MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
CAPITAL AUTO RUBBER PRODUCTS PRIVATE LIMITED |
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Registered Office : |
H 150 Badarpur, Mathura Road, New Delhi – 110 044 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.06.1984 |
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Com. Reg. No.: |
55 0-18352 |
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CIN No.: [Company
Identification No.] |
U74899DL1984PTC018352 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC07203A |
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PAN No.: [Permanent
Account No.] |
AAACC1010B |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Automobile Rubber Components |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 72000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its profitability is under severe
pressure. It has good amount of
accumulated losses. Payments are
reported as slow but correct. The Company can be considered for small to mediocre business dealing
with slight caution initially. |
LOCATIONS
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Registered Office : |
H 150, Badarpur, Mathura Road, New Delhi 110044, India |
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Tel. No.: |
91-11-29892666 / 29891262 / 26190390 |
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Fax No.: |
91-11-29891242 |
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E-Mail : |
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Factory : |
137, Roz-Ka-Meo Industrial Area, Sohna 122103, Haryana, India |
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Tel. No.: |
91-124-2013266 / 2013366 |
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Fax No.: |
91-124-2363919 |
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E-mail : |
DIRECTORS
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Name : |
Mr. Ved Prakash Chatrath |
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Designation : |
Director |
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Address : |
A-11/17, DLF, Phase I, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
04.01.1934 |
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Date of Appointment : |
08.06.1984 |
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E-Mail: |
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Name : |
Mr. Manoharlal Chatrath |
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Designation : |
Director |
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Address : |
A-11/24, DLF, Phase I, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
19.08.1917 |
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Date of Appointment : |
12.10.1995 |
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E-Mail: |
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Name : |
Mr. Bharat Chatrath |
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Designation : |
Director |
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Address : |
A-11/17, DLF, Phase I, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
30.12.1978 |
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Date of Appointment : |
01.04.2003 |
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Mobile No.: |
91-9899033321 |
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E-Mail: |
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Name : |
Mr. Pankaj Chatrath |
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Designation : |
Director |
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Address : |
A-11/24, DLF, Phase I, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
13.11.1971 |
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Date of Appointment : |
12.10.1995 |
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E-Mail: |
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Name : |
Mr. K. M. Paliwal |
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Designation : |
Director |
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Address : |
BP – 139, Shalimar Bagh, New Delhi 110052, India |
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Date of Appointment : |
12.10.1995 |
KEY EXECUTIVES
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Name : |
Mr. Arun Phasu |
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Designation : |
Company Secretary |
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Address : |
H – 886, Sector 13, Vasundra, Ghaziabad 201012 |
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Tel. No. : |
91-9818992202 |
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E-mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ved Prakash Chatrath |
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106101 |
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Mr. Sudesh Chatrath |
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1000 |
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Mr. Bharat Chatrath |
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21800 |
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Mrs. Kanta Chatrath |
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4100 |
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Mr. Manmohar Lal Chatrath |
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6894 |
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Mr. Pankaj Chatrath |
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25105 |
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Total
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165000 |
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Names of Allottees (As on 31.03.2006) |
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No. of Shares |
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Mr. Ved Prakash Chatrath |
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18547 |
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Mr. Sudesh Chatrath |
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900 |
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Mr. Bharat Chatrath |
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1620 |
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Mrs. Kanta Chatrath |
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3690 |
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Mr. Manmohar Lal Chatrath |
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9860 |
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Mr. Pankaj Chatrath |
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10383 |
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Total |
45000 |
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Names of Allottees (As on 31.03.2007) |
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No. of Shares |
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Mr. Ved Prakash Chatrath |
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70000 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobile Rubber Components |
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Products : |
· Automobile Rubber Components · Precured Tread Rubber · Bonding Gum · Vulcanising Cement · Conventional Rubber · Hot Bonding Gum · Hot Pillar · Tyre Flabs |
GENERAL
INFORMATION
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Bankers : |
Bank of India, Hauz Khas, New Delhi – 110 016, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K B Chandna and Company Chartered Accountants |
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Address : |
E – 27, South Extension, New Delhi – 110 049, India |
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Tel. No.: |
91-11-26252762 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
165000 |
Equity Shares |
Rs. 100/- each |
Rs.16.500
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 |
16.500 |
9.500 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.060 |
0.060 |
4.560 |
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4] (Accumulated Losses) |
[2.262] |
[2.563] |
[2.774] |
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NETWORTH |
14.298 |
6.997 |
6.786 |
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LOAN FUNDS |
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1] Secured Loans |
20.041 |
15.584 |
8.503 |
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2] Unsecured Loans |
19.295 |
15.482 |
14.550 |
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TOTAL BORROWING |
39.336 |
31.066 |
23.053 |
