MIRA
INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
MADHUSUDAN AUTO LIMITED |
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Formerly Know : |
MADHUSUDAN AUTO COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
C-5/21 Safadarjung Development Area, New Delhi – 110016, India |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.10.1991 |
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Com. Reg. No.: |
55-046091 |
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CIN No.: [Company Identification
No.] |
U74999DL1991PLC046091 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELMO8736A |
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PAN No.: [Permanent Account No.] |
AAACM1268R |
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Legal Form : |
A Closely held public limited liability company. |
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Line of Business
: |
Manufacturer, Trader of Plastic and PVC PU Products, Electrical Cables Wires,
Sheet Metal. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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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 630000 |
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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 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 : |
C-5/21 Safadarjung Development Area, New Delhi – 110016, India |
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Fax No.: |
91-11-26852647 |
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E-Mail : |
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Corporate Office/Works : |
Delhi-Jaipur Highway, 38 KM Stone, Behrampur
Road, Village Khandsa Gurgaon – 122001 Haryana, India |
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Tel. No.: |
91-124-2372379-81 / 2372987 / 2372736-37 / 4841900 |
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Fax No.: |
91-124-2372204 / 4841966 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Surinder Kumar Jain |
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Designation : |
Managing Director |
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Address : |
C-5/21, Safdarjung, Development Area, New Delhi- 110016, India |
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Date of Appointment : |
14.06.2003 |
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DIN No. |
00033763 |
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Name : |
Mr. Nitesh Jain |
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Designation : |
Managing Director |
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Address : |
C-5/21, Safdarjung, Development Area, New Delhi- 110016, India |
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Date of Appointment : |
01.04.2006 |
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DIN No. |
00033663 |
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Name : |
Mr. Nitin Jain |
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Designation : |
Managing Director |
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Address : |
C-5/21, Safdarjung, Development Area, New Delhi- 110016, India |
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Date of Appointment : |
27.12.2004 |
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DIN No. |
00033602 |
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Name : |
Mr. Vivek Aggarwal |
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Designation : |
Director |
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Address : |
B-3, Loni Road, Mohan Nagar, Ghaziabad – 201005, Uttar Pradesh, India |
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Date of Appointment : |
08.06.1996 |
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DIN No. |
00034607 |
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Name : |
Mr. Manish Malik |
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Designation : |
Director |
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Address : |
8, South Patel Nagar, New Delhi – 110008, India |
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Date of Appointment : |
27.12.2004 |
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DIN No. |
00481557 |
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Name : |
Mr. Asit Mehta |
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Designation : |
Director |
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Address : |
C-4/40, Safdarjang Development Area, New Delhi – 110016, India |
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Date of Appointment : |
27.12.2004 |
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DIN No. |
00683543 |
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KEY EXECUTIVES
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Name : |
Mr. Binod Kumar Mandal |
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Designation : |
Secretary |
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Date of Appointment : |
15.12.2009 |
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PAN No. |
APYPM1603E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
S.K. Jain |
|
1200000 |
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Nitesh Jain |
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1200000 |
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Nitin Jain |
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1200000 |
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Kiran Jain |
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1200000 |
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Swati Jain |
|
725000 |
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Ruchika Jain |
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725000 |
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A.K.Jain |
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250 |
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B.L.Jain |
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250 |
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Total |
|
6250500 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader of Plastic and PVC PU Products, Electrical Cables Wires,
Sheet Metal. |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Quantity
|
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cables |
In Nos. |
N.A. |
2,20,00,000 |
1,20,95,666 |
GENERAL INFORMATION
|
Customers : |
·
Autoliv ·
Daewoo ·
Hero Honda World No.1 ·
Honda ·
JCD ·
Kinectic ·
Lear ·
Maruti Suzuki ·
Meritor |
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Bankers : |
·
City Bank, Jeevan Vihar, 3, Sandad Marg, New
Delhi – 110001 ·
Industrial Development Bank of India ·
Citi Bank ·
ICICI Bank Limited ·
Axis Bank |
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Facilities : |
Note-1 Secured by first charge
on all the borrowers, immovable properties, both present and future and by way
of hypothecation of borrowers , movables including movable machinery spares, tools, accessories
present and future , subject to prior charge created by borrowers bankers on
raw materials, semi finished and finished goods, consumable stores, and other
movables as may be agreed to by the lender for securing the borrowings for
working capital requirements in
ordinary course of the business. Note-2 Secured by first charge on all the stock and receivables
both present and future with second charge on all the present and future
fixed assets of the company, including immovable property and plant and
machinery. Note-3 Secured by hypothecation of Motor Vehicles and personal
guarantee of the Directors.
