MIRA
INFORM REPORT
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Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
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Name : |
CLIMAX OVERSEAS PRIVATE LIMITED |
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Registered
Office : |
8606, 1st Floor, Guashala Marg, Karol Bagh, New Delhi –
110005 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.03.2001 |
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Com. Reg. No.: |
55-110250 |
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Capital Investment
/ Paid-up Capital : |
Rs.12.500
Millions |
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CIN No.: [Company Identification
No.] |
U74999DL2001PTC110250 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELC05224C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of all types of Automotive
Components |
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No. of Employees
: |
About 35 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 330000 |
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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
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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 : |
8606, 1st Floor, Guashala Marg, Karol Bagh, New Delhi –
110005, India |
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E-Mail : |
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Website : |
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Head Quarters
& Factory 1 : |
152, Sector - 3, IMT Manesar, Gurgaon, Haryana
- 122 050, India |
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Tel. No.: |
91-124-4557700
(100 lines) |
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Fax No.: |
91-124-4557755 |
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E-Mail : |
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Factory 2 : |
896, Phase-1, Udyog Vihar, Gurgaon, Haryana-
122016, India |
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Tel. No.: |
91-124-4004445 |
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Fax No.: |
91-124-4004450 |
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E-Mail : |
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Overseas Office : |
Located at: ·
Canada ·
USA ·
Germany ·
France ·
Iran |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Daljit Sood Singh |
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Designation : |
Director |
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Address : |
A-48/39A, DLF Phase I, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
23.12.1946 |
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Date of Appointment : |
13.03.2001 |
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Name : |
Mr. Harjeet Sood Kaur |
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Designation : |
Director |
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Address : |
A-48/39A, DLF Phase I, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
06.11.1955 |
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Date of Appointment : |
13.03.1991 |
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Name : |
Mr. Parmeet Singh Sood |
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Designation : |
Director |
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Address : |
A-48/39A, DLF Phase I, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
07.12.1977 |
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Date of Appointment : |
13.03.2001 |
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Name : |
Mr. Aveen Kaur Sood |
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Designation : |
Director |
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Address : |
A-48/39A, DLF Phase – 1 Garden Estate and Silver Oaxs Sikenderpur
Ghoshi, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
15.06.1981 |
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Date of Appointment : |
14.05.2009 |
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Name : |
Ms. Vaneet Kaur |
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Designation : |
Director |
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Address : |
V-5/4, DLF Phase III, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
31.07.1982 |
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Date of Appointment : |
15.02.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Daljit Singh Sood |
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550000 |
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Harjit Kaur Sood |
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277500 |
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Parmeet Singh Sood |
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285000 |
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Aveen Kaur Sood |
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112500 |
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Climax Automotive Private Limited, India |
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25000 |
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Total |
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1250000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Bodies corporate |
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2.00 |
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Directors or relatives of directors |
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98.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of all types of Automotive
Components |
GENERAL INFORMATION
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No. of Employees : |
About 35 (Approximately) |
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Bankers : |
· Central Bank of India, 70, Janpath, New Delhi – 110001, India · State Bank of Mysore · ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khiwani and Company Chartered Accountants |
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Address : |
23/26, East Patel Nagar, |
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Tel No.: |
91-11-25714542 / 25758388 |
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Fax No.: |
91-11-42481491 |
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E-Mail : |
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Membership : |
·
FIEO ·
