MIRA
INFORM REPORT
|
Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VALVOLINE CUMMINS LIMITED |
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Registered Office : |
52 Okhla Industrial Estate, Phase III, New Delhi – 110 020 |
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Country : |
India |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
28.10.1994 |
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Com. Reg. No.: |
55-62425 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PLC062425 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV05376A |
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PAN No.: [Permanent
Account No.] |
AAACW0287A |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturers of Engine
Oil, Grease, Rust Preventive, Car Care and Filter |
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 1380000 |
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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 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 / Factory : |
52, Okhla
Industrial Estate Phase III, New Delhi 110 020, India |
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Tel. No.: |
91-11-51613444-48
/ 41613444 -48 |
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Fax No.: |
91-11-51613453
/ 41613453 |
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E-Mail : |
sales&service@valvolinecummins.com |
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Website : |
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Branches : |
·
801 A, Eureka Towers, 8th Floor Mind Space,Goregaon,
Malad Link Road , Malad (West) Mumbai 400 064 ·
MWH VALVOLINE CUMMINS LIMITED ·
No. I-G, First Floor, "CENTURY PLAZA" No.560/562,
Anna Salai ·
CK-46, Sector - II ,Salt Lake City, Kolkata - 700 091
Mobile
No: 91- 9331023006 Tele
Fax No.: 91-33-
23591971 / 23595484 |
DIRECTORS
|
Name : |
Mr. Dempsey
Frederick William |
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Designation : |
Director |
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Address : |
542, Ginger Mill
Lane, Lexington, Kentucky – 40509, USA |
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Date of Birth/Age : |
08.08.1950 |
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Date of Appointment : |
Appointed as a
Director on 25.02.1998 and regularized in the General Meeting on 29.09.1998 |
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Date of Ceasing : |
10.12.2002 |
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Name : |
Mr. Porter Brek
Michael |
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Designation : |
Director |
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Address : |
27 St. Lawrence Street,
Greenwich 2164 NSW, Australia |
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Date of Birth/Age : |
04.05.1945 |
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Date of Appointment : |
Appointed as a
Director on 25.02.1998 and regularized in the General Meeting on 29.09.1998 |
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Name : |
Mr. Luxton
Jeffrey Andrew |
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Designation : |
Director |
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Address : |
46, Dilion St.
Paddington, NSW, 2021, Australia |
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Date of Birth/Age : |
19.10.1965 |
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Date of Appointment : |
Appointed as a
Director on 02.06.1998 and regularized in the General Meeting on 29.09.1998 |
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Date of Ceasing : |
19.04.2002 |
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Name : |
Mr. Joshi
Shridhar Yashwant |
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Designation : |
Director |
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Address : |
106, Lokhnath
Society, Mayur Colony, Karve Road, Kothrud, Pune – 411029 |
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Date of Birth/Age : |
05.02.1949 |
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Date of Appointment : |
Appointed as a Director
on 03.12.1997 and regularized in the General Meeting on 29.09.1998 |
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Date of Ceasing : |
07.11.2000 |
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Name : |
Mr. Venkateshan
Ravi |
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Designation : |
Director |
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Address : |
No. 1, Nidhi
Road, Jamshedpur – 831003, Bihar |
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Date of Birth/Age : |
12.01.1963 |
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Date of Appointment : |
Appointed as a
Director on 29.09.1999 and regularized in the General Meeting on 13.09.2000 |
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Date of Ceasing : |
01.03.2004 |
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|
Name : |
Mr. Gurav
Yashwant Prakash |
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Designation : |
Director |
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Address : |
Mrutunjaya
Apartments, 54 ideal Colony, Kothrud, Pune
- 411029 |
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Date of Birth/Age : |
28.12.1953 |
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Date of Appointment : |
Appointed as a
Director on 08.01.1998 and regularized in the General Meeting on 29.09.1998 |
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Date of Ceasing : |
24.08.2000 |
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Name : |
Mr. Chaubal
Malhar Chandrashekhar |
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Designation : |
Director |
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Address : |
C-23, Anand
Bunglow, Swanand Society, Sahkarnagar, Pune – 411009 |
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Date of Birth/Age : |
21.01.1984 |
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Date of Appointment : |
Appointed as a
Director on 23.01.2001 and regularized in the General Meeting on 29.06.2002 |
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Date of Ceasing : |
16.09.2002 |
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Name : |
Mr. Newson D.
