MIRA
INFORM REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
CLASSIC AUTO TUBES LIMITED |
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Registered Office : |
414/1, 4th Floor, DDA Commercial Complex, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.10.2005 |
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Com. Reg. No.: |
55-141511 |
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CIN No.: [Company
Identification No.] |
U74899DL2005PLC141511 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEC07142C |
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PAN No.: [Permanent
Account No.] |
AACCC6993K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Tubes and Tyres |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 |
|
Maximum Credit Limit : |
USD 1543148 |
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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 an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
414/1, 4th Floor, DDA Commercial Complex, |
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Tel. No.: |
91-11-25617291 |
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E-Mail : |
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Corporate Office : |
Plot No. A/1/2, |
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Tel No.: |
91-2138-232208 |
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E-Mail : |
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Web Site : |
DIRECTORS
AS ON : 30.09.2010
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Name : |
Mr. Kewal Krishan Malhotra |
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Designation : |
Director |
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Address : |
C – 1/159, Janakpuri, |
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Date of Birth/Age : |
10.01.1953 |
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Date of Appointment : |
06.10.2005 |
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Name : |
Mr. Harish Bahadur |
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Designation : |
Director |
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Address : |
Maharaja Niwas, 9950 Sarai Rohilla, |
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Date of Birth/Age : |
09.04.1952 |
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Date of Appointment : |
10.08.2007 |
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Name : |
Mr. Satish Kumar Mahajan |
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Designation : |
Director |
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Address : |
103, Anupam Apartments, M |
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Date of Birth/Age : |
27.03.1960 |
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Date of Appointment : |
10.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2010
Equity Shares
|
Names of Shareholders |
|
No. of Shares |
|
Sunrays Proprietor and Investments Company Private Limited, |
|
1309400 |
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Sacred Heart Investment Company Private Limited, |
|
100 |
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Motyal Finance Private Limited, |
|
100 |
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Constructive Finance Private Limited, Jaipur |
|
100 |
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Ganga Kaveri Credit and Holdings Private Limited, |
|
100 |
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Indus Vally Investment and Finance Private Limited, |
|
100 |
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Global Capital Limited, |
|
100 |
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|
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Total |
|
1310000 |
Preference Shares
|
Names of Shareholders |
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No. of Shares |
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Clubseven Consultants Limited, Secunderabad |
|
305000 |
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Combiseven Consultants Limited, Chennai |
|
100000 |
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Advance Agencies Private Limited, |
|
45000 |
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|
|
|
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Total |
|
450000 |
AS ON : 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
100.00 |
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Directors or relatives of Directors |
0.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tubes and Tyres |
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GENERAL INFORMATION
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Bankers : |
Landmark |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
P K Sangai and Company Chartered Accountant |
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Address : |
2459/10, Beadon Pura, |
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Tel. No.: |
91-11-25734161/ 25750091 |
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Holding Company : |
Sunrays Properties and Investments Company Private Limited U74899DL1983PTC015890 |
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Fellow Subsidiaries : |
Neeraj Consultants Limited (Subsidiary of Sunrays Properties and Investment
company Private Limited) |
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Associates : |
Sunrays Properties and Investment Company Private Limited |
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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500000 |
9% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Total |
|
Rs.70.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1310000 |
Equity Shares |
Rs.10/- each |
Rs.13.100
Millions |
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|
450000 |
9% Cumulative Redeemable Preference Shares |
Rs.100/-
each |
Rs. 45.000
Millions |
Note :
Of the above 1300000 Equity Shares are held by
the Sunrays Properties and Investment Company Private Limited., the holding
company (NIL(P.Y. 130000) units of Phantom Stock, Face Value Rs. 10/- per
United States, issued to Directors at NIL value, are surrendered by them
without consideration).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
58.100 |
58.100 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
57.900 |
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3] Reserves & Surplus |
327.687 |
146.792 |
51.839 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
385.787 |
204.892 |
110.339 |
|
|
LOAN FUNDS |
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1] Secured Loans |
377.705 |
473.552 |
