MIRA
INFORM REPORT
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Report Date : |
30.05.2011 |
Note:- Correct Name of the Company Is “CAPARO ENGINEERING INDIA PRIVATE LIMITED”
IDENTIFICATION DETAILS
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Name : |
CAPARO ENGINEERING INDIA PRIVATE LIMITED |
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Registered
Office : |
101-104, 1st Floor, Naurang House, 21, Kasturba Gandhi
Marg, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
09.05.2000 |
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Com. Reg. No.: |
105609 |
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Capital Investment
/ Paid-up Capital : |
Rs. 2318.662
Millions |
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CIN No.: [Company Identification
No.] |
U74101DL2000PTC105609 |
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TIN No.: |
09966301205 (Noida), 07190318576 ( |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Group offers end-to-end solutions in designing, Developing
Manufacturing Automotive Systems, Assemblies, Advanced Composites, Modules
and Components to Indian Automotive OEMs and Engineering Industry. |
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No. of Employees : |
9000+ Employees in Caparo Group (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 17100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Caparo Group, Worldwide. It is an established company
having moderate track. There appears huge accumulated losses recorded by the
company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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/ Factory : |
101-104, 1st Floor, Naurang House, 21, Kasturba Gandhi
Marg, |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Plot No. -7, Maruti JV Complex, |
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Tel. No.: |
91-124-4318000 |
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Fax No.: |
91-124-4318000 |
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E-Mail : |
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Factory 2 : |
Chopanki Industrial Area, Near Bhiwadi, Plot No. A-7, Bhiwadi – 301707,
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Branches: |
The Company has increased the number of manufacturing plants from five
in 2006 to 18 as on December 31, 2009. The plants are located at various
locations across |
DIRECTORS
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Name : |
Mr. Angad Paul |
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Designation : |
Director |
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Address : |
Penthhouse, Ambika House, 9a, |
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Date of Appointment : |
19.05.2000 |
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Name : |
Mr. Rajesh Prasad |
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Designation : |
Managing Director |
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Address : |
E -155, Sarita Vihar, |
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Date of Appointment : |
02.08.2008 |
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DIN No.: |
02341590 |
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Name : |
Mr. Suneel Kumar Khanna |
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Designation : |
Additional Director |
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Address : |
154-A, Pkt-A, Mayur Vihar Ii, Delhi -110091, Delhi, India |
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Date of Appointment : |
03.11.2010 |
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Name : |
Mr. Manoj Kumar Sinha |
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Designation : |
Additional Director |
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Address : |
J-1/38, G.F., |
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Date of Appointment : |
03.11.2010 |
BUSINESS DETAILS
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Line of Business : |
The Group offers end-to-end solutions in designing, Developing
Manufacturing Automotive Systems, Assemblies, Advanced Composites, Modules
and Components to Indian Automotive OEMs and Engineering Industry. |
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Exports : |
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Products : |
Engineering Products |
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Countries : |
All Over The World |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
All Over The World |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days) |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Sheet Metal Components |
(000) Panels |
-- |
14234 |
2015927 |
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M.T. |
-- |
7400 |
-- |
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(000) Strokes |
-- |
31421 |
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Sets Long Member |
-- |
500000 |
14581 |
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Nos. |
-- |
156000 |
-- |
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Fasteners |
M.T. |
-- |
9800 |
145153.35 |
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Tubes |
M.T |
-- |
60000 |
23050.47 |
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Tool Room |
Nos. |
-- |
228 |
-- |
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Dies (Tool Room) |
Nos. |
-- |
-- |
213 |
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Aluminum Foundry |
M.T. |
-- |
2903 |
-- |
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Aluminum Foundry |
Nos. |
-- |
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682920 |
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Forged Steel Componants |
M.T. |
-- |
6405 |
1579.25 |
- As Estimated/ Certified by the management and
relied upon by the auditor being a technical matter
- Includes
Production during trial run period 7146 (000) Panels (Previous Year Nil
(000) Panels.)
