MIRA
INFORM REPORT
|
Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CLIMAX OVERSEAS PRIVATE LIMITED |
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Registered Office : |
761, Faridpuri, West Patel Nagar, New Delhi – 110008 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.03.2001 |
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Com. Reg. No.: |
55-110250 |
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CIN No.: [Company
Identification No.] |
U74999DL2001PTC110250 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC05224C |
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Legal Form : |
Private Limited Liability Company.
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Line of Business : |
Manufacturers and exporters of Rubber Mouldings and Metal
Bondings |
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 170000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
791, Faridpuri, West Patel Nagar, New Delhi - 110008, India |
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E-Mail : |
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Website : |
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Head
Quarters & Factory 1 : |
152, Sector - 3, IMT Manesar, Gurgaon, Haryana - 122 050,
INDIA |
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Tel. No.: |
91-124-455 77 00
(100 lines) |
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Fax No.: |
91-124-455 77 55 |
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E-Mail : |
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Factory 2 : |
896, Phase-1, Udyog Vihar, Gurgaon, Haryana- 122016,
INDIA |
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Tel. No.: |
91 124 400 44 45 |
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Fax No.: |
91 124 400 44 50 |
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E-Mail : |
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Germany Office : |
Bertha-von-Suttner-Ring 13, 60598 Frankfurt
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Tel. No.: |
49 69 68609295 |
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Mobile No.: |
49 1511 2744291 |
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Fax No.: |
49 69 68609296 |
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E-Mail : |
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Canada Office: |
Apprt. # 606, 30, Central Parkway, Missisauga, L5B 1L3, Ontario, Canada |
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Tel. No.: |
1 905 279 0063 |
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Fax No.: |
1 647 400 6007 |
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E-Mail : |
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USA Office: |
141, Old Short Hill Road, Apt. # 102, West
Orange, NJ 07052, USA |
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Tel. No.: |
1 973 243 8843 |
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Mobile No.: |
1 973 493 8323 |
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Fax No.: |
1 973 494 9498 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Daljit Sood Singh |
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Designation : |
Director |
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Address : |
238 SFS, Rajouri Apartments, Mayapuri, New Delhi – 110064 |
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Date of Birth/Age : |
23.12.1946 |
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Date of Appointment : |
13.03.2001 |
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Name : |
Mr. Harjeet Sood Kaur |
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Designation : |
Director |
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Address : |
238 SFS, Rajouri Apartments, Mayapuri, New Delhi – 110064 |
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Date of Birth/Age : |
06.11.1955 |
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Date of Appointment : |
13.03.1991 |
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Name : |
Ms. Vaneet Kaur |
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Designation : |
Director |
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Address : |
238 SFS, Rajouri Apartments, Mayapuri, New Delhi – 110064 |
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Date of Birth/Age : |
31.07.1982 |
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Date of Appointment : |
15.02.2003 |
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Name : |
Mr. Parmeet Singh Sood |
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Designation : |
Director |
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Address : |
238 SFS, Rajouri Apartments, Mayapuri, New Delhi – 110064 |
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Date of Birth/Age : |
07.12.1977 |
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Date of Appointment : |
13.03.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
( As on 31.03.2007)
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Daljit Singh Sood |
|
400000 |
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Mr. Harjit Kaur Sood |
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250000 |
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Mr. Parmeet Singh Sood |
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250000 |
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Ms. Vaneet Kaur |
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250000 |
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( As on
31.03.2007) |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and exporters of Rubber Mouldings and Metal
Bondings |
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Products : |
