MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
DUNLOP INDIA LIMITED |
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Registered Office : |
“King’s Court”, Flat No.14 and 18, 46B, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.08.1926 |
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Com. Reg. No.: |
008539 |
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Paid-up Capital : |
Rs. 719.829 Millions |
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CIN No.: [Company
Identification No.] |
L25191WB1926PLC008539 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALD01170B |
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Legal Form : |
A Public Limited Liability Company. Company Shares are listed on the
stock exchange. |
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Line of Business : |
Manufacturer of tyres, tubes and other automobile components. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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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 45400000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
|
Registered Office : |
“King’s Court”, Flat No.14 and 18, 46B, |
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E-Mail : |
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Website : |
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Corporate Office : |
‘Ruja Centre’, 46, |
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Tel. No.: |
91-33-22894747 |
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Fax No.: |
91-33-22893433 |
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E-Mail : |
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Factory 1 : |
P O Sahaganj, P S Chinsurah, Dist. Hooghly, West Bengal, |
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Tel No.: |
91-33-2634 7660 |
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Fax No.: |
91-33-2634 7657 |
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Factory 2 : |
No.512, M |
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Tel. No.: |
91-44-26248744 |
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Fax No.: |
91-44-26244930 |
DIRECTORS
As On 31.03.2010
|
Name : |
Mr. Pawan Kumar Ruia |
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Designation : |
Chairman |
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Date of Birth/Age : |
51 Years |
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Qualification : |
B.Com (Hons.), AICWA,
FCA, LLB, AASM, MIIA ( |
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Date of Appointment : |
25.01.2006 |
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Name : |
Mr. Ram Krishen Sadhu |
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Designation : |
Director |
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Date of Birth/Age : |
73 Years |
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Qualification : |
M.A |
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Date of Appointment : |
28.01.2005 |
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Name : |
Mr. Deepak Rudra |
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Designation : |
Director |
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Name : |
Mr. Mohan Lall Chauhan |
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Designation : |
Director |
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Name : |
Mr. Damodar Prasad Dani |
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Designation : |
Executive Director |
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Date of Birth/Age : |
56 Years |
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Qualification : |
M.Sc., MBA. |
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Date of Appointment : |
11.05.2010 |
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Name : |
Mr. Virendra Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B.Com, FCA |
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Date of Appointment : |
11.05.2010 |
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Name : |
Mr. Rakesh Kumar
Budhiraja. |
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Designation : |
Director |
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Date of Birth/Age : |
55 Years |
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Qualification : |
FCA, LLB, MBA,
FCS. |
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Date of Appointment : |
28.12.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Raj Kumar Gupta |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Ashok Kumar Agarwal |
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Designation : |
Vice President – Legal and company secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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20,109,137 |
27.94 |
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20,109,137 |
27.94 |
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33,515,229 |
46.56 |
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|
33,515,229 |
46.56 |
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Total shareholding of Promoter and Promoter Group (A) |
53,624,366 |
74.50 |
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(B) Public Shareholding |
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|
306,925 |
0.43 |
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|
32,428 |
0.05 |
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7,772,926 |
10.80 |
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|
22,576 |
0.03 |
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8,134,855 |
11.30 |
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5,230,619 |
7.27 |
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4,778,972 |
6.64 |
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|
95,455 |
0.13 |
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118,608 |
0.16 |
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86,045 |
0.12 |
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32,563 |
0.05 |
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10,223,654 |
14.20 |
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Total Public shareholding (B) |
18,358,509 |
25.50 |
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Total (A)+(B) |
71,982,875 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
71,982,875 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of tyres, tubes and other automobile components. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Automotive Tyres |
No. |
3500 |
3221 |
29.30 |
|
Automotive Tubes |
No. |
2927 |
3292 |
-- |
|
Braided and Hydraulic |
Mtr. |
2000 |
2250 |
10.66 |
|
Hoses |
Mtr. |
-- |
-- |
72.00 |
|
Textile and Steel cord |
Mtr, |
253 |
244 |
-- |
|
Belting |
Mtr. |
|
|
14.00 |
|
Transmission Belting |
Kg |
915 |
1432 |
-- |
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PVC Belting |