GENERAL INFORMATION
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Customers : |
End Users, OEM’s and Others |
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No. of Employees : |
9000+ Employees in Caparo Group (Approximately) |
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Bankers : |
State Bank of State Bank of India ceding second pari-passu charge on the current assets
of the Company at Jamshedpur in favour of State Bank of Travancore and State
Bank of Travancore ceding second charge on the fixed assets of the Company at
Jamshedpur in favour of State Bank of India has been registered in this
office in accordance with the provisions contained in that behalf in Section
135 of the said Act. The amount secured after modification is Rs. 5344.200
Millions. State Bank of Travancore ceding second charge on the fixed assets of
the Company at Jamshedpur in favour of State Bank of India and State Bank of
India ceding second pari-passu charge on the current assets of the Company at
Jamshedpur in favour of State Bank of Travancore. has been registered in this
office in accordance with the provisions contained in that behalf in Section
135 of the said Act. The amount secured after modification is Rs. 200.000
Millions
Canara Bank, Prime Corporate
Branch, Spencer Tower I, Ground Floor, 770, Anna Salai, Chennai – 600002,
Tamil Nadu, India State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountant |
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Address : |
12, Bhagat Singh Marg, |
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Tel. No.: |
91-11-23710175/ 23710177/ 23364671/ 2414 |
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Fax No.: |
91-11-23345168/ 23314009 |
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E-Mail : |
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PAN No.: |
AABFL1894Q |
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Associates/Subsidiaries : |
Fellow
Subsidiaries:
Subsidiaries:
CIN No.: U34300DL2007PTC158139
CIN No.: U34200DL2007PTC161380 Holding Company:
Ultimate Holding
Company:
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CAPITAL STRUCTURE
As on 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
550930755 |
Equity Shares |
Rs.10/- each |
Rs. 5509.307
Millions |
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As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
550000000 |
Equity Shares |
Rs.10/- each |
Rs. 5500.000 Millions |
|
200000000 |
Preference Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
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Total |
|
Rs. 7500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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231866175 |
Equity Shares fully paid up # |
Rs.10/- each |
Rs. 2318.662 Millions |
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126229687 Equity Shares are held by Caparo India Limited, UK – Holding
Company
# includes 2206272 nos of shares issue to the Holding Company without
payment being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2009 |
31.12.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2318.662 |
1240.234 |
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2] Share Application Money |
|
0.001 |
1628.420 |
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3] Reserves & Surplus |
|
4204.817 |
3232.028 |
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4] (Accumulated Losses) |
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(2223.900) |
(1438.070) |
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NETWORTH |
|
4299.580 |
4662.612 |
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LOAN FUNDS |
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1] Secured Loans |
|
5202.137 |
4604.871 |
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2] Unsecured Loans |
|
150.000 |
0.000 |
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TOTAL BORROWING |
|
5352.137 |
4604.871 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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9651.717 |
9267.483 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
5847.756 |
3841.792 |
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Capital work-in-progress |
|
1224.293 |
2996.212 |
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INVESTMENT |
|
489.731 |
489.730 |
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DEFERREX TAX ASSETS |
|
114.414 |
114.414 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
1026.733 |
1063.845 |
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Sundry Debtors |
|
1296.360 |
1040.353 |
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Cash & Bank Balances |
|
322.703 |
146.508 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1342.328 |
1393.263 |
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Total
Current Assets |
|
3988.124 |
3643.969 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
|
973.725 |
877.499 |
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Other Current Liabilities |
|
927.375 |
765.226 |
|
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Provisions |
|
111.501 |
175.909 |
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Total
Current Liabilities |
|
2012.601 |
1818.634 |
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Net Current Assets |
|
1975.523 |
1825.335 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
9651.717 |
9267.483 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
|
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SALES |
|
|
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|
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|
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Income |
|
5750.177 |
4938.419 |
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|
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Other Income |
|
280.037 |
183.127 |
|
|
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TOTAL (A) |
|
6030.214 |
5121.546 |
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
3514.855 |
3569.025 |
|
|
|
Increase / Decrease in Stocks |
|
75.722 |
(185.071) |
|
|
|
Manufacturing Expenses |
|
840.622 |
749.499 |
|
|
|
Purchases |
|
326.115 |
197.467 |
|
|
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Personal Expenses |
|
587.332 |
563.230 |
|
|
|
Administration and Other Expenses |
|
492.448 |
547.967 |
|
|
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TOTAL (B) |
|
5837.094 |
5442.117 |
|
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|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
193.120 |
(320.571) |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
494.820 |
427.079 |
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(301.700) |
(747.650) |
|
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
480.754 |
361.514 |
|
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|
|
|
|
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PROFIT BEFORE
TAX (E-F) (G) |
|
(782.454) |
(1109.165) |
|
|
|
|
|
|
|
|
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Less |
TAX (I) |
|
3.375 |
9.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
(785.829) |
(1118.674) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
|
(13.03) |
(21.84) |
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
(13.61) |
(22.46) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(7.96) |
(14.82) |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.19) |
(0.24) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.71 |
1.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.98 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
Background:
Caparo Engineering India Private Limited (CEIPL) was incorporated in May
2000 and is engaged in the manufacturing of auto components including sheet
metal components, tubes and fasteners. The company’s product range includes
outer body panel, large inner panels, frame add-on parts, fasteners, electric
resistance welded tubes and cold-drawn welded tubes. CEIPL is part of the
Caparo Group, a USD 1.6 Billion conglomerate with operations in more than 60
sites in the U.k,
Operations:
CEIPL has been expanding its operations in
CEIPL has diversified operations within the automobile industry and caters
to Original Equipment Manufacturers (OEMs) in the passenger vehicles,
commercial vehicles and two-wheeler segment. The company also has presence in
the replacement market and exports. CEIPL has strong relationships with clients
that include established passenger car makers, commercial vehicle manufacturers
and tractor companies. However, there is client concentration of revenues with
top two customers together contributing over 50% of sales
.