Geoffrey |
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Designation : |
Director |
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Address : |
140, Kings Road, Castle
Hill, NSW, Australia – 2154 |
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Date of Birth/Age : |
28.03.1961 |
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Date of Appointment : |
Appointed as a
Director on 23.01.2001 and regularized in the General Meeting on 29.06.2002 |
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Name : |
Mr. Rugg Michael
James |
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Designation : |
Director |
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Address : |
422, Sindh
Co-operative Housing Society Li9mited, Ganeshkhind Road Aundh, Pune – 411004 |
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Date of Birth/Age : |
27.11.1952 |
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Date of Appointment : |
Appointed as a Director
on 24.08.2000 and regularized in the General Meeting on 13.09.2000 |
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Date of Ceasing : |
09.09.2003 |
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|
Name : |
Mr. Gupta Naveen |
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Designation : |
Managing Director
|
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Address : |
145, RPS Flats, Sheikh
Saraj, Phase I, New Delhi – 110017 |
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Date of Birth/Age : |
24.11.1957 |
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Qualification : |
B. Com. [H], CA |
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Date of Appointment : |
01.06.1996 |
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Experience: |
26 years |
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Date of Ceasing : |
24.05.2004 |
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Last Employment : |
Western India Petroleum
Limited |
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|
Name : |
Mr. Kymar Ajoy |
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Designation : |
Director |
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Address : |
Flat No. E-602,
Building E, Blue Hills Enclave, Nagar Road, Pune – 411006 |
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Date of Birth/Age : |
10.08.1962 |
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Date of Appointment : |
Appointed as a Director
on 22.05.2001 and regularized in the General Meeting on 29.06.2001 |
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Date of Ceasing : |
03.06.2003 |
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|
Name : |
Mr. Beecher Davis
Jackson |
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Designation : |
Director |
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Address : |
25/F, 3 Lockhart
Road, Wanchai, Hongkong |
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Date of Birth/Age : |
13.05.1970 |
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Date of Appointment : |
Appointed as a
Director on 19.04.2002 and regularized in the General Meeting on 30.09.2002 |
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Date of Ceasing : |
22.05.2004 |
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|
Name : |
Mr. Moughler
Craig |
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Designation : |
Director |
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Address : |
3499, Blazer
parkway, Lexington, KY 40509, USA |
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Date of Birth/Age : |
09.09.1957 |
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Date of Appointment : |
Appointed as a
Director on 10.12.2002 and regularized in the General Meeting on 07.07.2003 |
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|
Name : |
Mr. Shridhar Phadke
Satish |
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Designation : |
Director |
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Address : |
6, Soordas
Society, 44/425, TMV Colony, Gultekadi, Pune – 411037 |
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Date of Birth/Age : |
06.11.1951 |
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Date of Appointment : |
Appointed as a Director
on 16.09.2002 and regularized in the General Meeting on 30.09.2002 |
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Name : |
Mr. Talaulicat J
Anant |
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Designation : |
Director |
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Address : |
202, Silver Arch,
Nepean Sea Road, Mumbai – 400006 |
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Date of Birth/Age : |
11.07.1961 |
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Date of Appointment : |
Appointed as a
Director on 03.06.2003 and regularized in the General Meeting on 07.07.2003 |
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Name : |
Mr. Goel Nagendra
Pal |
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Designation : |
Director |
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Address : |
125, Block 21,
Lodhi Colony, New Delhi – 110003 |
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Date of Birth/Age : |
10.09.1973 |
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Date of Appointment : |
14.04.2000 |
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Name : |
Mr. Moore Lee
Ronald |
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Designation : |
Director |
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Address : |
77, National
Co-operative Housing Society Limited, Baner Road, Aundh, Pune – 411007 |
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Date of Birth/Age : |
01.08.1945 |
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Date of Appointment : |
Appointed as a
Director on 03.12.1997 and regularized in the General Meeting on 29.09.1998 |
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Date of Ceasing : |
31.08.1999 |
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Name : |
Mr. Gupta Naveen |
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Designation : |
Director |
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Address : |
145, RPS Flats,
Sheikh Sarai, Phase I, New Delhi – 110017 |
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Date of Birth/Age : |
24.11.1957 |
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Date of Appointment : |
Appointed as
alternate to W.F. Dempsey on 23.01.2001 [Ccased on 10.12.2002] appointed as alternate
to Craig Moughler on 10.12.2002 reappointed as alternate to Craig Moughler on
09.09.2003, appointed as a director on 22.05.2004 and regularized in the
General Meeting on 24.05.2004 |
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Name : |
Mr. Parthasarathy
Sundar |
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Designation : |
Director |
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Address : |
M-13, Sacred
Heart Township, Wanowrie, Pune – 411040, India |
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Date of Birth/Age : |
22.05.2004 |
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Date of Appointment : |
Appointed as a
Additional Director on 22.05.2004 and regularized in the General Meeting on
17.06.2005 |
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Name : |
Mr. Rajiv Batra |
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Designation : |
Director |
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Address : |
Flat No. 5, ‘The
Iris’, 3rd Floor, S. No. 28/29A, Koregaon Park Road, Lane E, Pune
– 411001, India |
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Date of Birth/Age : |
30.09.1955 |
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Date of Appointment : |
Appointed as a Additional
Director on 20.09.2004 and regularized in the General Meeting on 17.06.2005 |
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Name : |
Ms. Lira Goswami |
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Designation : |
Director |
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Address : |
B-6/23,
Safdarjung Enclave, New Delhi – 110029, India |
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Date of Birth/Age : |
03.12.1958 |
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Date of Appointment : |
Alternate to W.F.
