MIRA
INFORM REPORT
|
Report Date : |
02.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
SUPER CIRCLE AUTO
LIMITED |
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Registered Office : |
A – 43, Rajouri
Garden, New Delhi – 110027 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.01.1986 |
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Com. Reg. No.: |
55-23047 |
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CIN No.: [Company Identification No.] |
U34300DL1986PLC023047 |
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IEC No.: |
0592009157 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
DELS20076A DELS07855B |
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PAN No.: [Permanent Account No.] |
AAACS1398A |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturers, Traders,
Exporters and Importers of Disc Brake Pads, Brake Shoes & Brake Linings
and Automobile Parts. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 300000 |
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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 good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
A – 43, Rajouri
Garden, New Delhi – 110027, India |
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Tel. No.: |
91-11-51446500/ 25431858/
25416973/ 25460339 |
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Mobile No.: |
91-9811016973 |
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Fax No.: |
91-11-25457252/41446501/28115652 |
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E-Mail : |
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Website : |
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Area : |
350 sq. ft. |
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Location : |
Rented |
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Factory : |
Disc Brake Pads Plant /
Brake Linings Plant – I / Brake Linings Plant – Ii / Roll Linings Plant /
Backing Plates Plant
Dekhora Station
Road, Rohad, 46 KM Delhi-Rohtak Road, P. O. Sampla – 124 501, Haryana Tel. No. :
91-1276-276201 Fax No. :
91-1276-276202 Area : 140000 sq.
ft. Location : Owned Piston Rings Plant
B-45, Mayapuri
Industrial Area, Phase I, New Delhi – 110 064 Clutch Plates Plant
627, Modern
Industrial Estates, Bahadurgarh – 124 507, Haryana Clutch Facings Plant
M. I. E. Nagar, Tikri
Border, Bahadurgarh – 124 507, Haryana |
DIRECTORS
|
Name : |
Mr. Jagjyoti Jain |
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Designation : |
Chairman &
Managing Director |
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Address : |
A-1/1, Rajouri
Garden, New Delhi – 110027, India |
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PAN No. : |
AAD-PJ-3777-C |
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Date of Birth/Age : |
06.01.1932 |
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Date of Appointment : |
10.01.1986 |
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Email : |
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Name : |
Mrs. Devki N.
Gupta |
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Designation : |
Director |
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Address : |
C-2B /65C, Janakpuri,
New Delhi – 110027, India |
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PAN No. : |
AAA-PG-4742-P |
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Date of Birth/Age : |
10.10.1940 |
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Date of Appointment : |
10.01.1986 |
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Email : |
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Name : |
Mr. Vishal Jyoti |
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Designation : |
Director |
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Address : |
A-1/1, Rajouri
Garden, New Delhi – 110027, India |
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PAN No. : |
AAD-PJ-3778-P |
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Date of Birth/Age : |
27.02.1969 |
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Date of Appointment : |
17.08.1992 |
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Email : |
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Name : |
Mr. Rajnish Jyoti
Jian |
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Designation : |
Director |
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Address : |
A-1/1, Rajouri
Garden, New Delhi– 110027, India |
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PAN No. : |
AAF-PJ-9388-P |
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Date of Birth/Age : |
25.05.1972 |
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Date of Appointment : |
28.06.2007 |
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Email : |
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Name : |
Mr. Navin Jain |
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Designation : |
Director |
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Address : |
A-1/1, Rajouri Garden,
New Delhi– 110027, India |
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PAN No. : |
AAL-PJ-2898-N |
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Date of Birth/Age : |
12.09.1969 |
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Date of Appointment : |
15.07.1997 |
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Email : |
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Name : |
Mr. Pravin Jain |
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Designation : |
Director |
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Address : |
A-1/1, Rajouri
Garden, New Delhi |
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PAN No. : |
AAA-PJ-1249-E |
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Date of Birth/Age : |
02.09.1972 |
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Date of Appointment : |
15.07.1997 |
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Email : |
MAJOR SHAREHOLDERS
(As on
30.09.2005)
|
Names of
Shareholders |
|
No. of Shares |
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Mr. Jagjyoti Jain |
|
101000 |
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Mr. D. N. Gupta |
|
46000 |
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Mr. Vishal Jyoti |
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36000 |
|
Mr. Navin Jain |
|
111000 |
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Mr. Rajnish Jain |
|
11000 |
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Mr. Pravin Jain |
|
76000 |
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Mr. Sanjay Gupta |
|
16000 |
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Mrs. Kamlesh Jyoti |
|
28000 |
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Mrs. Suphla Jain |
|
25000 |
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Mrs. Priti Jain |
|
50000 |
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Total |
|
500000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Traders, Exporters and Importers of Disc Brake Pads, Brake Shoes & Brake
Linings and Automobile Parts. |
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Products : |
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Brand Names : |
‘SC’ and
‘SUPERCIRCLE’ |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and
Credit |
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Purchasing : |
L/C, Cash and
Credit |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Disc Brake
Pads |
PCS. p.a. |