223.684 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.228 |
|
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TOTAL BORROWING |
377.705 |
473.552 |
223.912 |
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DEFERRED TAX LIABILITIES |
36.664 |
11.879 |
8.385 |
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TOTAL |
800.156 |
690.323 |
342.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
585.749 |
322.272 |
302.827 |
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Capital work-in-progress |
10.823 |
21.592 |
20.370 |
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INVESTMENT |
33.585 |
33.585 |
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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|
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Inventories |
15.538
|
14.758
|
16.938
|
|
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Sundry Debtors |
6.315
|
0.000
|
0.000
|
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Cash & Bank Balances |
18.778
|
30.641
|
12.019
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
249.785
|
465.928
|
27.953
|
|
Total
Current Assets |
290.416
|
511.327 |
56.910
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
118.637
|
188.302
|
37.471
|
|
|
Provisions |
1.780
|
10.151
|
0.000
|
|
Total
Current Liabilities |
120.417
|
198.453 |
37.471
|
|
|
Net Current Assets |
169.999
|
312.874 |
19.439
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
800.156 |
690.323 |
342.636 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
652.299 |
493.297 |
376.633 |
|
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Other Income |
29.989 |
20.239 |
0.443 |
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|
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TOTAL (A) |
682.288 |
513.536 |
377.076 |
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Less |
EXPENSES |
|
|
|
|
|
|
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Raw Material Consumed |
16.346 |
19.077 |
17.349 |
|
|
|
Consumption of stores and spares parts |
24.628 |
21.021 |
16.001 |
|
|
|
Salaries, Wages, Bonus, etc. |
114.212 |
94.891 |
88.380 |
|
|
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Payment to Auditors |
0.150 |
0.150 |
0.204 |
|
|
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Insurance Expenses |
2.458 |
1.393 |
2.840 |
|
|
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Power and Fuel |
151.946 |
140.650 |
113.989 |
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Other Expenditure |
42.520 |
46.001 |
37.453 |
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TOTAL (B) |
352.260 |
323.183 |
276.216 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
330.028 |
190.353 |
100.860 |
|
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Less |
FINANCIAL
EXPENSES (D) |
21.471 |
32.615 |
24.733 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
308.557 |
157.738 |
76.127 |
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.822 |
19.468 |
15.453 |
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PROFIT BEFORE
TAX (E-F) (G) |
284.279 |
138.270 |
60.674 |
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Less |
TAX (I) |
103.384 |
43.317 |
21.417 |
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|
PROFIT AFTER TAX
(G-I) (J) |
180.894 |
94.953 |
39.257 |
|
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|
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|
BALANCE CARRIED
TO THE B/S |
133.708 |
38.755 |
(529.921) |
|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
138.09 |
72.48 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
26.52 |
18.49 |
10.41
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
43.58 |
28.02 |
16.11
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.44 |
16.58 |
16.87
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.73 |
0.67 |
0.55
|
|
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29 |
3.27 |
2.37
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41 |
2.57 |
1.52
|
LOCAL AGENCY FURTHER INFORMATION
Financial
Performance :
During the year, Company has incurred net profits (post taxation) of Rs.180.900 millions and the directors are hopeful of achieving better results in the coming year. With a view to conserve profits of the Company, the directors are not recommending any dividend for the year.
NOTE:
The Registered Office of the Company has been Shifted from M – 4,
FORM 8:
|
Corporate
identity number of the company |
U74899DL2005PLC141511 |
|
Name of the
company |
CLASSIC AUTO
TUBES LIMITED |
|
Address of the
registered office or of the principal place of business in |
414/1, 4th Floor, DDA Commercial Complex, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
STATE BANK OF 1st Floor, |
|
Nature of
instrument creating charge |
1. Agreement of
Loan for Overall Limit 2. Agreement of
Hypothecation of Goods & Assets |
|
Date of
instrument Creating the charge |
05/07/2010 |
|
Amount secured by
the charge |
Rs. 230.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 11.75% p.a. Terms of repayment : Term Loan is
repayable in 20 quarterly installments of Rs. 0.950 millions each and 4 quarterly installments of Rs.
10.000 millions each first installment payable in June 2012 and final
installment in March 2018. Margin : Term Loan Margin:
25% Extent and operation of the charge : Exclusive charge
over the movable property of the Company including movable plant &
machinery, machinery spares etc. at the Company's premises at Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Corporate
identity number of the company |
U74899DL2005PLC141511 |
|
Name of the
company |
CLASSIC AUTO TUBES LIMITED |
|
Address of the
registered office or of the principal place of business in |
414/1, 4th Floor, DDA Commercial Complex, |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
ICICI Bank
Limited Landmark |
|
Nature of
instrument creating charge |
Corporate Rupee
Facility Agreement Deed of
Hypothecation Credit
Arrangement Letter |
|
Date of
instrument Creating the charge |
18.09.2008 |
|
Amount secured by
the charge |
Rs.500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rae of Interests: 13.25% Terms of
Repayment: The Term Loan
Shall be repayable in 20 Quarterly Installments with first being due 12 months
from the first drawdown date. Margin: NA Extent and
Operation of the Charge: The Loan shall be
paid off by September 2014 |
Fixed Assets:
- Building –
Factory
- Building –
Office
- Land and
Building
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 45.53 |
|
|
1 |
Rs. 72.55 |
|
Euro |
1 |
Rs. 60.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.