Dempsey [Ceased on 29.09.199] appointed as alternate to A.J. Luxton on
29.09.1999 [cased on 02.12.1999]; appointed as alternate to A.J. Luxton on
02.12.1999 [cased on 12.01.2000]; appointed as alternate to A.J. Luxton on
12.01.2000 [cased on 14.04.2000]; appointed as alternate to A.J. Luxton on
14.04.200 [cased on 24.08.2000]; appointed as alternate to A.J. Luxton on
24.08.2000 [cased on 07.11.2000]; appointed as alternate to A.J. Luxton on
07.11.2000 [cased on 22.05.2001]; appointed as alternate to A.J. Luxton on
22.05.2001 [cased on 19.04.2002];Appointed as alternate to Jackson Davis
Beecher on 19.04.2002 [cased on 16.09.2002]; Appointed as alternate to
Jackson Davis Beecher on 16.09.2002 [cased on 19.04.2002]; Appointed as
alternate to Jackson Davis Beecher on 19.04.2002 [cased on 10.12.2002];
reappointed as alternate to Jackson Davis Beecher on 10.12.2002 appointed as
alternate to Craig Moughler on 20.09.2005 |
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|
Name : |
Mr. Bhardwaj P.
O. |
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Designation : |
Director |
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Address : |
47, Pushpanjali,
Vikas Marg Extension, New Delhi – 110092 |
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Date of Birth/Age : |
29.06.1932 |
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Date of Appointment : |
Alternate to M B
Porter [Ceased on 29.09.1999] appointed as alternate to W.F. Dempsey on 29.09.1999
[ceased on 12.01.2000] appointed as alternate to W.F. Dempsey on 12.01.2000
[ceased on 24.08.2000] appointed as alternate to W.F. Dempsey on 24.08.2000 |
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Date of Ceasing : |
23.01.2001 |
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|
Name : |
Ms. Verma Amita |
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Designation : |
Director |
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Address : |
141, Vaishali,
Pitam Pura, New Delhi |
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Date of Birth/Age : |
18.06.1968 |
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Date of Appointment : |
Appointed as
alternate M B Porter on 29.09.1999 [ceased on 12.01.2000] Appointed as alternate
M B Porter on 12.01.2000 [ceased on 22.05.2001] Appointed as alternate M B
Porter on 22.05.2001 [ceased on 28.08.2001] Appointed as alternate M B Porter
on 28.08.2001 [ceased on 16.09.2002] Appointed as alternate M B Porter on
16.09.2002 ; Appointed as alternate M B Porter on 09.09.2003 ; Appointed as
alternate M B Porter on 22.05.2004 ; Appointed as alternate M B Porter on
29.09.2004 |
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|
Name : |
Mr. J. L.
