MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
CAPARO MARUTI LIMITED |
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Registered Office : |
5th Floor Rajendra Bhavan, 210 Deen Dayal Upadhyay Marg, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06-04-1994 |
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Com. Reg. No.: |
55-58269 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PLC058269 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Automotive Parts, Sheet Metal Parts and
Fasteners. |
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 1200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Joint Venture of Caparo Group of Trade relations are fair. Payments are reported as slow but correct. the company can considered
normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
5th Floor Rajendra Bhavan, 210 Deen Dayal Upadhyay Marg, New Delhi- 110002,
India |
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Tel. No.: |
51-124-4318000 |
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Fax No.: |
51-124-4016829 |
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E-Mail : |
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Corporate Office : |
Plot # 7, Maruti, J V Complex, |
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Tel. No.: |
91-124-5016825/ 828 |
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Fax No.: |
91-124-5016829 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Anand Paul |
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Designation : |
Chairman cum Managing Director |
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Address : |
6, Ambika House, 9A, |
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Date of Birth/Age : |
04.06.1970 |
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Date of Appointment : |
06.04.1994 |
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Name : |
Mr. Ambar Paul |
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Designation : |
Director |
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Address : |
6, Ambika House, 9A, |
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Date of Birth/Age : |
20.12.1957 |
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Date of Appointment : |
19.05.2000 |
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Name : |
Mr. Ravendra Dayal |
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Designation : |
Director |
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Address : |
B-52, |
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Date of Birth/Age : |
05.06.1952 |
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Date of Appointment : |
17.03.2005 |
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Name : |
Mr. John Godfrey Smith |
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Designation : |
Director |
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Address : |
32, |
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Date of Birth/Age : |
09.08.1949 |
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Date of Appointment : |
06.05.2005 |
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Name : |
Mr. Sanjay Gandhi |
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Designation : |
Whole Time Director |
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Address : |
# 7, Maruti J.V. Complex, Gurgaon-122015, |
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Date of Birth/Age : |
28.09.1965 |
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Date of Appointment : |
06.05.2005 |
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Name : |
Ms. Berlia Sushma |
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Designation : |
Director |
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Address : |
S-361, |
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Date of Birth/Age : |
02.11.1959 |
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Date of Appointment : |
13.02.2003 |
KEY EXECUTIVES
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Name : |
Mr. Raghuveer Singh |
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Designation : |
Secretary |
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Address : |
# 7, Maruti J.V Complex, Gurgaon-122015, |
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Date of Birth/Age : |
01.07.1969 |
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Date of Appointment : |
06.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Murli Dhar Jindal |
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10 |
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Kamla Jindal |
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10 |
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Rajiv Jindal |
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10 |
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Sonal Jindal |
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10 |
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Sanjiv Jindal |
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10 |
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Sarita Jindal |
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10 |
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Jawaharlal Garg |
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10 |
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Caparo India Limited ( |
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7499960 |
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Maruti Udyog Limited |
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2500000 |
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Caparo Properties Limited |
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10 |
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Caparo Tea Company Limited |
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10 |
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Caparo (LTI) Limited |
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10 |
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Caparo Investments Limited |
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10 |
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Total |
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10000070 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign Companie(s)
Foreign financial institution(s), Non-resident indiabn(s) or Overseas
corporate bodies or others |
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75.00 |
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Bodies Corporate (Not mentioned above) |
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25.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automotive Parts, Sheet Metal Parts and
Fasteners. |
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Products : |
·
Chassis ·
Dash (Firewall) ·
Quarter Inner Assembly ·
Cowl Upper Assembly ·
Door Assembly |
GENERAL INFORMATION
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Bankers : |
ICICI Bank Limited, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountant |
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Address : |
12, Shaheed Bhagat Singh Marg, New Delhi-110001, |
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Associates/Subsidiaries : |
Caparo India Limited |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000070 |
Equity Shares |
Rs. 10/-
each |
Rs. 100.001
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
100.001 |
100.001 |
100.001 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
144.063 |
102.533 |
82.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
244.064 |
202.534 |
182.261 |
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LOAN FUNDS |
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1] Secured Loans |
466.117 |
469.495 |
299.195 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
466.117 |
469.495 |
299.195 |
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DEFERRED TAX LIABILITIES |
17.077 |
18.902 |
38.175 |
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Share Capital Suspense Account |
24.999 |
24.999 |
24.999 |