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sunita and Chadha Chartered Accountant |
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Address : |
Flat No.77, Bhagat Singh Market, New Delhi - 110001 |
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Tel. No.: |
91-11-23348045 |
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Fax No.: |
91-11-23346370 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6250500 |
Equity Shares |
Rs.10/- each |
Rs. 62.505
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 |
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|
|
|
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1] Share Capital |
62.505 |
62.505 |
62.505 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
95.401 |
74.449 |
58.869 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
157.906 |
136.954 |
121.374 |
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LOAN FUNDS |
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|
1] Secured Loans |
47.886 |
99.402 |
92.555 |
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2] Unsecured Loans |
64.750 |
31.000 |
0.000 |
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TOTAL BORROWING |
112.636 |
130.402 |
92.555 |
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DEFERRED TAX LIABILITIES |
22.920 |
20.619 |
17.391 |
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TOTAL |
293.462 |
287.975 |
231.320 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
195.624 |
190.806 |
164.465 |
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Capital work-in-progress |
0.000 |
7.604 |
4.343 |
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INVESTMENT |
16.419 |
3.425 |
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 |
30.065
|
92.898 |
49.135 |
|
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Sundry Debtors |
166.053
|
51.695 |
58.370 |
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Cash & Bank Balances |
8.451
|
7.965 |
3.714 |
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Other Current Assets |
18.595
|
6.571 |
9.991 |
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Loans & Advances |
14.953
|
13.492 |
24.131 |
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Total
Current Assets |
238.117
|
172.621 |
145.341 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
107.435
|
54.699 |
38.942 |
|
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Other Current Liabilities |
38.637
|
22.243 |
34.359 |
|
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Provisions |
10.626
|
9.539 |
9.528 |
|
Total
Current Liabilities |
156.698
|
86.481 |
82.829 |
|
|
Net Current Assets |
81.419
|
86.140 |
62.512 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
293.462 |
287.975 |
231.320 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
||||||
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SALES |
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||||||
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Income |
564.598 |
337.070 |
377.635 |
|||||
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Other Income |
17.603 |
15.895 |
6.665 |
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TOTAL (A) |
582.201 |
352.965 |
384.300 |
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||||||
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Less |
EXPENSES |
|
|
|
||||||
|
|
|
Increase / (Decrease) in Closing Inventories |
60.288 |
(27.515) |
(34.241) |
|||||
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|
Manufacturing & Other Expenses |
409.389 |
284.791 |
292.677 |
|||||
|
|
|
Personnel Expenses |
47.363 |
40.639 |
0.000 |
|||||
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|
|
TOTAL (B) |
517.040 |
297.915 |
326.918
|
|||||
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.161 |
55.050 |
57.382 |
||||||
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|
||||||
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Less |
FINANCIAL
EXPENSES (D) |
7.424 |
8.554 |
7.675 |
||||||
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|
|
|
|
||||||
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
57.737 |
46.506 |
49.707 |
||||||
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|
|
|
|
|
||||||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.941 |
11.800 |
8.093 |
||||||
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|
|
|
|
|
||||||
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|
PROFIT BEFORE
TAX (E-F) (G) |
42.796 |
34.706 |
41.614 |
||||||
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|
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|
|
||||||
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Less |
TAX (I) |
14.531 |
11.814 |
13.764 |
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|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
28.265 |
22.892 |
27.850 |
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|
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|
||||||
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Less |
APPROPRIATIONS |
|
|
|
|
|||||
|
|
|
Proposed Dividend |
6.250 |
6.250 |
6.250 |
|
||||
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|
|
Tax on Dividend distribution |
1.062 |
1.062 |
1.062 |
|
||||
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Balance c/o to
General Reserve |
20,952 |
15.579 |
20.538 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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|
Export Earnings |
347.848 |
192.093 |
- |
|||||
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TOTAL EARNINGS |
|
347.848 |
192.093 |
- |
|||||
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IMPORTS |
|
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|
||||||
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|
Raw Materials and Components |
38.907 |
34.434 |
- |
||||||
|
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Capital Goods |
6.686 |
11.642 |
- |
||||||
|
TOTAL IMPORTS |
|
45.593 |
46.076 |
- |
||||||
|
|
Earnings
Per Share (Rs.) |
4.522 |
3.662 |
4.455 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.85
|
6.48 |
7.24 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.57
|
10.29 |
11.01 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.866
|
9.35 |
13.24 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.25 |
0.34 |
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.70
|
1.58 |
1.27 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.519
|
1.99 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
PREFERENTIAL ISSUE
The Company
allotted 15, 50,000 OFCDs for Rs.20/- per OFCDs as application money and full
application money was received by 26th March, 2009. The Company has not made
any call during the year.
