MIRA
INFORM REPORT
|
Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAYLOR RUBBER PRIVATE LIMITED |
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Formerly Known As : |
TAYLOR RUBBER |
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Registered Office : |
137, Pillalyar Koll Street, Oggiyam Thoralpakkam, Chennai – 600096,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.05.1998 |
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Com. Reg. No.: |
18-40489 |
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CIN No.: [Company
Identification No.] |
U25199TN1998PTC040489 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET02379G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Rubber Moulded
Parts |
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 110000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track records.
Trade relations are fair. Payments are usually correct and as per
commitments. The company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
137, Pillalyar Koll Street, Oggiyam Thoralpakkam, Chennai – 600096,
Tamilnadu, India |
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Tel. No.: |
91-44-24960352/ 24961459 |
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Fax No.: |
91-44-24961051/ 24960349 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. T T Ashok |
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Designation : |
Managing Director |
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Address : |
18, Sriram Nagar, South Street, Alwarpet, Chennai – 600018, India |
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Date of Appointment : |
13.05.1998 |
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Name : |
Mr. Rajjitha Ashok |
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Designation : |
Director |
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Address : |
18, Sriram Nagar, South Street, Alwarpet, Chennai – 600018, India |
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Date of Appointment : |
13.05.1998 |
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Name : |
Mr. Malathi Rangaswami |
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Designation : |
Director |
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Address : |
18, Sriram Nagar, South Street, Alwarpet, Chennai – 600018, India |
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Date of Appointment : |
13.05.1998 |
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Name : |
Mr. T. T. Madhav |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. D. Mohana Sundaram |
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Designation : |
Company Secretary |
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Tel No.: |
91-44-22650139 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.08.2005)
|
Names of Shareholders |
|
No. of Shares |
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Rajjitha Ashok |
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282660 |
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Malathi Rangaswami |
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322392 |
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T T Ashok |
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112000 |
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V. Dwarakanathan |
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17500 |
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R. Narayanan |
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17437 |
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N. Mohan Raj |
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17500 |
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C. V. Rajagopal |
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17500 |
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T. T. Madhav |
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134960 |
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T. T. Keshav |
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76132 |
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B. Chandra |
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7 |
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Indira Sampath |
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7 |
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R. Rajalakshmi |
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7 |
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Suhail Syed |
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7 |
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V. Sundara |
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7 |
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Venkatesan |
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7 |
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K. Srinivasan |
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7 |
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Geetha Kasturi |
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7 |
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S. R. Raghuvir |
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7 |
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Total |
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998144 |
(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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85.00 |
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Others |
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15.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rubber Moulded
Parts |
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Products : |
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Exports : |
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Products : |
Rubber Products |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
130 |
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Bankers : |
Perungudi SME Branch, Perungudi, Chennai – 600096, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Y Raju Chartered Accountant |
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Address : |
D1, 3rd Floor, Ashok Enclave, 18 First Avenue, Ashok Nagar,
Chennai – 600083, India |
CAPITAL STRUCTURE
Authorised Capital :
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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 :
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No. of Shares |
Type |
Value |
Amount |
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998144 |
Equity Shares |
Rs.10/- each |
Rs.9.981Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.981 |
9.981 |
9.981 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.703 |
4.415 |
3.259 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.684 |
14.396 |
13.240 |
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LOAN FUNDS |
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1] Secured Loans |
15.667 |
12.599 |
12.052 |
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2] Unsecured Loans |
2.696 |
2.261 |
1.725 |
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TOTAL BORROWING |
18.363 |
14.860 |
13.777 |
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DEFERRED TAX LIABILITIES |
0.667 |
0.513 |
0.757 |
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TOTAL |
40.714 |
29.769 |
27.774 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.717 |
12.180 |
13.630 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
5.503
|
5.534 |
6.364 |
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Sundry Debtors |
24.340
|
13.021 |
8.916 |
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Cash & Bank Balances |
0.362
|
0.050 |
0.053 |
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Other Current Assets |
7.536
|
7.754 |
6.301 |
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Loans & Advances |
1.439
|
2.118 |
0.901 |
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Total
Current Assets |
39.180
|
28.477 |
22.535 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.083
|
8.813 |
6.557 |
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Provisions |
5.100
|
2.075 |
1.834 |
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Total
Current Liabilities |
13.183
|
10.888 |
8.391 |
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Net Current Assets |
25.997
|
17.589 |
14.144 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.714 |
29.769 |
27.774 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
83.299 |
67.460 |
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Other Income |
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0.909 |
0.332 |
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Total Income |
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84.208 |
67.792 |
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Profit/(Loss) Before Tax |
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11.874 |
2.337 |
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Provision for Taxation |
|
4.585 |
1.182 |
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Profit/(Loss) After Tax |
|
7.289 |
1.155 |
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Expenditures : |
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Financial charge |
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2.189 |
2.499 |
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Depreciation & Amortization |
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3.078 |
2.904 |
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Other Expenditure |
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67.067 |
60.052 |
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Total Expenditure |
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72.334 |
65.455 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.66
|
1.70 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
14.25
|
3.46 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.03
|
5.75 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.55
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0.16 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.45
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1.79 |
1.67 |
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Current Ratio (Current Asset/Current Liability) |
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2.97
|
2.62 |
2.69 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Profile:
Subject an ISO/TS 16949 company was started on 2nd April
1980 manufacturing Domestic Pressure Cooker Gaskets. In 1996 Taylor Rubber
started producing Automotive moulded rubber parts and is now a well recognized
manufacturer of rubber moulded parts for the Automotive and Consumer Durable
industries and also special technical parts for Electrical, Medical and other
industrial applications.
The company is headed by Mr. T.T. Ashok, Managing Director.
He is assisted by a team of qualified technologists and engineers apart from a
trained work force.
Company rubber is an associate of the TTK Group, a multi
product and multi location conglomerate, manufacturing and marketing and
consumer durables, pharmaceuticals, contraceptive and gloves and many more
products.
Subject is a manufacturer and exporter of custom made rubber
moulded parts from India for applications in the automotive rubber parts,
non-automotive rubber products, rubber parts for consumer durables and moulded
rubber products for Electrical and electronic applications.
Company Rubber's moulded rubber parts are used in leading
vehicles - Rubber parts for Control cables, Head light and other assemblies of
FORD, FIAT, VOLKSWAGEN, BMW, GM, PORSCHE, LONDON TAXI, etc., Rubber products of
Taylor Rubber are fitted in motorcycles such as DERBI and APRILLIA. Tractors
such as CNH & CARRARO use their rubber products.
The turnover of the company is presently is about $ 2
Million/ Annum and is steadily growing at the rate of 25% annually.
The company started exports during the year 1996 to The
Netherlands and Tunisia. Today, the exports span almost all the European
countries and also the UK and South Africa.
Company have two Plants located in Chennai, South India,
which has two of India 's largest seaports operating frequent services to
Europe, America and the Far East. Chennai is also home to one of India's
largest International Airports
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] 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.48.86 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.65.51 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
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