Ř Oil Seals Ř 'O' Rings Ř Spring Ř Suspension & Trailor Bushes Ř Silent Blocks Ř Engine Ř Strut & Hydro Mounts Ř Vibration Dampers Ř CV Joint Ř Steering & Gear Lever Bellows Ř Diaphragms Ř V-Belts Ř Gaskets Ř Grommets Ř Dust Caps Ř Muffler Hangers Ř Washers
& other profiles etc. for Automobile, Tractor, Heavy Earth Moving &
Industrial Applications and Equipments |
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Exports : |
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Countries : |
U.S.A., U. K. , Ireland, Germany, Italy, France, Spain, Denmark,
Sweden, Venezuela, Egypt, South Africa, Iran, Kenya and U.A.E. |
GENERAL
INFORMATION
|
Suppliers : |
v Delphi v Federal Mogul v Parker Hannifin v Trelleborg v Corteco v Robert Bosch v Massey Ferguson v Volkswagen v GM |
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No. of Employees : |
About 35 |
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Bankers : |
Central Bank of India, 70, Janpath, New Delhi – 110001, India State Bank of Mysore ICICI Bank |
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Facilities : |
Hypothecation Agreement for Letter of Credit Limit Enhanced From Rs 6
Millions to Rs. 15 Millions, With Central Bank of India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Khiwani and Company Chartered Accountants |
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Address : |
23/26, East Patel Nagar, New Delhi
- 110008, India |
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Tel No.: |
91-11-25714542 / 25758388 |
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Fax No.: |
91-11-42481491 |
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E-Mail : |
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Members : |
FIEO AAIA CAPEXIL AIRIA |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.10.000 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 |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
5.975 |
9.975 |
0.000 |
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3] Reserves & Surplus |
18.058 |
8.042 |
3.746 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.033 |
18.042 |
13.746 |
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LOAN FUNDS |
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1] Secured Loans |
57.951 |
35.046 |
26.741 |
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2] Unsecured Loans |
19.345 |
5.005 |
7.011 |
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TOTAL BORROWING |
77.296 |
40.051 |
33.752 |
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DEFERRED LIABILITIES |
1.461 |
3.883 |
0.231 |
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TOTAL |
112.790 |
71.951 |
47.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
65.167 |
51.290 |
5.036 |
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Capital work-in-progress |
0.000 |
0.000 |
32.529 |
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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 |
28.877
|
10.185 |
5.024 |
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Sundry Debtors |
21.479
|
10.668 |
7.032 |
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Cash & Bank Balances |
4.882
|
5.128 |
2.251 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.331
|
4.102 |
5.202 |
|
Total
Current Assets |
63.529
|
30.083 |
19.509 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.863
|
9.696 |
11.330 |
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Provisions |
0.259
|
0.000 |
0.178 |
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Total
Current Liabilities |
16.122
|
9.696 |
11.508 |
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Net Current Assets |
47.407
|
20.387 |
8.001 |
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MISCELLANEOUS EXPENSES |
0.176 |
0.274 |
2.163 |
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TOTAL |
112.790 |
71.951 |
47.729 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
72.076 |
57.210 |
40.459 |
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Other Income |
13.173 |
3.613 |
2.815 |
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Total Income |
85.249 |
68.823 |
43.274 |
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Profit/(Loss) Before Tax |
10.282 |
4.959 |
2.699 |
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Provision for Taxation |
0.266 |
0.664 |
0.946 |
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Profit/(Loss) After Tax |
10.016 |
4.295 |
1.759 |
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Expenditures : |
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Financial Charges |
6.120 |
2.903 |
0.865 |
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Depreciation & Amortization |
7.347 |
4.106 |
1.093 |
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Other Expenditure |
61.500 |
41.846 |
36.659 |
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Total Expenditure |
74.967 |
48.855 |
38.617 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.75
|
6.24 |
4.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.27
|
8.66 |
6.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.64
|
24.32 |
33.73 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.17 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.78
|
0.34 |
0.83 |
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Current Ratio (Current Asset/Current Liability) |
|
3.94
|
3.10 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
OUALITY ASSESSMENT
ISO 9001:2000 AND ISO/TS 16949:2002 CERTIFIED COMPANY
Bankers Charges
Report as per Registry
|
Name of the company |
CLIMAX OVERSEAS
PRIVATE LIMITED |
|
Presented By |
Mr. DaljitSingh
Sood – Directors |
|
1) Date and description of instrument creating the change |
Term Loan
agreement dated 21.07.2003 Regd. On 07.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan Rs.