AAIA ·
CAPEXIL ·
AIRIA |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Share |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Share |
Rs.10/- each |
Rs.12.500
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
12.500 |
12.500 |
10.000 |
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2] Share Application Money |
0.500 |
0.500 |
4.975 |
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3] Reserves & Surplus |
68.630 |
53.211 |
30.618 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
81.630 |
66.211 |
45.593 |
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LOAN FUNDS |
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1] Secured Loans |
70.477 |
66.207 |
69.403 |
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2] Unsecured Loans |
23.630 |
23.635 |
25.170 |
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TOTAL BORROWING |
94.107 |
89.842 |
94.573 |
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DEFERRED TAX LIABILITIES |
0.546 |
0.546 |
0.546 |
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TOTAL |
176.283 |
156.599 |
140.712 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
84.587 |
79.507 |
78.197 |
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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 |
55.605
|
49.925 |
47.300 |
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Sundry Debtors |
33.097
|
35.556 |
23.132 |
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Cash & Bank Balances |
1.115
|
2.825 |
4.570 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
26.512
|
22.036 |
10.336 |
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Total
Current Assets |
116.329
|
110.342 |
85.338 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
18.800
|
25.369 |
19.242 |
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Other Current Liabilities |
5.645
|
7.758 |
3.971 |
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Provisions |
0.188
|
0.429 |
0.221 |
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Total
Current Liabilities |
24.633
|
33.556 |
23.434 |
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Net Current Assets |
91.696
|
76.786 |
61.904 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.306 |
0.611 |
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TOTAL |
176.283 |
156.599 |
140.712 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
137.183 |
126.383 |
85.147 |
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Other Income |
1.938 |
7.464 |
2.837 |
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TOTAL (A) |
139.121 |
133.847 |
87.984 |
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Less |
EXPENSES |
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TOTAL (B) |
106.786 |
105.551 |
67.711 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.335 |
28.296 |
20.273 |
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Less |
FINANCIAL
EXPENSES (D) |
12.446 |
9.025 |
11.592 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.889 |
19.271 |
8.681 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.444 |
3.971 |
3.563 |
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PROFIT BEFORE
TAX (E-F) (G) |
15.445 |
15.300 |
5.118 |
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Less |
TAX (H) |
0.026 |
0.207 |
(7.442) |
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PROFIT AFTER TAX
(G-H) (I) |
15.419 |
15.093 |
12.560 |
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Export Value |
117.719 |
120.241 |
69.540 |
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IMPORTS |
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Raw Materials |
19.589 |
23.022 |
15.765 |
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Capital Goods |
2.154 |
1.636 |
6.469 |
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Others |
0.328 |
0.771 |
1.031 |
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TOTAL IMPORTS |
22.071 |
25.429 |
23.265 |
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Earnings Per
Share (Rs.) |
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- Basic |
12.34 |
14.89 |
12.56 |
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- Diluted |
12.34 |
14.19 |
8.39 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.08
|
11.28 |
14.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.26
|
12.11 |
6.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.69
|
8.06 |
3.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.23 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.45
|
1.86 |
2.59 |
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Current Ratio (Current Asset/Current Liability) |
|
4.72
|
3.29 |
3.64 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from 761,
Faridpuri, West Patel Nagar, New Delhi, India, to the present address w.e.f. 15.07.2009.
OPERATIONS:
The company completed yet another successful and eventful
year of operations in 2009-2010.
During the year ended 31.3.2010, the company achieved a Gross
Turnover of Rs.137.183 Millions as against a turnover of Rs.126.383 Millions
during the previous year. They are also concentrating more on the high value
addition items and are expecting an even higher profitability in 2010-2011.
The Directors of the company are quite confident of the
future growth of the company and putting all their efforts in this regard.
CONTINGENT
LIABILITIES
a) Bank Guarantee to the extent of Rs.0.911 Million
b) The Company has no other unacknowledged claims and disputed matters
as at 31st March 2010 which can create any significant liability in
future.
Bankers Charges
Report as per Registry
|
Name of the company |
CLIMAX OVERSEAS PRIVATE LIMITED |
|
Presented By |
Mr. Daljit Singh Sood – Directors |
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1) Date and description of instrument creating the change |
Term Loan
agreement dated 21.07.2003 Regd. On 07.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan
Rs.25.699 Millions |
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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 |
Equitable
mortgage of factory land and building situated at Plot No. 152, Sector 3,
Gurgaon Hypothecation of
Plant and Machinery, being installed at the above site. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 25 % Repayment in 72
monthly installments of Rs.0.357 Millions each plus interest @ 12 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of 70, Janpath, |