3000000 |
2400000 |
|
Brake Shoes |
PCS. p.a. |
250000 |
150000 |
|
Brake
Linings |
PCS. p.a. |
400000 |
200000 |
GENERAL INFORMATION
|
Customers : |
Wholesalers,
Retailers, OEM’s and Dealers
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No. of Employees : |
186 |
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Bankers : |
Mayapuri, New Delhi
– 110064, India
Jeevan Vihar, 3
Sansad Marg, New Delhi – 110001, India
SIDBI Tower, 15
Ashok Marg, Lucknow – 226001, Uttar Pradesh, India
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Banking Relations : |
Satisfactory |
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Auditors : |
A. B. Bansal
& Company Chartered
Accountants 218-220, Durga
Chambers, 1335, D. B. Gupta Road, Karol Bagh, New Delhi – 110027 |
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Tel. No.: |
91-11-25725325 |
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Fax No.: |
91-11-25765325 |
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Memberships : |
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Associates : |
B – 45, Mayapuri
Industrial Area, Phase – I, New Delhi – 110064
A-1/1, Rajouri
Garden, New Delhi – 110027
Dehkora Station
Road, Rohad, 46 K. M. Delhi – Rohtak Road, P. O. Sampla – 124501, Haryana
Dehkora Station
Road, Rohad, 46 K. M. Delhi – Rohtak Road, P. O. Sampla – 124501, Haryana
Dehkora Station
Road, Rohad, 46 K. M. Delhi – Rohtak Road, P. O. Sampla – 124501, Haryana |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
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Issued, Subscribed
& Paid-up Capital
:
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
7.000 |
5.000 |
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2] Share Application Money |
2.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
48.720 |
45.407 |
42.949 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
55.720 |
52.407 |
47.949 |
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LOAN FUNDS |
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1] Secured Loans |
49.926 |
23.854 |
10.781 |
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2] Unsecured Loans |
1.658 |
1.048 |
0.000 |
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TOTAL BORROWING |
51.584 |
24.902 |
10.781 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.093 |
[0.043] |
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TOTAL |
107.304 |
77.402 |
58.687 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
51.998 |
37.928 |
28.535 |
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Capital
work-in-progress |
5.719 |
6.420 |
2.305 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX
ASSETS |
0.100 |
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
24.946
|
16.321 |
15.118 |
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Sundry Debtors |
49.556
|
34.703 |
35.491 |
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Cash & Bank
Balances |
5.826
|
[0.420] |
1.744 |
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Other Current
Assets |
0.000
|
0.000 |
0.000 |
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Loans &
Advances |
4.931
|
5.759 |
4.269 |
|
Total Current Assets |
85.259
|
56.363 |
56.622 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
33.456
|
20.674 |
26.431 |
|
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Provisions |
2.316
|
2.635 |
2.344 |
|
Total Current Liabilities |
35.772
|
23.309 |
28.775 |
|
|
Net
Current Assets |
49.487
|
33.054 |
27.847 |
|
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
107.304 |
77.402 |
58.687 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover
[including other income] |
|
125.298 |
133.681 |
|
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Profit/(Loss) Before Tax |
|
4.952 |
4.119 |
|
Provision for Taxation |
|
1.925 |
1.546 |
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Profit/(Loss) After Tax |
|
3.027 |
2.573 |
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Total Expenditure |
|
120.346 |
129.562 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
NA
|
2.41 |
1.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.95 |
3.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
5.25 |
4.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.09 |
0.08 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
0.91 |
0.82 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.38
|
2.41 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject’s parent
company started business activities in the year 1965.
Various milestones
of the group are :
1965 : Established unit for the manufacture of
piston rings.
1968 : Established unit for the printing of
packagings for home consumption.
1971 :
Established unit for the marketing of group products with a network
throughout India.
1979 : Established unit for the manufacture of
rigid moulded brake linings.
1981 : Established unit for the manufacture of
woven brake linings.
1986 : Established unit for the export marketing
of group products.
1989 : Established unit for the manufacture of
clutch facings.
1989 : Established unit for the manufacture of
piston rings exclusively for
two/three wheelers.
1991 : Established unit for the manufacture of
roll linings.
1993 : Established unit for the manufacture of
clutch plates.
1994 : Established unit for the manufacture of
disc brake pads.
1998 : Established unit for the manufacture of
backing plates.
1999 : Established new unit for the manufacture
of disc brake pads.
WEBSITE DETAILS
The
Company
Subject manufactures a wide range of high quality, precision
engineered automotive parts. With over three decades of production expertise,
the company is a leading name in Disc Brake Pads, Brake Linings, Roll Linings,
Brake Shoes, Clutch Facings, Clutch Plates, Piston Rings, and Cylinder Liners.
A high degree of quality control, fine tuned customized production and the
ability to stay in step with changing global requirements have ensured that the
company is associated with quality and reliability the world over.
The Market
Over 65% of the company's production is exported to more than
fifty countries worldwide in Europe, North and South America, Australia, Asia
and Africa. In India, the company's products are associated with up-market
automobiles like Opel, Daewoo, Toyota, Honda, Ford, Hyundai, Mitsubishi,
Hindustan, Premier, Tata, Leyland, Eicher, Nissan, Escorts, Bajaj, TVS and
Others. Furthermore, the company has long standing contracts with various
government and defense departments.
Infrastructure
The company has eight manufacturing units with high-end
production facilities, situated on prime industrial locations in and around the
nation's capital. Each of them receives the benefits of qualified and
experienced technical supervisors and a motivated labour force. The resolve for
quality, combined with a vast and well-knit marketing and sales network,
interactive customer support services and a thirty year old track record of
product reliability and market stability, have made subject a name people trust.
The Promise
The company has shown tremendous growth potential - a result
of maintaining the most exacting of international standards and delivering high
technology at low cost.
With progressive management techniques, and the adoption of
ISO9002 quality standards in production, the company ensures the most demanding
specifications are met and deadlines adhered to.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|