MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AMALGAMATIONS
VALEO CLUTCH PRIVATE LIMITED |
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Registered Office : |
134, J Gardens,
GNT Road, Chennai – 600110, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.04.1997 |
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Com. Reg. No.: |
18-37909 |
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CIN No.: [Company
Identification No.] |
U29130TN1997PTC037909 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA02612B |
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PAN No.: [Permanent
Account No.] |
AAACA9038D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Parts and Accessories for Motor Vehicles
and their Engines such as Brakes, Gear Boxes, Axles, Road Wheels, Suspension
Shock Absorbers, Radiators, Silencers, Exhaust Pipes, Clutches, Steering
Wheels, Steering Columns and Steering Boxes and other Parts and Accessories. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Amalgamations Group having 34 plants, 12500
people and INR 23 billion revenue. Available information indicates high financial responsibility of the company.
Payments are usually correct and as per commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. No direct contact was made with the top level management due to holiday.
We couriered request letter to them. |
LOCATIONS
|
Registered Office/ Factory : |
134, J Gardens,
GNT Road, Chennai – 600110, Tamilnadu, India |
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Tel. No.: |
91-44-25580191/25580198 |
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Fax No.: |
91-44-25580194 |
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E-Mail : |
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Website : |
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Corporate
Office : |
861, Anna Salai, Chennai – 600 002, Tamil Nadu, India |
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Tel. No.: |
91-44-28534108 |
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Fax No.: |
91-44-28534590 |
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Overseas
Office : |
Ivankovacka 24/1, 11000 Belgrade, Yoguslavia Tel. No. + 381 11 754037 Fax. No. + 381 11 752771 Kaasgrabengasse 7, 1190, Vienna, Austria Tel. No. + 43 1320 3382 Fax. No. + 43 1320 7075 55/56 St. James Street, London - SW 1A, U. K. Tel. No. + 44 171 6292476 Fax. No. + 44 171 4919047 |
DIRECTORS
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Name : |
Mr. A. Sivasailam |
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Designation : |
Chairman |
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Address : |
Sudharma, 80 Dr. Radhakrishnansalai, Mylopore, Chennai
– 600004, Tamilnadu, India |
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Date of Birth/Age : |
24.08.1934 |
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Date of Appointment : |
07.04.1997 |
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Name : |
Mr. A.
Krishnamoorthy |
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Designation : |
Director |
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Address : |
Kalyan Mahal, No.
1, Sivasamy Road, Mylapore, Chennai – 600004, Tamilnadu, India |
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Date of Birth/Age : |
26.09.1937 |
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Date of Appointment : |
07.04.1997 |
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Name : |
Mr. N. Venkataramani |
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Designation : |
Director |
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Address : |
13 Boat Club
Road, Chennai – 600028, Tamilnadu, India |
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Date of Birth/Age : |
09.12.1939 |
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Date of Appointment : |
27.06.1997 |
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Name : |
Mr. Schwenzer
Michael |
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Designation : |
Director |
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Address : |
40 Rue De
Montvalerie 92210 Saint Cloud, France |
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Date of Birth/Age : |
28.11.1950 |
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Date of Appointment : |
13.09.2002 |
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Name : |
Mr. Godron
Francois |
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Designation : |
Director |
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Address : |
45 Avenue Pierra,
Grenier 78220, Viroflay, France |
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Date of Birth/Age : |
22.10.1961 |
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Date of Appointment : |
04.12.2002 |
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Name : |
Mr. Bassieux
Bernard |
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Designation : |
Director |
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Address : |
15 Rue Des
Rossiers, 93585 Saint Oven, Cedex, France |
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Date of Birth/Age
: |
06.10.1952 |
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Date of
Appointment : |
06.09.2005 |
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Name : |
Mr. Sundaram Mani |
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Designation : |
Managing Director |
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Address : |
B1 I Block Alsa
Residential 12 Gilchrist Avenue, Harrington Road, Chet put, Chennai – 600031,
Tamilnadu, India |
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Date of Birth
: |
23.05.1952 |
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Date of
Appointment : |
01.07.2003 |
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Name : |
Mr. Ved Prakash
Ahuja |
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Designation : |
Director |
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Address : |
R 583 U Rajendar
Nagar, New Delhi – 110060, India |
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Date of
Birth/Age : |
03.06.1933 |
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Date of
Appointment : |
27.06.1997 |
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Name : |
Mr. Xavier
Luchezza |
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Designation : |
Director |
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Address : |
16 Rue Pierre
Laomme, 92400 Courbevoie, France |
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Date of
Birth/Age : |
26.09.1953 |
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Date of
Appointment : |
02.09.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Krishnaswamy
Ramji Parthasarthy |
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Designation : |
Company Secretary
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Address : |
10, Kannadasan
Road, T Nagar, Chennai 600 017, Tamilnadu, India |
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Date of Birth
: |
01.09.1956 |
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Date of
Appointment : |
05.12.2006 |
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Tel. No.: |
91-44-24341701 |
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Email : |
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Name : |
Mr. C. V. S.