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TOTAL |
752.257 |
715.930 |
544.630 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
613.461 |
495.502 |
441.725 |
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Capital work-in-progress |
13.739 |
43.116 |
9.355 |
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INVESTMENT |
0.000 |
0.000 |
0.370 |
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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 |
86.271
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65.011 |
60.634 |
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Sundry Debtors |
115.834
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67.577 |
73.760 |
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Cash & Bank Balances |
6.471
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3.536 |
1.850 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
198.942
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217.417 |
134.338 |
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Total
Current Assets |
407.518
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353.541 |
270.582 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
167.325
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83.080 |
123.337 |
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Provisions |
115.136
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93.149 |
54.065 |
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Total
Current Liabilities |
282.461
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176.229 |
177.402 |
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Net Current Assets |
125.057
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177.312 |
93.180 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
752.257 |
715.930 |
544.630 |
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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 |
1561.942 |
1359.630 |
966.190 |
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Other Income |
12.986 |
8.512 |
17.058 |
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Total Income |
1574.928 |
1368.142 |
983.248 |
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Profit/(Loss) Before Tax |
64.929 |
43.711 |
45.474 |
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Provision for Taxation |
23.398 |
23.437 |
7.755 |
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Profit/(Loss) After Tax |
41.531 |
20.274 |
37.719 |
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Earnings in Foreign Currency : |
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Export Earnings |
72.747 |
40.972 |
NA |
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Expenditures : |
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Raw Material Consumed |
1125.272 |
968.890 |
679.129 |
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Purchases made for re-sale |
22.698 |
26.603 |
19.125 |
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Consumption of stores and spares parts |
22.023 |
23.758 |
14.925 |
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Increase/(Decrease) in Finished Goods |
0.702 |
[10.077] |
[2.392] |
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Salaries, Wages, Bonus, etc. |
59.156 |
41.616 |
25.433 |
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Managerial Remuneration |
1.804 |
2.706 |
3.528 |
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Payment to Auditors |
0.405 |
0.301 |
0.260 |
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Interest |
35.235 |
27.819 |
17.192 |
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Insurance Expenses |
3.062 |
2.518 |
2.242 |
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Power & Fuel |
25.343 |
18.978 |
12.272 |
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Depreciation & Amortization |
102.528 |
132.629 |
106.490 |
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Other Expenditure |
111.771 |
88.690 |
59.570 |
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Total Expenditure |
1509.999 |
1324.431 |
937.774 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.64
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1.48 |
3.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.16
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3.21 |
4.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.36
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5.15 |
6.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.22 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.07
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3.19 |
2.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.44
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2.01 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
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 modified |
80019997 |
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Corporate
identity number of the company |
U74899DL1994PLC058269 |
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Name of the
company |
CAPARO MARUTI LIMITED |
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Address of the
registered office or of the principal place of business in |
5th Floor Rajendra Bhavan, 210 Deen Dayal Upadhyay Marg, |
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Type of charge |
Book Debts Movable Property Immovable
Property Others |
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Particular of
charge holder |
ICICI Bank Limited, |
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Nature of
description of the instrument creating or modifying the charge |
Letter Ceding
Pari passu Charge |
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Date of instrument
Creating the charge |
02.03.2007 |
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Amount secured by
the charge |
Rs. 183.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The rate of interest
payable aggregate of 1.50% per annum (Margin) and LIBOR Terms of
Repayment The Company
undertakes to repay the principal amounts of the facility in ten equal semi
annual installments, the first being due at the end of 18 months from the
average draw down date of the facility, However, for computing average draw
down period. It will be presumed that the undibursed amount as on 31.03.2006
has been drawn on 31.03.2006 Margin 1.50% Extent and
Operation of the charge 1. Pari passu Charge with state Bank of India
on company’s fixed assets including all immovable and movable properties
situated at Gurgaon Unit 2. Pari passu charge with Standard Chartered
Bank of Others The above is to
secure the ECB facilities not exceeding USD 4.180 Millions |
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Short particulars
of the property charged |
Company fixed
assets including immovable and movable properties at 7 MJV Complex, Gurgaon 122015
and Company’s unit at Bawal Haryana |
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Date of latest
modification prior to the present modification |
26.12.2006 |
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Particulars of
the present modification |
Security clause
also include the following: First Pari passu
charge on the immovable property situated at 7 Maruti Joint Venture Complx, |
AS PER WEBSITE
Profile:
CAPARO GROUP was established in 1968 by Lord Swraj Paul.
Today it is a manufacturing company based in the
The turnover was Pound 303 million in 2002 (approx. 500
million US Dollar). It employs about 3000 people worldwide. The CAPARO Group
believes strongly that the bedrock of its business is the goodwill and
confidence of its workers, suppliers, customers and managers. The CAPARO Group
always aims to be in the top 10% industry performers.
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] 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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.39 |
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|
1 |
Rs.70.65 |
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Euro |
1 |
Rs.66.33 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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