Kg. |
122 |
142 |
-- |
|
Metalastic |
Kg. |
560 |
700 |
-- |
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Repair Material |
No. |
1823 |
1823 |
-- |
|
Dunloflex Hose |
No. |
195 |
244 |
-- |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
K N Gutgutia and Company Chartered Accountant |
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Address : |
Kolkata, West |
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Solicitors : |
L. P. Agarwalla and Company |
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Address: |
Kolkata, West |
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Subsidiaries : |
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Associates/Group Companies (As On 31.03.2009) : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
74300000 |
Equity Shares |
Rs.10/- each |
Rs.743.000 Millions |
|
10070000 |
Redeemable Non-Convertible Preference Shares |
Rs.100000/- each |
Rs.1007.000 Millions |
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Total |
|
Rs.1750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
61516308 |
Shares fully paid in cash
|
Rs.10/- each |
Rs.615.163 Millions |
|
199900 |
Shares alloted as fully paid up pursuant to a contract without payment being received in cash |
Rs.10/- each |
Rs.1.999 Millions |
|
10266667 |
Shares alloted as fully paid up by way of bonus shares by capitalisation of reserve and share premium |
Rs.10/- each |
Rs.102.667 Millions |
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Total |
|
Rs.719.829
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
719.829 |
719.829 |
719.829 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10630.396 |
10684.663 |
12407.501 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11350.225 |
11404.492 |
13127.330 |
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LOAN FUNDS |
|
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1] Secured Loans |
457.932 |
120.583 |
128.613 |
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2] Unsecured Loans |
1987.885 |
1599.521 |
1162.931 |
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TOTAL BORROWING |
2445.817 |
1720.104 |
1291.544 |
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DEFERRED TAX LIABILITIES |
296.631 |
302.056 |
353.451 |
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TOTAL |
14092.673 |
13426.652 |
14772.325 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11958.854 |
12352.487 |
12728.422 |
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Capital work-in-progress |
813.723 |
354.694 |
10.406 |
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INVESTMENT |
0.905 |
0.905 |
1435.710 |
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DEFERREX TAX ASSETS |
955.400 |
619.600 |
757.100 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
414.535
|
105.654
|
163.962 |
|
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Sundry Debtors |
501.855
|
562.621
|
307.769 |
|
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Cash & Bank Balances |
39.505
|
17.418
|
24.403 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
257.909
|
185.272
|
227.694 |
|
Total
Current Assets |
1213.804
|
870.965
|
723.828 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
414.507
|
219.678 |
660.894 |
|
|
Other Current Liabilities |
342.294
|
499.186
|
222.247 |
|
|
Provisions |
93.212
|
80.236
|
0.000 |
|
Total
Current Liabilities |
850.013
|
799.100
|
883.141 |
|
|
Net Current Assets |
363.791
|
71.865
|
(159.313) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
27.101 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14092.673 |
13426.652 |
14772.325 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1755.574 |
1773.796 |
1179.548 |
|
|
|
Other Income |
51.447 |
56.277 |
42.049 |
|
|
|
TOTAL (A) |
1807.021 |
1830.073
|
1221.597 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials |
1690.859 |
1568.243 |
1083.503 |
|
|
|
Personnel cost |
16.472 |
91.494 |
0.000 |
|
|
|
Other expenses |
43.343 |
72.805 |
62.905 |
|
|
|
Prior Period Adjustments |
1.457 |
(5.427) |
5.668 |
|
|
|
Exceptional Items |
0.000 |
5.551 |
7.027 |
|
|
|
TOTAL (B) |
1752.131 |
1732.666 |
1159.103 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.890 |
97.407 |
62.494 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.147 |
70.190 |
2.775 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.743 |
27.217 |
59.719 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.072 |
13.594 |
11.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12.671 |
13.623 |
48.549 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
12.671 |
13.623 |
48.549 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
849.803 |
836.180 |
787.631 |
|
|
|
|
|
|
|
|
|
Less |
Transfer
to exceptional item |
22.043 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
840.431 |
849.803 |
836.180 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
16.506 |
21.401 |
|
|
TOTAL EARNINGS |
0.000 |
16.506 |
21.401 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
31.999 |
0.000 |
|
|
|
Finished Goods |
0.000 |
0.000 |
2.802 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.334 |
|
|
|
Stores and Spares |
0.172 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
0.172 |
31.999 |
4.136 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.18 |
0.19 |
0.69 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
501.220 |
587.910 |
576.850 |
66.070 |
|
Total Expenditure |
476.840 |
562.210 |
563.030 |
52.290 |
|
PBIDT (Excl OI) |
24.380 |
25.700 |
13.820 |
13.780 |
|
Other Income |
0.730 |
2.590 |
3.340 |
6.570 |
|
Operating Profit |
25.110 |
28.290 |
17.160 |
20.350 |
|
Interest |
13.510 |
14.640 |
15.210 |
14.060 |
|
Exceptional Items |
0.270 |
(2.580) |
00 |
3.360 |
|
PBDT |
11.870 |
11.070 |
1.950 |
9.650 |
|
Depreciation |
3.660 |
3.690 |
3.590 |
3.440 |
|
Profit Before Tax |
8.210 |
7.380 |
(1.640) |
6.210 |
|
Profit After Tax |
8.210 |
7.380 |
(1.640) |
6.210 |
|
Net Profit |
8.210 |
7.380 |
(1.640) |
6.210 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.70
|
0.74 |
3.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.72
|
0.77 |
4.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.10
|
0.10 |
0.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.22 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.09 |
0.82 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the period,
the plants were opened and production is getting stabilized.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
ECONOMIC REVIEW
Indian economy has
shown a lot of resilience to the recessionary conditions prevailing world wide
in the last year. It showed good GDP growth compared to the negative growth in
the other countries due to the timely stimulus packages given by the
Government. Driven by the estimated growth of 8.4% in the fourth quarter, the
economy is expected to grow at 7.1% in the last concluded 2009-10 fiscal year.