During FY2008-09, the auto component industry made an estimated
investments of Rs.320.000 Millions. The automotive manufacturers are present in
all the five categories: Engine Parts, Drive transmission & steering parts,
Body & chassis, Suspension & braking parts and Electrical parts and
equipment including tyres, headlamps, seats etc.
Trade References:
-
- Maruti Suzuki
- Honda
- Volvo
- G M Motors
Fixed Assets:
- Land
- Leasehold (2) and (4)
- Freehold (2)
- Buildings
- Leasehold Improvement
- Plant and Machinery
- Furniture, Fixture and Office Equipment
- Computers
- Vehicles
Intangible Assets:
- Specialized Software
- Non Compete Fee
From Web:
Caparo, founded in 1968 by Indian born British
Industrialist, Lord Paul of Marylebone, is a fast growing
Caparo
Caparo
“Caparo
Caparo is more than a successful business
enterprise - it is a story of people, of values and of human effort. Above all
it is a story of faith and family” - Lord Paul, Chairman and Founder.
Caparo Group, a
Its exhaustive product portfolio comprises of
steel tubes, aluminum die-castings, sheet metal pressings, steel pressings,
steel bars and wires, auto fasteners, forgings, hand tools and engineering
products custom-made for the world’s leading automakers and engineering
companies. Additionally, the Group is also involved in a wide range of
activities encompassing materials testing services, hotels, film distribution
and private equity investment.
PRESS RELEASES
From the office of Lord Paul
Lord Swraj Paul seeks full and public enquiry into conduct
of House of Lords and its officers in dealing with Lords'
expenses London, Nov 24(PTI) Leading NRI industrialist Lord Swraj Paul
has sought a full and public inquiry into the conduct of the House of
Lords and its officers in dealing with the Lords' expenses issue as he
claims he was singled out for attack as he was a great supporter of
former Prime Minister Gordon Brown.
"We need to get a proper investigation but we need a full
enquiry, a public enquiry into the conduct of the House of Lords and
its officers and why they acted in the way they did," Lord Paul told
the Islamic Channel last night.
Lord Paul, who quit as the Deputy Speaker of the House following his
suspension for four months over his allowances claims said
"the authorities need to look at why different Peers, even with
bigger allegations about money have been cleared with some excuse
including the Lord Speaker herself, who was chairman of the House
Committee when she was cleared.
"What kind of fairness is that," he asked, adding everytime
they cleared somebody they changed the rules. Describing the
process adopted in dealing with the expenses issue was "absolutely
disgusting, disgraceful and completely lower the privilege of the House of
Lords," Lord Paul said "We are a great democracy. This must be
kept up. Guilty must be punished but all guilty must be punished at the
same level and not at the descrition of a small little committee
consisting of people who wanted themselves and projecting themselves as
great non-nonsense and great senior members of the House of Lords.
"Otherwise why on earth some newspapers were promoting them?
It was self-promotion and leaking them in between." Lord
Paul claimed that it was "a whole newspaper and some of the people
in the Lords who joined together to try and malign me. I do not accept
it." He said the Committee of Privileges which decided his
case was "pressurized" and its chairman Baroness
Manningham-Buller, former Mi5 Chief "was pushing them to accept all
her recommendations in full." "The privileges committee
which heard me said there is no dishonesty in my case, there no bad faith,
it is negligence, it is irresponsible. Tell me any time in the history of
the House of Lords somebody has been suspended for 4 months for
negligence. It was pressurisation by Baroness Manningham-Bulleter which is
absolutely undemocratic. You are allowed to go for an appeal to a
senior committee of larger number of people. But in this case, it is like
a High Court judge giving a judgment and then stating if you
appeal against he judgment, I am going to resign. What the hell is
democracy for. It is a disgrace. So that is why I felt I believed even
when we were fighting for freedom in
"Right from 2009 they have been trying to have various
committees look into the issue and found the system flawed. In the end of
July 31 they came out with the solution that the system was flawed and
there was no way of checking it. The best is pay everybody the same
whether they live in
"I never said that (flat at Oxfordshire) was my main home. I
said that was a place for me to live and I had decided that I am going
to live there, I was going to upgrade the place. The hotel belongs to
me. I was no way going to live there for ever. I was going to live
there in the week ends."
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.