Krishnakumar |
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Designation : |
Company Secretary
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Address : |
99, SRP Colony,
Third Street, Chennai – 600082, Tamilnadu, India |
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Date of
Birth/Age : |
21.03.1965 |
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Date of
Appointment : |
18.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
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No. of Shares |
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|
Valeo S A |
|
15252500 |
|
Amalgamation Private Limited |
|
7626250 |
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Simpsons and Company Limited |
|
7626250 |
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|
30505000 |
(As on 30.09.2007)
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Names of Shareholders |
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Percentage |
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Foreign Holdings [FIls, FCs, FFIs, NRIs, or OCB or Others] |
|
50.00 |
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Bodies Corporate (not mentioned above) |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Parts and Accessories for Motor Vehicles
and their Engines such as Brakes, Gear Boxes, Axles, Road Wheels, Suspension
Shock Absorbers, Radiators, Silencers, Exhaust Pipes, Clutches, Steering
Wheels, Steering Columns and Steering Boxes and other Parts and Accessories. |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Cover Assembly |
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Nos. |
876614 |
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Disc Assembly |
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Nos. |
883798 |
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Clutch Release Bearing |
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Nos. |
620351 |
Licensed Capacity :
1500000 Sets
Installed Capacity
: 900000 Sets
GENERAL
INFORMATION
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No. of Employees : |
About 300 |
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Bankers : |
· Central Bank of India, Addison Building Branch, Anna Salai, Chennai – 600 002, Tamilnadu, India · CITI
Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
32, Khader Nawaz Khan Road,
Nungambakkam, Chennai – 600 034, Tamilnadu, India |
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Associates : |
· Tractors and Farm Equipments Limited, Chennai · Valeo SA, France · Valeo Services, France · Valeo Systems D’Essuage, France · Simpson & Company Limited, Chennai · Addison & Company Limited, Chennai · Amalgamations Private Limited, Chennai · Amalgamations Repco Limited, Chennai · TAFE Access Limited, Chennai · Bimetal Bearings Limited, Coimbatore · Valeo Friction Materials India Limited, Chennai · Valeo Transmissions Branche, France · Valeo Transmissions, Division Automobile, France · Valeo Espana, Spain · Valeo Pyeong Hwa Company Limited, Korea · Valeo Otomotive Sistemleri AS, Turkey · Valeo Transmissions CEPN, Zi Nord, France · Valeo Vehicule Industriels, France · Nanjing Valeo Clutch Company Limited, China · Valeo
Materiaux de Friction, Limoges, France |
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Name of SSI Unit : |
· Aishwarya Enterprises · Marland Engineering Private Limited · Micro Plastics · Precision Wire Cut · Suprabha Protective Products · TKW Fasteners Limited · Vijay Springs (India) Private Limited · Sakthi Springs Forms Private Limited · Suchikha Enterprises · V R Foundries |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30505000 |
Equity Shares |
Rs. 10/- each |
Rs. 305.050
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30505000 |
Equity Shares |
Rs. 10/- each |
Rs. 305.050
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
305.050 |
305.050 |
305.050 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
141.667 |
116.706 |
65.415 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
446.717 |
421.756 |
370.465 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
30.580 |
0.000 |
0.328 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
30.580 |
0.000 |
0.328 |
|
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DEFERRED TAX LIABILITIES |
20.049 |
29.710 |
31.448 |
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|
|
|
|
|
|
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TOTAL |
497.346 |
451.466 |
402.241 |
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
264.034 |
287.522 |
302.859 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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|
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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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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
185.696
|
150.784 |
133.162 |
|
|
Sundry Debtors |
284.317
|
215.918 |
129.462 |
|
|
Cash & Bank Balances |
35.035
|
93.025 |
51.052 |
|
|
Other Current Assets |
0.048
|
0.047 |
0.046 |
|
|
Loans & Advances |
93.163
|
31.677 |
35.611 |
|
Total
Current Assets |
598.259
|
491.451 |
349.333 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
287.872
|
223.948 |
177.932 |
|
|
Provisions |
77.075
|
103.559 |
72.019 |
|
Total
Current Liabilities |
364.947
|
327.507 |
249.951 |
|
|
Net Current Assets |
233.312
|
163.944 |
99.382 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
497.346 |
451.466 |
402.241 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1429.798 |
1108.795 |
880.854 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
1429.798 |
1108.795 |
880.854 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
170.721 |
201.842 |
145.537 |
|
|
Provision for Taxation |
68.150 |
80.984 |
50.342 |
|
|
Profit/(Loss) After Tax |
102.571 |
120.858 |
95.195 |
|
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|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
NA |
NA |
10.457 |
|
Total Earnings |
NA |
NA |
10.457 |
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Imports : |
|
|
|
|
|
|
Raw Materials |
233.775 |
162.009 |
167.240 |
|
Total Imports |
233.775 |
162.009 |
167.240 |
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|
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|
|
|
|
Total Expenditure |
1259.077 |
906.953 |
735.117 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.17 |
10.90 |
10.80 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
11.94 |
18.20 |
16.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.80 |
25.91 |
22.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.48 |
0.39 |
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
1.84 |
0.67 |
|
|
|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.50 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
History
The company was originally incorporated as a Private Limited Company. Subsequently they entered into a MOU for putting up a Joint Venture Unit in India for manufacture of Clutch and Clutch Assembly for Automobile Industry with Beacamea Limited Company (Deemed Public Limited Company) with Effect from 27th June, 1997 Sharing Equity 50% by Indian Promotors and 50% by Valeo, France.
