1. Summary Information
|
|
|
Country |
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|
Company Name |
CTR
MANUFACTURING INDUSTRIES LIMITED |
Principal Name 1 |
Mr. B.R. Raju |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. A P Kumar |
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|
|
Registration # |
-- |
|
Street Address |
Nagar Road, Pune
411014, Maharashtra, India |
||
|
Established Date |
18.12.1964 |
SIC Code |
-- |
|
Telephone# |
91-20
-26633402/3/4/5 |
Business Style 1 |
Manufacturer and Marketing of Engineering and Electronic Products |
|
Fax # |
91-20
-26633425 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
450
(Approximately ) |
Product Name 2 |
-- |
|
Paid up capital |
18,900,000 |
Product Name 3 |
-- |
|
Shareholders |
-- |
Banking |
Bank
of Maharashtra |
|
Public Limited Corp. |
-- |
Business Period |
46 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Ba (51) |
|
Related
Company |
|||
|
Relation
Associates / Subsidiaries |
Country
|
Company
Name |
CG-PPI Adhesive Products Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
583,500,000 |
Current Liabilities |
367,800,000 |
|
Inventories |
111,900,000 |
Long-term Liabilities |
302,800,000
|
|
Fixed Assets |
225,200,000 |
Other Liabilities |
27,000,000 |
|
Deferred Assets |
-- |
Total Liabilities |
697,600,000 |
|
Invest& other Assets |
177,400,000 |
Retained Earnings |
381,500,000 |
|
|
|
Net Worth |
400,400,000 |
|
Total Assets |
1,098,000,000 |
Total Liab. & Equity |
1,098,000,000 |
|
Total Assets (Previous Year) |
742,800,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,119,500,000 |
Net Profit |
120,500,000 |
|
Sales(Previous yr) |
909,300,000 |
Net Profit(Prev.yr) |
94,300,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CTR MANUFACTURING INDUSTRIES LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
18.12.1964 |
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Com. Reg. No.: |
11-013087 |
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|
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|
Capital Investment / Paid-up Capital : |
Rs.18.857 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299MH1964PLC013087 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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|
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|
Line of Business : |
Manufacturer and Marketing of Engineering and Electronic Products |
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|
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No. of Employees: |
450 (Approximately ) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1601600 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. S.B.Patil |
|
Designation : |
Finance Officer |
LOCATIONS
|
Registered Office : |
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|
Tel. No.: |
91-20 -26633402/3/4/5 |
|
Fax No.: |
91-20 - 26633425 |
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E-Mail : |
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Tapchanger
Zonal South Office: |
208,
Mota Chambers, Tapchanger
Subcenter: |
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E-79
MIDC, Ambad, Nasik 422010 Maharashtra, India |
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Export
Office: |
506, |
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Electronics
Division: |
E1, Chikalthana, |
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Electronics
Subcenter: |
B27, Chikalthana, |
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Electronics
Zonal North Office: |
C-143, Suryanagar, |
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Electronics
Zonal South Office: |
27, 7TH Cross, 6TH
Block, Kormangala, |
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Electronics
Zonal West Office: |
403 B, Turf Estate, Shakti
Mills Lang, Off DR.E.Moses Road, Mahalaxmi (West), |
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Tapchanger
Subcentre : |
E3, Chikalthana, Phone : 91-240-2481469 Fax : 91-240-2480478 E-mail : tc2@ctr.in |
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Power Quality
Division : |
W-8 MIDC, Chikalthana, Phone : 91-240-2485289 / 90 Fax : 91-240-2484128 E-mail : powerquality@ctr.in |
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Fire Systems
Zonal East Office : |
Avyarthana, 2nd Floor, 659, Phone : 91-33-24848869 Fax : 91-33-24848867 E-mail : fze@ctr.in |
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Division Office
: |
Handling Equipment Division: Intank Tapchanger Division: International
Division: Knowledge Outsourcing
Division: Petroleum
Fire Division: Radiator
Division: Radiator
Subcenter: Railway
Products Division: Safety
Products Division: Tapchanger
Division: Fire
Systems Division: |
DIRECTORS
As on 23.06.2010
|
Name : |
Mr. B.R. Raju |
|
Designation : |
Chairman |
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Name : |
Mr. A.P. Kumar |
|
Designation : |
Managing Director |
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|
Name : |
Mr. S.M. Trehan |
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Designation : |
Director |
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Name : |
Mr. W. Henriques |
|
Designation : |
Director |
KEY EXECUTIVE
|
Name : |
Mr. K S Koparkar |
|
Designation : |
Company Secretary |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketing of Engineering and Electronic Products |
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Products : |
|
GENERAL INFORMATION
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No. of Employees : |
450 (Approximately ) |
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Bankers : |
Ø
Bank of Maharashtra, Pune, Ø Canara
Bank, Pune, |
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Facilities : |
-- |