BUSINESS
PERFORMANC DURING THE YEAR UNDER REVIEW
During the year,
the turnover of the Company increased to Rs. 582.538 Millions from Rs. 337.070
Million last year, the net profit of the Company also increased to Rs.28.265 Million
from Rs. 22.892 Million last year.
OUTLOOK
FOR CURRENT YEAR
Opportunities are
available both in the domestic and overseas markets. The Company, to explore
opportunities with existing and new customers, has developed dedicated team to
focus on each customer.
FUTURE OUTLOOK
NEW JOINT VENTURE
The Company has
entered into Joint Venture Agreement with a Dutch company, Prins
Autogassystemen B.V., a business unit of SHV Gas with 50:50 equity
participation in the name of “Best Prins Ectotech Private. Limited” to
manufacture Vapour Sequential Injection- Liquid Petroleum Gas System (VSI-LPG
Kits) and Vapour Sequential Injection-Compressed Natural Gas System (VSI-CNG
Kits) for Indian and Asian Market. PrinsAutogassystemen has been a world leader
in the development of alternative fuel systems for more than 20 years. The
Production of this joint venture has commenced in the Financial Year 2009-10.
During the Financial Year 2009-10 the company has achieved the turnover of INR
2.233 Million. Your company has so far invested Rs. 16.419 Million in the
Equity Share Capital as on 31.03.2010 Investment in the Joint Venture Project
is expected to contribute towards growth and profitability of your Company in
the coming years.
Form 8
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U74999DL1991PLC046091 |
|
Name of the company |
MADHUSUDAN AUTO LIMITED |
|
Address of the registered office or of the
principal place of business in |
C-5/21 Safadarjung Development Area, New
Delhi -110016 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
City Bank N.A. Jeevan Vihar,3,Sansad Marg,
New Delhi-110001, India Email Id: vlaxman@vsnl.com |
|
Nature of instrument creating charge |
Loan Agreement |
|
Date of instrument Creating the charge |
29.05.2007 |
|
Amount secured by the charge |
Rs.100.000 million |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest As
agreed in the agreement referred to in clause 8 above. Terms
of repayment As agreed in the agreement referred to in
clause 8 above. Margin As agreed in the agreement referred to in
clause 8 above Extent
and operation of the charge Second charge on all present and future
fixed assets of the company including the property situated at :Delhi-Jaipur
Highway, 38 km stone, Behrampur Road, Gurgaon-122001 |
|
Short particulars of the property charged
(Including location of the property) |
Second charge on all present and future
fixed assets of the company including the property situated at : Delhi-Jaipur
Highway, 38 Km stone, Behrampur Road, Gurgaon – 122001. |
Fixed Assets :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Tools and Equipment
·
Motor Vehicles
·
Computer
WEB SITE DETAILS
PROFILE
Subject is a global supplier of technologically
advanced control cables. Established in 1991, as part of the diversified Best Group,
Madhusudan provides complete control cable design, engineering assembly, and
testing services to Original Equipment Manufacturers (OEM) and leading TIER 1
automotive system suppliers.
Since inception, Madhusudan has been on the fast track. Innovative practices,
timely infrastructure advancements and swift adaptation of new technology have
given the company a loyal customer base and great deal of credibility.
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.44.30 |
|
|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.