also produce
rubber compounds and sheeting products for various industries.
Cooper-Standard Automotive to Acquire Certain Operations of Metzeler
Automotive Profile Systems in Europe and
The MAPS operations to be acquired include eight manufacturing facilities in
Europe and participations in joint ventures in
Cooper-Standard Automotive is a global leader in each of its product lines,
which include body & chassis systems and fluid handling systems. The
addition of the MAPS businesses will strongly complement Cooper-Standard's
current business in terms of customer base and geographic footprint, with
limited overlap. MAPS is a leader in Europe in the development and manufacture of
complete automotive weathersealing systems, and the MAPS businesses to be
acquired also produce rubber compounds and sheeting products for various
industries.
Jim McElya, Chairman and CEO of Cooper-Standard Automotive, said: "This
will be a very positive acquisition for Cooper-Standard. The addition of these
Metzeler businesses will significantly expand Cooper-Standard's manufacturing
footprint outside of
Ed Hasler, President and COO of Cooper-Standard, said: "Both
Cooper-Standard and the MAPS operations we are acquiring have a legacy of
technical excellence in the design and manufacture of innovative sealing
products. Combining this technical strength with our excellent customer service
and global support will help us remain the leader in sealing products for
worldwide automotive applications."
About Cooper-Standard Automotive
Cooper-Standard Automotive Inc., headquartered in
Since 1986, Goldman Sachs has raised thirteen private equity and mezzanine
investment funds aggregating $56 billion of capital commitments. GS Capital
Partners is the private equity vehicle through which The Goldman Sachs Group,
Inc., conducts its privately negotiated corporate equity investment activities.
GS Capital Partners is currently investing its GS Capital Partners VI fund. GS
Capital Partners is a global private equity group with a focus on large,
sophisticated business opportunities in which value can be created through leveraging
the resources of Goldman Sachs.
The Cypress Group is a private equity investment firm managing more than $3.5
billion of capital.
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.40.85 |
|
|
1 |
Rs.82.54 |
|
Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|