FORM 8
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Name of the company |
AMALGAMATIONS VALEO CLUTCH PRIVATE LIMITED |
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Presented By |
V. Venkataramanan, Company Secretary |
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1) Date and description of instrument creating the change |
3rd June, 1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 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 |
All tangible moveable property such as products, stock in trade, goods stored / to be stored in warehouse, all book debts present / future of Amalgamation Valeo Clutch Private Limited |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Rate : PLR + 2% + Tax Margin : 20% Security : Hypothecation of stock and book debts |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India Addison Building Branch, Anna Salai, Chennai – 600002, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
27.06.2001 Agreement of hypothecation of secure demand cash credit against goods Letter of hypothecation of book debts |
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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. |
Modification of cash credit from Rs. 30 millions to as follows :- Cash Credit : Rs. 30 millions ICD / ICP cheque discounting : Rs. 12.500 millions Facility Credit : Rs. 3.500 millions EBP / D Export Bills Discounting : Rs. 4.000 millions Letter of Credit Guarantee : Rs. 10.000 millions Total : Rs. 60.000 millions B. Interest rate modified from PLR + 10% + Tax to PLR C. Margin – 25% on Inventories, 50% on Book Debts |
|
This form is for |
Modification of charge |
|
Charge Identification (ID) number of the charge to be modified |
90302060 |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U29130TN1997PTC037909 |
|
Name of the company |
AMALGAMATIONS VALEO CLUTCH PRIVATE LIMITED |
|
Address |
134, J Gardens,
GNT Road, Chennai – 600110, Tamilnadu, India |
|
Type of Charges |
Book debts, movable property |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
Central Bank of India Addison Building Branch, Anna Salai, Chennai – 600002, Tamilnadu, India |
|
Nature or description of the instrument creating or modifying the charge |
Agreement of hypothecation to secure demand cash credit against goods dated 10.12.2007 Agreement of hypothecation to secure demand cash credit – under LC dated 10.12.2007 Letter of hypothecation of book debts dated 10.12.2007 |
|
Date of the instrument creating charge |
10.12.2007 |
|
Amount Secure by the charge |
Rs. 90.000 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: modified to BPLR – 1.25% (BPLR minus 1.25%) Terms of repayment: on demand by the bank, Amalgamations Valeo Clutch Private Limited to pay to the bank the balance then due to the bank under cash credit account together with all further interest at the rate mentioned in the agreement of hypothecation of goods and the amount of all further costs, charges and expenses due up to the date of payment. Margin: inventories – 25% and book debts – 50% Extent and operation of the charge: modification of limits as under: Cash Credit Rs. 50.000 millions Letter of Credit / Guarantee Rs. 40.000 millions Total Rs. 90.000 millions |
|
Short particulars of the Property charged |
All tangible movable property such as products, stock in trade and goods stored or to be stored in or about the premises, warehouses or anywhere else, all book debts, present and future, of Amalgamations Valeo Clutch Private Limited |
|
Date of latest modification prior to the present modification |
24.07.2001 |
|
Particulars of the present modification |
Increase in charge from Rs. 60.000 millions to Rs. 90.000 millions |
Trade Reference:
- Srimukha Precision Products
- Sri Murugan Enterprises
- Aishwarya Enterprises
- Jai Suprabha Protective Products
- Srikam Print Pack Private Limited
- Suprabha Protective Products Private
Limited
- Precision Wire Cut
- Classic Moulds and Dies
- Premier Industrial Plastics
- TKW Fasteners Limited
Fixed Assets
- Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fittings
- Vehicles
- Tangible Assets
- Software Licenses
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|