MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
MRP AUTORUB PRIVATE LIMITED |
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Registered Office : |
B 42A, First Main Road, Balaji Nagar, Ambattur, Chennai – 600 054, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.02.1993 |
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Com. Reg. No.: |
18-24468 |
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CIN No.: [Company
Identification No.] |
U30007TN1993PTC024468 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEMI12037E |
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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 : |
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 42000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Balraman |
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Designation : |
Finance Manager |
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Date : |
30.07.2008 |
LOCATIONS
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Registered Office : |
B 42A, First Main Road, Balaji Nagar, Ambattur, Chennai – 600 054,
Tamilnadu, India |
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Tel. No.: |
91-44-26581724, 26584371 |
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Fax No.: |
91-44-26584140 |
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E-Mail : |
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Website : |
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Factory 1 : |
No.34, P O Box No. 118, Balaji Nagar, Ambattur, Chennai – 600 053,
Tamilnadu, India |
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Tel. No.: |
91-44-26581724 / 26580132 / 26584371 |
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Fax No.: |
91-44-26584140 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
Sipcot Industrial Estate, Tiruvallur, Tamilnadu, India |
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Factory 3 : |
D20, Mogappair Industrual Estate. |
DIRECTORS
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Name : |
Mr. M G Krishnamoorthy |
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Designation : |
Chairman |
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Address : |
B/42-A, First Main Road, Thiruvengada Nagar, Ambattur, Chennai – 600
053, Tamilnadu, India |
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Date of Birth/Age : |
01.03.1945 |
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Qualification : |
DME (Rubber) |
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Date of Appointment : |
24.02.1993 |
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Name : |
Mr. K Ganesh |
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Designation : |
Managing Director |
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Address : |
B/42-A, First Main Road, Thiruvengada Nagar, Ambattur, Chennai – 600
053, Tamilnadu, India |
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Date of Birth/Age : |
24.05.1976 |
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Qualification : |
MBA |
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Date of Appointment : |
01.02.2002 |
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Name : |
Ms. K Parvathy |
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Designation : |
Director |
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Address : |
B/42-A, First Main Road, Thiruvengada Nagar, Ambattur, Chennai – 600
053, Tamilnadu, India |
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Date of Birth/Age : |
06.11.1948 |
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Date of Appointment : |
24.02.1993 |
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Name : |
Ms. Revathi Ganesh |
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Designation : |
Director |
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Address : |
B/42-A, First Main Road, Thiruvengada Nagar, Ambattur, Chennai – 600
053, Tamilnadu, India |
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Date of Birth/Age : |
12.11.1978 |
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Qualification : |
MCA |
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Date of Appointment : |
01.02.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
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M G Krishnamoorthy |
15626 |
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K Parvathy |
11626 |
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K Ganesh |
6398 |
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Revathi Ganesh |
11350 |
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Total |
45000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobile Rubber Components. |
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Products : |
·
Engine Mountings and Rubber ·
Valve Stem Seal ·
Moulded Rubber Components and Bellows ·
Air-Intake Hoses ·
Radiator Hoses ·
Flexible Hoses ·
High Temperature Silicone Hoses ·
Fluorocarbon Lined Silicon Hoses ·
Reinforced Glossy Finished Hoses |
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Exports : |
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Countries : |
·
Middle East ·
Ireland ·
Arab ·
USA ·
Srilanka |
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Imports : |
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Countries : |
·
Korea ·
USA ·
Germany |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
·
OEM’s ·
Mahindra and Mahindra Limited ·
Ashok Leyland Limited ·
Tata Motors Limited ·
Kriloskar Oil Enginees Limited ·
Fleetguard Filters Private Limited ·
Tata Cummins Limited ·
Rane Groups ·
Same Deutz-Fahr (India) Private Limited ·
Indian Defence Departments |
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No. of Employees : |
175 (In Office 35 and In Factory 140) |
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Bankers : |
·
Punjab National Bank No.179, Redhill Road, Banu Nagar, Ambattur,
Chennai – 600 053, Tamilnadu, India ·
HDFC Bank ·
State Bank of India ·
Indus Ind Bank |
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Facilities : |
CC – Rs.7.500 millions, TL – Rs. 10.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. Ravishankar and Company Chartered Accountants |
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Address : |
New No.6, Old No. 11/1, Jawaharlal Nehru Street, T Nagar, Chennai –
600 017, Tamilnadu, Idnia |
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Associates/Subsidiaries : |
·
Hoses India Private Limited ·
DIS MRP Seals Private Limited ·
MRP Autorub (Partnership Firm) |
CAPITAL STRUCTURE
Authorised Capital : (As on 30.09.2007)
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000 |
Equity Shares |
Rs.100/- each |
Rs.4.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.500 |
4.500 |
3.500 |
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2] Share Application Money |
0.261 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.716 |
2.312 |
1.748 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.477 |
6.812 |
5.248 |
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LOAN FUNDS |
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1] Secured Loans |
22.489 |
18.705 |
14.841 |
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2] Unsecured Loans |
1.847 |
0.240 |
0.000 |
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TOTAL BORROWING |
24.336 |
18.945 |
14.841 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.813 |
25.757 |
20.089 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.834 |