Deshmukh |
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Designation : |
Director |
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Address : |
Plot No. 185, Survey
No. 62+65, Mahatma Co-operative Housing Society Limited, Kothrud, Pune –
411029 |
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Date of Birth/Age : |
03.05.1949 |
|
Date of Appointment : |
Appointed as
alternate to Ravi Venkateshan on 29.09.1999 [ceased on 02.12.1999] appointed
as alternate to ravi Venkateshan on 02.12.1999 [ceased on 14.04.2000]
appointed as alternate to ravi Venkateshan on 14.04.2000 [ceased on
07.11.2000] appointed as alternate to ravi Venkateshan on 07.11.2000 |
|
Date of Ceasing : |
23.01.2001 |
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|
|
|
Name : |
Mr. Swaminathan
Rampraveen |
|
Designation : |
Director |
|
Address : |
5, Vedang
Society, ITI Road, Aundh, Pune |
|
Date of Birth/Age : |
30.06.1974 |
|
Date of Appointment : |
Appointed as alternate
to Ravi Venkateshan on 23.01.2001 [ceased on 28.08.2001]; Appointed as
alternate to Ravi Venkateshan on 28.08.2001[ceased on 16.09.2002]; Appointed
as alternate to Ravi Venkateshan on 16.09.2002 [ceased on 03.06.2003];
Appointed as alternate to Ravi Venkateshan on 09.09.2003 |
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Date of Ceasing : |
01.03.2004 |
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|
Name : |
Mr. Ravindra
Kulkarni |
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Designation : |
Additional
Director |
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Address : |
Shrimangal, Plot
No. , Surekh Housing Society, 44/3, Erandwana, Pune – 411004, Maharashtra, India
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Name : |
Mr. Gregory A
Stephens |
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Designation : |
Alternate
Director |
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Address : |
717, Clayvis
Court, Lexington, Kentucky – 40515, US |
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Date of Birth/Age : |
31.10.1963 |
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Date of Appointment : |
10.03.2006 |
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|
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|
Name : |
Mr. Steven
Francis Elder |
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Designation : |
Alternate
Director |
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Address : |
2188 Taborlake
Circle, Lexington, Kentucky – 40505, US |
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Date of Birth/Age : |
12.10.1962 |
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Date of Appointment : |
10.03.2006 |
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|
|
Name : |
Mr. Vikram
Jaisinghani |
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Designation : |
Director |
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Address : |
F 10, Kapil
Malhar, Baner Road, Pune – 411045, Maharashtra, India |
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Date of Birth/Age : |
14.08.1962 |
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Date of Appointment : |
19.05.2006 |
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Name : |
Mr. Rajiv Batra |
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Designation : |
Director |
|
Address : |
Flat No 5 / 6,
the Iris, Sangamwadi, North Main Road, Koregaon park, Pune – 411001,
Maharashtra, India |
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Date of Birth/Age : |
30.09.1955 |
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Date of Appointment : |
20.09.2004 |
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|
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|
Name : |
Mr. James Michel
Peffer |
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Designation : |
Alternate
Director |
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Address : |
3724, Wembley
Lane, Lexington, Kentucky – 40515, USA |
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Date of Birth/Age : |
31.07.1961 |
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Date of Appointment : |
10.03.2006 |
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Name : |
Mr. Nagendra Pal |
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Designation : |
Company Secretary
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Name : |
Mr. Craig A
Moughler |
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Designation : |
Director |
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Name : |
Mr. Edward Paul
Kopinski |
|
Designation : |
Director |
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Name : |
Mr. Anant J
Talaulicar |
|
Designation : |
Director |
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Name : |
Mr. Vivek Singh |
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Designation : |
Chief Financial
Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
|
No. of Shares |
|
Valvoline
International INC |
|
9689996 |
|
Cummins Diesel
Sales and Services India Limited |
|
9309504 |
|
Mr. T S Rithal |
|
100 |
|
Mr. M V K Das |
|
100 |
|
Mr. C. V.
Varghese |
|
100 |
|
Mr. G. Sundaresan
|
|
100 |
|
Mr. A. N. Limaye |
|
100 |
|
Total |
Total |
19000000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Foreign holdings Foreign Institutional
Investors (s), Foreign Companies (s), Foreign Financial Institutions (s), Non
Resident Indians (s) or Overseas Corporate Bodies or Others. |
50.00 |
|
2 |
Bodies Corporate |
50.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Engine Oil, Grease, Rust Preventive, Car Care and Filter |
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Products : |
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PRODUCTION
STATUS
As on
31.03.2005
|
Particulars |
|
Unit |
Actual Production |
|
Engine Oils |
|
Ltr. |
32232606 |
|
Grease |
|
Kg. |
2132598 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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Bankers : |
· Calyon Bank Mercantile House, 6th Floor, 15, Kasturba Gandhi Marg, New
Delhi – 110001 · HDFC Bank Limited 1st Floor, Kailash Building, 26, K G Marg, New Delhi –
110001 · The Bank of Nova Scotia Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi – 110001 Tel No.: 91-11-23351522-29 Fax No.: 91-11-23312847 / 23310010 Email : bns.newdelhi@scotiabank.com
· Union Bank of India Industrial Finance Branch, G-39, Cannaught Place, New Delhi – 110016 · Citi Bank NA Address Jeevan
Vihar , 3 Sansad Marg, New Delhi – 110 001, India · HDFC Bank Limited H T House 15 K. G. Marg, New Delhi – 110001 |
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Facilities : |
A)
Cash credit facilities and short terms loans are secured by way of
hypothecation of stocks of raw materials, finished goods, traded goods and
book debts. These are further secured by a pari passu charge on the charge on
the fixed assets of the company. B) Term loans repayable within one years Rs.