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|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
A. A. Bhat & Company Chartered Accountants |
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Associates/Subsidiaries : |
CG-PPI Adhesive Products Limited |
CAPITAL STRUCTURE
As on 23.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1885778 |
Equity Shares |
Rs. 10/- each |
Rs. 18.857
millions |
|
|
|
|
|
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 |
|
|
|
|
|
1] Share Capital |
18.900 |
18.900 |
18.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
381.500 |
268.300 |
180.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
400.400 |
287.200 |
199.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
294.000 |
162.600 |
140.400 |
|
|
2] Unsecured Loans |
8.800 |
8.800 |
8.800 |
|
|
TOTAL BORROWING |
302.800 |
171.400 |
149.200 |
|
|
DEFERRED TAX LIABILITIES |
27.000 |
31.500 |
31.500 |
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|
|
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|
|
|
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TOTAL |
730.200 |
490.100 |
380.000 |
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|
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|
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|
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|
APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
225.200 |
156.200 |
158.500 |
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|
Capital work-in-progress |
124.600 |
85.500 |
35.800 |
|
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|
|
|
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INVESTMENT |
52.800 |
13.800 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
5.000 |
2.900 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
111.900
|
96.800
|
82.200 |
|
|
Sundry Debtors |
412.800
|
254.000
|
243.800 |
|
|
Cash & Bank Balances |
24.700
|
16.000
|
30.100 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
146.000
|
115.500
|
109.600 |
|
Total
Current Assets |
695.400
|
482.300
|
465.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
295.600
|
194.300
|
244.000 |
|
|
Provisions |
72.200
|
58.400
|
38.900 |
|
Total
Current Liabilities |
367.800
|
252.700
|
282.900 |
|
|
Net Current Assets |
327.600
|
229.600
|
182.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
730.200 |
490.100 |
380.000 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
|
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Income |
1119.500 |
909.300 |
724.200 |
|
|
|
Other Income |
4.800 |
4.100 |
4.700 |
|
|
|
TOTAL (A) |
1124.300 |
913.400 |
728.900 |
|
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
18.700 |
19.900 |
13.100 |
|
|
|
Selling and Distributor Expenses |
88.900 |
74.800 |
49.100 |
|
|
|
Raw Material Consumed |
614.400 |
525.900 |
411.800 |
|
|
|
Increase/(Decrease) in Finished Goods |
9.300 |
(17.600) |
(5.400) |
|
|
|
Salaries, Wages, Bonus, etc. |
129.700 |
94.300 |
83.000 |
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Power & Fuel |
8.700 |
7.200 |
7.400 |
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Other Expenditure |
24.400 |
27.600 |
25.800 |
|
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TOTAL (B) |
894.100 |
732.100 |
584.800 |
|
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|
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
230.200 |
181.300 |
144.100 |
|
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
25.600 |
19.900 |
19.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
204.600 |
161.400 |
124.600 |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.600 |
16.700 |
16.600 |
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|
|
|
|
|
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PROFIT BEFORE
TAX (E-F) (G) |
186.000 |
144.700 |
108.000 |
|
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|
|
|
|
|
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|
Less |
TAX (I) |
66.000 |
50.400 |
37.200 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
120.500 |
94.300 |
70.800 |
|
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|
|
|
|
|
|
|
|
Foreign Exchange Earned |
45.642 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
629.63 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.71
|
10.32
|
10.32
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.61
|
15.91
|
15.91
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.20
|
22.66
|
22.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.50
|
0.50
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.67
|
1.48
|
1.48
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.90
|
1.90
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During 2009-10 net sales and income increased by 23.1% from Rs.913.400 millions to Rs.1124.300 millions, and Profit before tax by 28.7% from Rs.144.600 millions to Rs.186.100 millions.
OUTLOOK
With new investment seen in the Power Sector, the Company has expanded facilities for existing products to handle increased demand. Facilities have also been set up for backward integration into epoxy casting and fabrication to achieve world class quality. The Company has entered new sectors such as safety valves and interlocks used by the Oil, Gas and Process Industry.
SUBSIDIARY COMPANY
Subsequent to the Board's approval, the Company had subscribed 162280 Equity Shares of Rs.100.00 each of Polymermann (Asia) Private Limited (PAPL) and PAPL is a subsidiary of the Company from 20th November,2009. As required under Section 212 of the Companies Act, 1956 the Directors' Report and Audited Accounts of PAPL are attached along with the accounts of the Company.
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.44.49 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.