18.847 |
8.168 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
5.728
|
5.429 |
0.000 |
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Sundry Debtors |
22.713
|
14.802 |
9.672 |
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Cash & Bank Balances |
0.300
|
0.097 |
0.422 |
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Other Current Assets |
4.192
|
2.592 |
0.000 |
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Loans & Advances |
0.065
|
0.664 |
11.644 |
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Total
Current Assets |
32.998
|
23.584 |
21.738 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.925
|
16.674 |
9.817 |
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Provisions |
4.094
|
0.000 |
0.000 |
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Total
Current Liabilities |
24.019
|
16.674 |
9.817 |
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Net Current Assets |
8.979
|
6.910 |
11.921 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.813 |
25.757 |
20.089 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
193.632 |
138.650 |
104.041 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
193.632 |
138.650 |
104.041 |
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Profit/(Loss) Before Tax |
4.379 |
1.570 |
1.102 |
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Provision for Taxation |
1.623 |
1.005 |
0.400 |
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Profit/(Loss) After Tax |
2.756 |
0.565 |
0.702 |
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Earnings in Foreign Currency : |
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FOB Value of Exports |
13.287 |
0.000 |
0.000 |
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Imports : |
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CIF Value |
0.378 |
0.000 |
0.000 |
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Expenditures : |
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Financial charges |
0.000 |
4.060 |
1.673 |
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Depreciation & Amortization |
3.799 |
2.485 |
1.885 |
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Other Expenditure |
185.454 |
130.535 |
99.381 |
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Total Expenditure |
189.253 |
137.080 |
102.939 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.42
|
0.41 |
0.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.26
|
1.13 |
1.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.71
|
3.70 |
3.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.23 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.70
|
5.23 |
4.70 |
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Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.41 |
2.21 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Ashok Leyland
·
Talco
·
Kirloskar Enginees
·
Rane TRW - Trichi
Form No. 8
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Name of the company |
MRP AUTORUB PRIVATE LIMITED |
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Presented By |
Mr. M R
Krishnamoorthy Managing Director |
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1) Date and description of instrument creating the change |
16th
September, 2002 Hypothecation
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.500 millions Cash Credit
Rs.6.500 millions Term Loan Rs.3.000 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 |
Fixed charge on
the whole of the movable fixed assets of the Company including Book Debts and
stock both present and future situated at No.9, Balaji Nagar, Ambattur,
Chennai – 600 053 as per the schedule of property to the hypothecation
agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit Interest at the
rate of 9% p.a. over and above RBI rate subject toa minimum of 15.50% p.a. Term Loan Interest at the
rate of 9.50% p.a. over and above RBI rate subject to a minimum of 16% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank No.179, Redhill Road, Banu Nagar, Ambattur, Chennai – 600 053,
Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U30007TN1993PTC024468 |
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Name of the
company |
MRP AUTORUB PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
B 42A, First Main Road, Balaji Nagar, Ambattur, Chennai – 600 054,
Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Movable property
(not being pledge) ·
Floating
charge |
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Particular of
charge holder |
Punjab National Bank No.179, Redhill Road, Banu Nagar, Ambattur, Chennai – 600 053,
Tamilnadu, India |
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Nature of
instrument creating charge |
Hypothecation of
Goods to secure a Demand Cash Credit |
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Date of
instrument Creating the charge |
04.01.2008 |
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Amount secured by
the charge |
Rs.7.500 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit : 13%
p.a. with monthly rests Terms of
repayment Cash Credit: :
Repayable in demand Margin As per the
sanction letter and as determined by the banker from time to time Extent and
operation of the charge As per the
instruments executed on 04.01.2008. Others Nature of
Facility Amount (Rs. In
millions) Cash Credit Rs.7.500 millions All other terms
and conditions as per the sanction letter and the instruments executed on
04.01.2008 |
|
Particulars of
the property charged |
Hypothecation by
way of First charge in favour of the Bank. All present and
future goods, raw materials, semi finished goods, finished goods such as
Rubber and Rubber products for automobile industry and other movable assets
of any kind belonging to the Company
|
|
Particulars of
the present modification |
The Cash Credit
facility enjoyed by the Company is modified / renewed at Rs.7.500 millions.
The Term Loan facility of Rs.3.000 millions has been closed. All other terms
and conditions as per the sanction letter and the instruments executed on
04.01.2008. |
Web Details
Subject situated in Chennai , India was started in the year
1979 as a manufacturer of
Moulded Rubber Components
like O Rings, Rubber Pad and today became the specialist and the market leader
in manufacturing Valve Stem Seals, Engine Mountings, Air Intake Hoses, Radiator
Hoses and High Temperature application Silicone Hoses and various other types
of Rubber Components.
Subject
has identified the Customer focus as the guiding force for growth; this
approach has made it the most preferred company by the Leading Automobile OEMs
in India and Overseas.
Quality
is the way of life at Company with refined and continuous improvement
processes, having the ISO 9001: 2000 Certificate and also working towards TS:
16949.
Subject
is distinguished with others for absolute reliability and consistent Quality of
products and services through evaluating the critical products in-house
designed R and D Cell as per the Service conditions.
Subject
is well equipped with latest technological apparatus, PLC controlled Hydraulic
Presses and latest Technological Testing Instruments with the Competent
Management Team and highly motivated work force.
Subject
is manufacturing Silicone hoses by Innovative technology which is most Cost
competitive and Superior in Quality.
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 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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|