GDP growth is estimated to be 9.2% during 2010-11. The better performance will
be mainly contributed by the growth of 4% in the agriculture, up from negative
growth of 0.2% last fiscal year and improvement in the service sector growth to
9.3% from 8.1% in 2009-10. However, there is a major concern on the inflation
which has gone upto 9.9% in March, 2010. While the food inflation shows scant
sign of abating, inflation in manufactured products (7.13%) and Fuel and Power
(12.71%) is now significantly higher than years ago. The contribution of the
non food inflation to overall inflation is now almost 50% up from almost zero a
few months ago. RBI is expected to tighten its monetary policies and Government
will attempt to increase food supply from buffer stocks and exit from the
excessive accommodative fiscal stance to bring down the inflation.
The investment
cycle is gaining strength and more money will be raised from the non banking
source and from the equity market during the current financial year. In view of
the trend observed in the latter part of 2009, Infrastructure spending will
continue to be the top priority of the Government. It is unlikely that the
banks will increase interest rate because of the excess liquidity in the
system. Expected GDP growth of 9.2% during 2010-11, lower inflation and higher
investment in industry and infrastructure bodes well for the Tyre Industry.
Overall Review,
Industry Structure and Developments
The growth in
demand has been mainly due to the pick up in economic activity, the revival in
demand of the commercial vehicle and additional tax benefit given to the users
of vehicles. Truck tyre industry volume are expected to be 147 lac tyres during
2009-2010 compared to 128.39 lakh tyres during 2008-09.
They are confident
that there customers will repose faith in there product and they shall be able
to regain reasonable market share in the short term. There has been slow down
in the infrastructure activities including mining activities and road
construction. The company is manufacturing Off the Road tyres for the above
usage. Revival in Demand has already started and is expected to pick up due to
the huge fund allocation on infrastructure developments and mining activities.
Dunlop has taken up development activities to manufacture the industrial tyres
for usage in the Backhoe loaders and dumpers, which has a huge demand. They
have given tyres for test trials and will be launching the same after
successful report in the next 3 months. They are making efforts to widen there
range in the OTR segments. This will allow the company to exploit the future
opportunity.
During the year,
the company has also taken up development activities in the truck tyres and is
proposing to launch truck tyre in the Economy range. The company is also
positioning its MAHAAN TYRE as a premier truck tyre in the industry. The
company has also done various development activities for cost cutting, better
operating efficiency, higher productivity and enriching its product mix. The
company has made an application for obtaining the BIS Certification for all
truck tyres manufactured in the company.
They are expecting
to get the certification shortly. This will give confidence to the customers
that there plant products are at par with the industry, inspite of aged Plants.
The company's focus in the current year will remain in marketing the truck
tyres in the domestic replacement market and exports to the Asian Countries and
Segment-wise/product-wise
performance and discussion on the financial performance with respect to
operational performance
The company carried
out the refurbishment of plants and trial runs during last fiscal. The
production in all major rubber product categories like OTR, truck, farm tyres
and industrial products is closed to stabilization. The company is also trading
in tyres by outsourcing and conversion.
The financial
performance of the company with respect to its operational performance is being
shown separately.