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DEFERRED TAX LIABILITIES |
3.790 |
3.725 |
3.697 |
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TOTAL |
57.424 |
41.788 |
33.536 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.171 |
18.945 |
19.852 |
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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 |
22.992
|
23.844 |
25.991 |
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Sundry Debtors |
23.266
|
12.369 |
3.646 |
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Cash & Bank Balances |
0.604
|
0.199 |
0.206 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.752
|
1.404 |
0.583 |
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Total
Current Assets |
49.614
|
37.816 |
30.426 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.189
|
14.704 |
16.724 |
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Provisions |
0.172
|
0.270 |
0.022 |
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Total
Current Liabilities |
13.361
|
14.974 |
16.746 |
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Net Current Assets |
36.253
|
22.842 |
13.680 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.004 |
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TOTAL |
57.424 |
41.788 |
33.536 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
72.295 |
49.331 |
25.861 |
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Other Income |
1.369 |
2.812 |
0.000 |
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Total Income |
73.664 |
52.143 |
25.861 |
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Profit/(Loss) Before Tax |
0.491 |
0.302 |
0.141 |
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Provision for Taxation |
0.190 |
0.091 |
0.298 |
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Profit/(Loss) After Tax |
0.301 |
0.211 |
[0.439] |
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Expenditures : |
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Depreciation & Amortization |
1.468 |
1.263 |
1.256 |
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Other Expenditure |
71.705 |
50.578 |
24.464 |
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Total Expenditure |
73.173 |
51.841 |
25.720 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.41 |
0.40 |
1.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.68 |
0.61 |
0.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.69 |
0.53 |
0.28 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.04 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.69 |
6.58 |
5.86 |
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Current Ratio (Current Asset/Current Liability) |
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3.71 |
2.53 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :-
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Name of the company |
CAPITAL AUTO RUBBER PRODUCTS PRIVATE
LIMITED |
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Presented By |
Bank of India, Hauz Khas, New Delhi 110 016, India |
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1) Date and description of instrument creating the change |
04.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Deed of charge
and hypothecation of book debts |
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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 |
Rs. 3.200
millions Hypothecation and
charge to the bank by way of charge all the book debts, outstanding, money
receivables, claims and bills, which are now and owing or which may at any
time hereafter become due and owing to the borrower in the course of its
business by any person, company or by the government or any local or public
body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest on
cash credit (Hypothecation of book debts) Limit of Rs. 3.200 millions shall be
charged at the rate of BOi BPLR
subject to minimum of 10.75% per
annum with monthly rests. Margin: 30% Payable on Demand
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5) Name and Address and description of the person entitled to the charge. |
Bank of India ,
Hauz Khas Branch, New Delhi – 110 016, India |
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Corporate
identity number of the company |
U74899DL1984PTC018352 |
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Name of the
company |
CAPITAL AUTO
RUBBER PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
H 150, Badarpur, Mathura Road, New Delhi 110044, India |
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This form is for |
Modification of
charge |
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Type of charge |
· Book Debts · Movable Property |
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Particular of
charge holder |
Bank of India, Hauz
Khas Brnach, A – 21, Green Park Main, Mehrauli Road, A-21, Green Park Main,
Mehrauli Road, New Delhi – 110 016,
India E-Mail: virendradel@gmail.com |
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Nature of
instrument creating charge |
Supplemental
Agreement |
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Date of
instrument Creating the charge |
09.06.2008 |
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Amount secured by
the charge |
Rs. 28.431
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Interest shall be
charged @ 0.50% below BPLR with a minimum of 12.75% p.a with monthly rests or
at such rates as may be prescribed by the bank from time to time. Terms of Repayment : Cash Credit –
Payable on Demand Term Loan – I of
Rs. 1.231 millions – Repayable in 57 EMI of Rs. 0.028 million Term Loan II of
Rs. 1.700 millions – Repayable in 60 EMI of Rs. 0.038 millions each Margin : Cash Credit – 25%
against stocks and 30% against book debts Cheque Purchase
-30% Term Loan – I-
33% Term Loan
–II-43.33% Extent and Operation of the charge : 100% Others : The said charge
is hypothecated to secure following credit facilities granted to the
company:- Cash Credit –
(Hypothecation of stocks) Rs. 11.000 millions Adhoc Cash
Credit (Hypothecation of stocks)- Rs.
2.500 millions Cash Credit
(Hypothecation of Book Debts)- Rs. 12.000 millions Cheque Purchase –
Rs. 1.000 million Maximum (1 to 3)-
Rs. 23.000 millions Term Loan –I –
Rs. 1.231 millions Term Loan-II –
Rs. 1.700 millions Total – Rs.
28.431 millions |
|
Particulars of
the present modification |
The Cash Credit
(stocks) Limit stands enhanced from
Rs. 11.000 millions to Rs. 13.500 millions
to secure adhoc cash credit limit
facilities as detailed in column above Interest shall
now be charged @ 12.75% p.a with monthly rests. Other terms and
conditions remained same. |
WEBSITE DETAILS:
Subject came forward in the year 1999 to manufacture quality products in the field of Automobile Rubber Components and continued to grow with the constant addition of new customers and frequent addition of new and improved components in the product range.
Their company has been an embodiment of quality and value. Due to their strong committed and customer-centric approach, they have become a force to reckon with. Their company is indulged in manufacturing and exporting of following products:
They are known for their error-free products, which are class apart from the rest. Their company has a sound infrastructure and uses the most sophisticated technology and equipments to produce world class products. They boast highly experienced and dedicated workforce in the form of competent engineers, technicians, supervisors and efficient administrators. Their R and D department is ardently engaged in the development of novel components and improvement of the quality of their existing products. They have a rich experience in the line with an additional support of the latest technology. They are fully equipped with effective communication devices that makes their networking into a close knit chain enabling them to produce and supply products efficiently.
Client satisfaction
is what they treasure most. This is the one thing which keeps them always on
their toes to produce highly quality and reliable products. They ensure that
their rigorous quality standards are met at all stages. Their dedication to
continuous improvement and development of their product range results in a
product which offers reliability and performance in the most arduous operating
conditions.
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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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 |
|