25.699 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 |
Equitable
mortgage of factory land and building situated at Plot No. 152, Sector 3,
Gurgaon Hypothecation of
Plant and Machinery, being installed at the above site. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 25 % Repayment in 72
monthly installments of Rs. 0.357 Millions each plus interest @ 12 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India 70, Janpath, New
Delhi |
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6) Date and brief description of instrument modifying the charge |
Term loan
agreement dated 18.10.2004 |
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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. |
The limit has
been enhanced from Rs. 25.698 Millions to Rs. 28.698 Millions |
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80006968 |
|
Corporate
identity number of the company |
U74999DL2001PTC110250 |
|
Name of the
company |
CLIMAX OVERSEAS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
761 Faridpuriwest
Patel Nagar,New Delhi, India. |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Central Bank of
India 70, Janpath, New
Delhi-110001, India. |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation Agreement
for Bank Guarantee Facility |
|
Date of
instrument Creating the charge |
25.09.2006 |
|
Amount secured by
the charge |
Rs.5.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per company
Guidelines Terms of Repayment As per
Hypothecation Agreement for Bank Guarantee Facility Margin Margin 25% Extent and operation of the charge As per Bank
Guarantee Facility Agreement Others As per Agreement
for Bank Guarantee. |
|
Short particulars
of the property charged |
First Charge on
the entire block assets of the company by way of a)
EM of
factory land and building at plot no.152, sec-3, IMT Manesar, Gurgaon. b)
Hypothecation
of plant and machinery of the company. Hypothecation of
stocks and book debts and current asset of the company Collateral
Security of a)
EM of land
and building at 896, Phase-I, Udyog Vihar, Gurgaon, Owned by company. b)
Hypothecation
of plant and machinery of the company. |
|
Date of latest
modification prior to the present modification |
26.06.2006 |
|
Particulars of
the present modification |
Bank Guarantee
Limit enhanced from Rs.3.000 Millions to Rs.5.000 Millions |
As Per Website
Subject is an ISO 9002:1994 & ISO/TS 16949: 1999 certified company. It is a part of the Climax Group of Companies, which laid its foundation way back in 1968 and since then has grown into a large multifacet organization.
Subject is manufacturers and exporters of Rubber Mouldings & Metal Bondings viz. Oil Seals, 'O' Rings, Spring, Suspension & Trailor Bushes, Silent Blocks, Engine, Strut & Hydro Mounts, Vibration Dampers, CV Joint, Steering & Gear Lever Bellows, Diaphragms, V-Belts, Gaskets, Grommets, Dust Caps, Muffler Hangers, Washers & other profiles etc. for Automobile, Tractor, Heavy Earth Moving & Industrial Applications and Equipments.
They also specialize in assembly line components for Filter, Bearing, Fuel Injection Pump, Steering, Suspension, Drive Shaft , Garage Equipment & other Industries.
They have the expertise to handle all types of Rubbers, Plastics, Ferrous &
Non-Ferrous Materials such as NBR, HNBR, Chloroprene (Neoprene), Silicon,
Flourosilicon, Fluorocarbon (Viton), EPDM, Nylon, PU, PTFE, Copper, Aluminum,
Stainless Steel and allied materials.
Climax Overseas has two fully integrated manufacturing facilities
spanning over 50,000 sq. feet of production area equipped with advanced state
of the art Production Machinery like Internal Mixers, Mixing Mills, Injection,
Transfer & Compression Moulding Machines, Extruders, Preformers to name a
few.
A fully equipped in-house Tool Room and CAD facility with Lathe Machines,
Milling Machines, CNC engraving machines, Surface Grinders, Centerless
Grinders, EDM Spark Erosion Machines ensure fast and accurate new product
development. Besides in house Tooling Capabilities a number of advanced Tool
Rooms with CNC Machining Capabilities are attached with Climax Overseas and
carry out Tool Development for the company throughout the year.
A comprehensive Testing Laboratory with facilities of Chemical & Physical
Testing with equipments and machineries like Rheometers, Mooney Viscosity
Meters, Profile Projectors, Tensile Testing Machines, Melting Point Testing
Apparatus, Compression Set, Endurance Testing Machines, Pressure Testing
Machines, Torque Testing Machines and other special purpose testing machines
forms the core of their TQM Approach and a springboard to convert their 'ZERO'
PPM dream into reality.
At Climax Overseas they have constantly innovated Production & Processing technologies to meet the diverse needs of their customers and have always endeavored to bring about 'Customer Delight' rather than just customer satisfaction, through their product quality and prompt service.
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.42.87 |
|
UK Pound |
1 |
Rs.84.79 |
|
Euro |
1 |
Rs.57.56 |
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 |
NO |
|
--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/normal. |
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 |
|