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6) Date and brief description of instrument modifying the charge |
Term loan
agreement dated 18.10.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The limit has
been enhanced from Rs.25.698 Millions to Rs.28.698 Millions |
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Corporate
identity number of the company |
U74999DL2001PTC110250 |
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Name of the
company |
Climax Overseas
Private Limited |
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Address of the
registered office or of the principal place of business in |
8606, 1st Floor, Guashala Marg, Karol Bagh, New Delhi –
110005, India |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80006979 |
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Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Others: Current
Assets |
|
Particular of
charge holder |
Central Bank of 70, Janpath, New
Delhi-110001, India. |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Packing credit limit Agreement of
hypothecation to secure demand Cash Credit against Goods |
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Date of
instrument Creating the charge |
08.03.2011 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On CC-@ 4.50% per
annum above Base Rate with monthly rests On Packing Credit-
As per Bank's norms or at such other rate(s) as may be notified by the Bank
to the Borrower from time to time. Terms of Repayment Working Capital -
Repayable on demand. Margin 25% on Stocks 25% on Packing
Credit Extent and operation of the charge The Company's
properties as mentioned hereunder (As per column No.15) are hypothecated to
secure Packing Credit limit of Rs.30.000 Millions (Sub limit Cash Credit
(Hypo) of Rs.5.000 Millions) granted by the Bank to the Borrower. |
|
Short particulars
of the property charged |
First Charge on
the entire block assets of the company by way of a) EM of factory land and building at Plot
No.152, Sec-3, IMT Manesar, Gurgaon. b) Hypothecation of plant and machinery of
the company. Hypothecation of
stocks and book debts and current asset of the company situated at Plot
No.152 sector 3 , IMT Manesar , Gurgaon and 896 Udyog Vihar Phase -1,
Gurgaon. Collateral
Security of a) EM of land and building at 896, Phase-I,
Udyog Vihar, Gurgaon, Owned by Climax Automotive Private Limited b) Hypothecation of plant and machinery at
896, Phase-I, Udyog Vihar, Gurgaon |
|
Particulars of
the present modification |
The Packing
Credit limit has now been enhanced from Rs.20.000 Millions to Rs.30.000
Millions (with Sub limit Cash Credit (Hypo) of Rs.5.000 Millions). Therefore,
Total amount of charge secured against hypothecation of entire current assets
stocks, book debts, plant and machinery, block assets etc. and immovable
properties as per details mentioned in column No.15 above has now been
enhanced from Rs.20.000 Millions to Rs.30.000 Millions |
FIXED ASSETS:
· Air Conditioner
· Car
· Computers
· Furniture
· Laboratory
· Machinery
· Office Equipments
· Mobile
· Scooter
WEBSITE DETAILS:
COMPANY PROFILE:
Subject is an ISO 9001:2000 and ISO/TS 16949:2002 certified
manufacturer and supplier of all types of Automotive Components viz. Track
Control Arms, Tie Rod Ends, Ball Joints, Stabilizer Links, Sway Bars, Gear
Levers, Trailer Bushings, Silent Block Bushings, Oil Seals, ‘'O' Rings, Filter
Gaskets (Molded and Lathe Cut), Anti Drain Back Gaskets, Grommets, Engine,
Strut and Hydro Mounts, Vibration Dampers, C.V. Joint, Steering and Gear Lever
Boots, Muffler Hangers, Washers, Brake Cylinder Kits, Fuel Injection Pump
Repair Kits and other profiles etc. for Automobile, Tractor, Trailer, Heavy
Earth Moving and Industrial Applications
They specialize in Assembly Line Components and complete
Repair Kits for Filters, Fuel Injection Pumps, Brake Cylinders and Calipers,
Steering, Suspension Arms, Radiators, Drive Shafts, Steering Columns etc.
They have the expertise to handle all types of Rubbers,
Plastics, Ferrous and Non-Ferrous Materials such as NR, NBR, HNBR, ACM, EACM,
Chloroprene (Neoprene®), Silicone, Flourosilicone, Fluorocarbon (Viton®), EPDM,
Nylon, PU, PTFE, Copper, Aluminum, Steel and other ferrous & non Ferrous
materials.
Subject has two fully integrated manufacturing facilities
spanning 60000 Sq. Feet of production Area with state of the art equipments and
systems like Automated Weighing, Internal Mixers, PLC Controlled Mixing Mills,
PLC based Vacuum Moulding, Tear Trim Tooling etc. with ‘Pokka Yoke’ implemented in almost all processes.
Company has an installed capacity of more than 5000 Tons Rubber compounding per
annum, making it one of the largest for any Automotive Rubber Component Maker
in the country
A fully equipped in-house Tool Room and CAD facility with
Lathe Machines, Milling Machines, CNC engraving machines, Surface Grinders,
Centerless Grinders, EDM Spark Erosion Machines ensure fast and accurate new
product development. Besides in house Tooling Capabilities a number of advanced
Tool Rooms with CNC Machining Capabilities are attached with Climax Overseas
and carry out Tool Development for the company throughout the year.
Subject has a comprehensive R&D and Testing Laboratory
with facilities of Chemical, Physical and Endurance Testing with equipments and
machineries like Rheometers, Mooney Viscosity Meters, Video Measuring Machines,
Profile Projectors, Tensile Testing Machines, Melting Point Testing Apparatus,
Compression Set, Endurance Testing Machines Pressure Testing Machines, Radial,
Axial and Torque Testing Machines and other special purpose testing machines
form the core of our TQM Approach and a springboard to convert our ‘ZERO’ PPM
dream into reality.
The team of Rubber Technologists has the competence to
design and develop Rubber Compounds to meet specific customer requirements in
all varieties of elastomers at optimal cost.
At Subject they have constantly innovated production and processing
technologies to meet the diverse needs of the customers and have always
endeavored to bring about ‘Customer Delight’ rather than just customer
satisfaction, through the product quality and prompt service.
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--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.