42.500 millions. |
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Banking Relations : |
Good |
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Auditors : |
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Name: |
S. R. Batliboi
and Company Chartered
Accountants |
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Address 1: |
B-26, Qutub Institutional
Area, New Delhi – 110016, India |
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Address 2: |
Golf View
Corporate Tower B, Sector -42, Sector Road, Gurgaon, Haryana, India |
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Subsidiaries : |
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Associates : |
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Holding Company : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- Each |
Rs.200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity shares |
Rs. 10/-
Each |
Rs.190.000 millions
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
190.000 |
190.000 |
190.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
153.449 |
85.512 |
59.545 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
343.449 |
275.512 |
249.545 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
240.766 |
108.969 |
90.784 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
240.766 |
108.969 |
90.784 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
584.215 |
384.481 |
340.329 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.388 |
25.954 |
22.470 |
|
|
Capital work-in-progress |
0.790 |
8.085 |
0.460 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.500 |
0.555 |
|
|
DEFERREX TAX ASSETS |
7.481 |
7.065 |
4.807 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
645.844
|
463.704
|
401.328
|
|
|
Sundry Debtors |
224.169
|
147.956
|
113.215
|
|
|
Cash & Bank Balances |
89.661
|
39.091
|
38.851
|
|
|
Other Current Assets |
5.985
|
1.374
|
0.080
|
|
|
Loans & Advances |
84.872
|
78.288
|
75.537
|
|
Total
Current Assets |
1050.531
|
730.413 |
629.011 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
421.364
|
341.391
|
282.500
|
|
|
Provisions |
95.111
|
46.145
|
34.474
|
|
Total
Current Liabilities |
516.475
|
387.536 |
316.974 |
|
|
Net Current Assets |
534.056
|
342.877
|
312.037
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
584.215 |
384.481 |
340.329 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.09.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
5694.308 |
2854.651 |
1811.332 |
|
|
Other Income |
58.703 |
7.494 |
0.000 |
|
|
Total Income |
5753.011 |
2862.145 |
1811.332 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
221.788 |
87.853 |
68.622 |
|
|
Provision for Taxation |
87.163 |
34.805 |
24.500 |
|
|
Profit/(Loss) After Tax |
134.625 |
53.048 |
44.122 |
|
|
|
|
|
|
|
|
Export Value |
97.019 |
40.734 |
7.569 |
|
|
|
|
|
|
|
|
Import Value |
NA |
783.159 |
573.361 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
3181.749 |
|
|
|
|
Purchases made for re-sale |
76.349 |
43.314 |
|
|
|
Increase/(Decrease) in Finished Goods |
[131.421] |
[19.044] |
1742.710 |
|
|
Salaries, Wages, Bonus, etc. |
154.773 |
78.998 |
|
|
|
Payment to Auditors |
3.508 |
1.849 |
|
|
|
Interest |
33.075 |
10.829 |
|
|
|
Insurance Expenses |
3.911 |
1.704 |
|
|
|
Depreciation & Amortization |
22.377 |
7.656 |
|
|
|
Other Expenditure |
2186.902 |
1095.038 |
|
|
Total Expenditure |
5531.223 |
2774.292 |
1742.710 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.34
|
1.85
|
2.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.89
|
3.07
|
3.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.29
|
11.49
|
10.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
0.31
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.20
|
1.80
|
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.88
|
1.98 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Leasehold Improvements
- Plant and Machinery
- Office Equipments
- Computers
- Furniture and Fittings
- Vehicles
- Software
OTHER INFORMATION:
The following are the significant
arrangements with related parties
The company pays
royalty to Valvoline International Inc @ 3 % of net contribution based on
method and principles, as approved by Government of India. The royalty is paid
for using the brand name.