Contingent
Liabilities (As On 31.03.2010)
(to the extent ascertainable)
Claims against the Company hot acknowledged as debts
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
i) Sales Tax Demands under appeal or otherwise disputed |
1790.282 |
2185.300 |
|
ii) Income Tax matters in appeal |
40.00 |
-- |
|
iii) In respect of guarantee issued in favour of WBSEDCL |
14.520 |
-- |
Fixed Assets:
- Plant and Machinery
- Furniture and Fittings
- Motor Vehicles
AUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31.03.2011
Rs. In Millions
|
Particulars |
Quarter ended 31.03.2011 |
Twelve months ended 31.03.2011 |
|
a) Net Sales / Income from Operations |
44.090 |
1655.878 |
|
b) Other Operating Income |
21.979 |
76.163 |
|
Total Income |
66.069 |
1732.041 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
15.283 |
68.581 |
|
(b) Consumption of Raw Materials |
0.527 |
186.600 |
|
(c) Purchase of Traded Goods |
30.345 |
1347.355 |
|
(d) Employees Cost |
2.119 |
14.415 |
|
(e) Depreciation |
3.442 |
14.388 |
|
(f) Other Expenditure |
4.005 |
37.176 |
|
Total Expenditure |
55.721 |
1668.715 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
10.348 |
63.326 |
|
Other Income |
6.569 |
13.220 |
|
Profit/(Loss) before Interest and Exceptional items |
16.917 |
76.546 |
|
Interest |
14.064 |
57.421 |
|
Profit / (Loss) after interest before Exceptional items |
2.863 |
19.125 |
|
Exceptional Items |
0.036 |
0.000 |
|
Prior Prior Adjustment |
3.322 |
1.044 |
|
Profit / (Loss) From
Ordinary activities before Tax |
6.211 |
20.169 |
|
Tax Expenses |
-- |
-- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
6.211 |
20.169 |
|
Extraordinary Items |
-- |
-- |
|
Net Profit/(Loss) for the period |
6.211 |
20.169 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
719.829 |
719.829 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
EPS – Basic and Diuted (Rs.) |
|
|
|
Before Extra Ordinary Item |
0.09 |
0.28 |
|
After Extra Ordinary Item |
0.09 |
0.28 |
|
Public Share
Holding |
|
|
|
-No. of Shares |
18358509 |
18358509 |
|
-Percentage of Shareholding |
25.50 |
25.50 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
45105077 |
45105077 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
84.11 |
84.11 |
|
- Percentage of shares(as a % of the total share capital of the company) |
62.66 |
62.66 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
8519289 |
8519289 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
15.89 |
15.89 |
|
- Percentage of shares(as a % of the total share capital of the company) |
11.84 |
11.84 |
Notes:
- Refurbishment work for restoration of production capacities in full is in progress at both the plants of the Company. Expenses on such Refurbishment work including interest and overheads as are allocable have been booked under Capital Work in Progress pending Capitalisation under respective heads of asset. As per the opinion obtained by the Company, no depreciation has been provided on assets amounting to Rs. 2938.414 millions apitalized till 31.03.2011 and not put to use.
- The above results, duly reviewed by the Audit Committee, were considered and approved by the Board of Directors of the Company at their respective meeting held on 21.05.2011.
- The status of Investors’ grievances / complaints for the quarter ended 31.03.2011 is : at the beginning – nil, received – 12, disposed off – 12 and pending – Nil.
- The Company has only one business segment namely ‘Rubber products’, hence the AS 17 regarding Segment Reporting is not applicable.
- The above result are duly reviewed by the company’s statutory auditors as per clause 41 of listing agreement.
- The figures of the previous period have been regrouped / re-arranged wherever necessary to make them comparable with current period.
- Statement of assets and liabilities as on 31.03.2011.
Rs. In
Millions
|
STATEMENT OF
ASSETS AND LIABILITIES |
Year to date
figures for the period ended 31.03.2011 (Audited) |
|
Sources of
funds |
|
|
Shareholders
funds |
|
|
Share capital |
719.829 |
|
Reserves and surplus |
10263.846 |
|
Loan funds |
|
|
Secured funds |
464.678 |
|
Unsecured funds |
2725.353 |
|
Long term trade liabilities |
285.682 |
|
Total |
14459.388 |
|
|
|
|
Application
of funds |
|
|
Fixed assets (including CWIP) |
13308.062 |
|
Investments |
0.905 |
|
Deferred tax assets (net) |
955.400 |
|
Current
assets, loans and advances |
|
|
a) Inventories |
504.363 |
|
b) Sundry Debtors |
4.314 |
|
c) Cash and bank balances |
17.522 |
|
d) Loans and advances |
99.568 |
|
Less:
Current Liabilities and Provisions |
|
|
a) Liabilities |
338.353 |
|
b) Provisions |
92.393 |
|
Net Current
Assets |
195.021 |
|
Total |
14459.388 |
WEB DETAILS:
THE JOURNEY OF DUNLOP
IN
Pneumatic
The beginning of Dunlop legacy occurred in 1888.
The first company founded by John Boyd Dunlop was Dunlop Tyres.
1896: Dunlop started marketing cycle tyres in
1926: Dunlop incorporated its business in
1928: Dunlop Rubber Co (I) Ltd was renamed Dunlop India Ltd (DIL).
1936: Dunlop’s Head Quarter in
1942: Toward the end of the 2nd World War Sahaganj started manufacturing tyres for aircrafts.
1946: Dunlop
1952: First Conveyer belt rolled out of the Dunlop Plant.
1956: Production of OTR tyres started.
1959: DIL set up its second plant in
1987: Steel Chord belt production started.
2005: The Ruia Group led by Mr Pawan Kumar Ruia took control of DIL. At this point DIL had liabilities in excess of Rs.6.500 Million.
2006: The DIL plant at Ambattur resumed production on 27 August, while Sahaganj opened its gates on 31 October.
2007: Dunlop came out of BIFR’s purview on 19 December.
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.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.