The company pays
services charges @ 0.7 % to Cummins Diesel Sales and Services India Limited of
net sales for having access to their market network and technical expertise of
their personnel. The company also pays fixed quarterly service charges to
Cummins Auto Services Limited for use of their retail network trained and
competent staff and infrastructure facilities.
Apart from the above,
the company enters transaction of purchase and sale of goods etc. the details
of the transactions company had with related parties have been mentioned
hereunder.
Nature of operations:
Valvoline Cummins
Limited is a company whose 50% of equity capital is held by Valvoline Inc. USA
and Cummins Diesel Sales and Service (India) Limited (along with its nominees)
each. The company is engaged in manufacturing and marketing of lubricant oil,
greases, car care products, rust preventive oils and filters. The company has
outsourced its manufacturing activities to certain contract manufacturers.
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U74899DL1994PLC062425 |
|
Name of the company |
VALVOLINE CUMMINS LIMITED |
|
Address |
52,
Okhla Industrial Estate Phase III, New Delhi 110 020, India |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
· Immovable Property · Book debts · Movable Property · Others |
|
Particular of the charge holder
|
Citi Bank NA Address Jeevan Vihar , 3 Sansad Marg, New
Delhi – 110 001, India Email Id: vlaxman@vsnl.com
|
|
Nature or description of the instrument creating charge |
Deed of modification of Goods Security
Agreement. |
|
Date of the instrument creating charge |
13.08.2007 |
|
Amount Secure by the charge |
Rs. 140.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: As per terms and Conditions of agreement referred in clause 8 above. Terms of repayments: Renewable Annually Margin: As governed by the agreement referred above. Extent and Operation of the
charge: First Pari passu charge on all present and future stocks and book
debts of the company First pari passu charge on all present and future Fixed asset of the
Company. |
|
Short particulars of the Property charged |
First Pari passu charge on all present and future stocks and book debts
of the company. First pari passu charge on all present and
future Fixed asset of the Company. |
|
Particulars of the present modification |
Increase in facilities from Rs. 80.000 millions to Rs. 140.000
millions. |
|
Name of the company |
VALVOLINE CUMMINS LIMITED |
|
Presented
By |
Mr. Nagendra Pal
- Company Secretary |
|
1) Date and
description of instrument creating the change |
Deed of
hypothecation of goods to secure indebtness to the bank dated 24.03.2000 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 15.000 millions |
|
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 |
Exclusive Charges
on Goods of the
following description 800 MT – SN -500
and 150MT – BS -150 acquired under L/C from M/s Oracle Petroleum Company
limited, Singapore First Pari passu
charge over inventory, receivables of the company. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest
PLR + Interest Tax |
|
5) Name and
Address and description of the person entitled to the charge. |
The Bank of Nova Scotia, 28 Barakhamba
Road, Gopaldas Bhawan, New Delhi, India |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
|
Corporate
identity number of the company |
U74899DL1994PLC062425 |
|
Name of the
company |
VALVOLINE CUMMINS
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
52, Okhla
Industrial Estate Phase III, New Delhi 110 020 |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
90047742 |
|
Type of charge |
Book Debts,
Movable Property and Others |
|
Particular of charge
holder |
The Bank of Nova
Scotia Dr. Gopal Das
Bhawan, 28, Barakhamba Road, New Delhi – 110001 |
|
Nature of
instrument creating charge |
Deed of hypothecation,
letter of counter guarantee indemnity and letter of continuity dated
05.10.2006. |
|
Date of
instrument Creating the charge |
05.10.2006 |
|
Amount secured by
the charge |
Rs. 90.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest PLR + Interest
Tax Terms of
repayment On Demand Margin Margin for Stock
25 % Margin for Debts
25 % All terms and
conditions as per The Bank of Nova Scotia
commitment letter dated 15.09.2006. |
|
Short particulars
of the property charged |
All present and
future stock in trade, raw materials, finished goods, store and spares,
packing materials and other merchandise, book dents and other receivables and
fixed assets to rank passu with Union Bank of India. Calyon Bank, HDFC Bank
and Citi Bank |
|
Particulars of
present modification |
Facility now
enhanced to Rs. 90.000 Millions fully interchangble between fund based and
non fund based from time to time. |
|
Name of the company |
VALVOLINE CUMMINS LIMITED |
|
Presented
By |
NAGENDRA PAL – COMPANY SECRETARY |
|
1) Date and description of instrument creating the change |
Hypothecation agreement
of goods / debts to secure indebtness to the bank dated 01.12.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000
Millions |
|
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 the stock in
trade an other merchandise, book debs and other receivables to rank pari
passu with Union Bank of India, The Bank of Nova Scotia, Credit Lyonnals,
HDFC Bank Limited |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest :
Mutually agreed |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited H T House 15 K. G. Marg,
New Delhi – 110001 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Name of the company |
VALVOLINE CUMMINS LIMITED |
|
Presented
By |
NAGENDRA PAL – COMPANY SECRETARY |
|
1) Date and description of instrument creating the change |
Letter of
hypothecation of goods / debts / fixed
assets to secured indebtness to the Bank dated 06.11.1995 and 02.05.2000 Regd Date
03.04.1996 and 23.05.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 35.000
Millions |
|
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 present and
future stocks of raw material, stock in process, finished goods, consumables,
store, spares, packing materials, book debts and fixed assets |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest PLR +
4.5 % i.e. 16.50 % p.a. Margin for Stock
25 % Margin for debts
40 % |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Industrial
Finance Branch, G-39, Cannaught Place, New Delhi – 110016 |
|
6) Date and brief description of instrument modifying the charge |
Deed of
hypothecation of goods to secure indebtness to the bank dated 04.07.2000 |
WEBSITE
DETAILS:
Valvoline Inc. founder Dr. John Ellis created the first motor oil
and was awarded a design patent for petroleum, distilling and refining
equipment in 1866 at USA.
In India, subject, a JV between Ashland Inc., USA and Cummins Sales and Services (India) Limited ,a
wholly owned subsidiary of Cummins India Limited
is one of the India’s fastest growing lubricant marketer and producer of
quality branded automotive/industrial products. Products include automotive
lubricants, transmission fluids, gear oils, hydraulic lubricants, automotive
filters, specialty products, greases and cooling system products. Valvoline
also offers Car Brite car care products for automotive cleaning and
maintenance. They have come a long way since they started out operations in
India in 1998. They're a growing, dynamic company having base of 54 stock
points delivering products and services to 500 distributors for bazaar trade
and 2945 institutional customers. In bazaar trade they approximate that their
products are available in more 15,000 retail counters across India.
Their vision is the guiding principal that they follow to deliver their quality
commitment to their customer by producing and delivering quality products /
services consistently through their state of the art blending and filling
process and thereby making their lives simpler.
Lubricants
Today's engine demand a lot from an engine oil - thus you should know
just the right partner for the engine. Valvoline has been developing and
marketing high performance oils and services since 1886 - longer than any other
engine oil company. The Valvoline commitment to quality and innovation is
reflected from the fact that they offer a full line of premium conventional
& synthetic engine oils, gear oils, greases, industrial oils and other
automotive lubricants specially formulated for all round protection to the
engine. All Valvoline oils are formulated with advanced additive technology and
premium base oils for high performance and an enhanced engine life.
Car Care
Valvoline’s commitment to high quality
products is not confined to “below the hood” products only.
In 1998, Valvoline acquired the Eagle One industry in USA. Eagle One, founded
in 1978, is a leader in the development and manufacturing of premium automotive
appearance products.
Today, after over a quarter of a century, Eagle One remains the leading manufacturer
of high-tech appearance products. These technically superior Car Care products
require minimum effort for maximum results.
Despite the simplicity of use, Eagle One’s advanced technology continues to
ensure maximum color and depth of shine, while providing the ultimate in
protection and durability for the vehicle.
Car Brite was established in 1947 in North America. Since then, Car Brite has
been innovating and manufacturing the most comprehensive line of professional
Car Reconditioning products.
Car Brite Industries was taken over by Valvoline in 2005. This heralded the
coming together of two giants- Eagle One Car Retailing products and Car Brite
Reconditioning products. The customer now enjoys the choice of a large variety
of retail (DIY) and reconditioning (DIFM) products.
Filters
Valvoline America has been selling filters since last 20 years and is
established player in the US filters market. Valvoline is also selling filters
in Australia. Valvolines internationally reputed range of filters has now been
launched in India. Its filters are backed by the same Quality Guarantee stamp
that backs the performance of its engine oils worldwide.
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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
|