MIRA
INFORM REPORT
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Report Date : |
26.07.2012 |
IDENTIFICATION DETAILS
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Name : |
CUMMINS TECHNOLOGIES INDIA LIMITED w.e.f. 18.09.2008 CUMMINS BUSINESS DIVISION OF CUMMINS
TECHNOLOGIES INDIA LIMITED |
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Formerly Known
As : |
CUMMINS TURBO TECHNOLOGIES LIMITED w.e.f. 19.03.2007 TATA HOLSET LIMITED w.e.f. 17.07.2002 TATA HOLSET PRIVATE LIMITED |
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Registered
Office : |
7-8th Floor, Down Town -The City Centre, Survey No. 8+13,
Erandwane, Pune - 411004, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation : |
20.12.1994 |
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Com. Reg. No.: |
11-139153 |
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Capital
Investment / Paid-up Capital : |
Rs. 150.000 Millions |
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CIN No.: [Company Identification
No.] |
U29113PN1994FLC139153 |
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PAN No.: [Permanent Account No.] |
AABCT2018B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture of Turbochargers and other related components. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 12500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Cummins Inc, Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
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Registered Office : |
7-8th Floor, Down Town -The City Centre, Survey No. 8+13,
Erandwane, Pune - 411004, |
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Tel. No.: |
91-20-30202000 |
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Fax No.: |
91-20-30202266 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Anant Jaivant Talaulicar |
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Designation : |
Director |
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Address : |
Flat No. 1901 A and B, |
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Date of Birth/Age : |
11.07.1961 |
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Date of Appointment : |
01.03.2004 |
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DIN No.: |
00031051 |
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Name : |
Mr. Rajiv Batra |
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Designation : |
Director |
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Address : |
Flat No. 5 and 6, 2nd Floor ‘The IRIS’ S. No. 28/29A
Sangamwadi, Final Plot No. 317, North Main Road, Koregaon Park, Pune –
411001, Maharashtra, India |
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Date of Birth/Age : |
30.09.1955 |
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Date of Appointment : |
16.03.2007 |
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DIN No.: |
00082866 |
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Name : |
Mr. Pradeep Kumar Bhargava |
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Designation : |
Director |
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Address : |
Flat No. 19, 3rd Floor, Cozy Retreat, Road No. 3, Sindh
Co-operative Housing Society, Anudh, Pune – 411007, |
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Date of Birth/Age : |
25.06.1949 |
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Date of Appointment : |
08.09.2011 |
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DIN No.: |
00525234 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Cummins INC, |
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7500000 |
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Cummins Turbo Technologies Limited, |
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7499994 |
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Cummins Turbo Technologies Limited jointly with Mr. Nagarajan Balanaga |
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1 |
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Cummins Turbo Technologies Limited jointly with Mr. Qureish
Shipchandler |
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1 |
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Cummins Turbo Technologies Limited jointly with Ms. Sudha Dhar |
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1 |
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Cummins Turbo Technologies Limited jointly with Mr. Anant Talaulicar |
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1 |
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Cummins Turbo Technologies Limited jointly with Mr. Rajiv Batra |
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1 |
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Cummins Turbo Technologies Limited jointly with Mr. Pradeep Bhargava |
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1 |
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Total |
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15000000 |
AS ON 30.09.2011
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Turbochargers and other related components. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Turbocharger |
Nos. |
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540,000 |
437,182 |
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Shaft and Wheel |
Nos. |
|
670,000 |
712,688 |
i. Installed capacity is as certified by the Management on a triple shift basis. Installed capacity of Dewas 390,000 nos. (previous year 390,000 nos.) and Rudrapur 100,000 nos. (previous year 100,000 nos.) is for light duty and mid range turbochargers while at Pithampur 50,000 nos. (previous year 42,000 nos.) is for high horse power turbochargers.
ii. Actual production of Shaft and Wheel includes 402,664 nos. (previous year 231,576 nos.) consumed in manufacturing the turbocharger.
iii. Previous year’s figures are indicated in brackets.
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
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Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
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Ultimate Holding
Company: |
Cummins Inc. |
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Fellow Subsidiaries
: |
v
Cummins Turbo Technologies Limited, v Cummins Turbo Technologies Limited, U.K.-India Branch v
Cummins Turbo Technologies Inc., v
Wuxi Cummins Turbo Technologies Limited, v
Wuxi Vane Wheel Engineering Company Limited, v Cummins India Limited v Cummins Brazil Limited v Cummins Generator Technologies India Limited v Cummins Exhaust India Limited v Cummins Research & Technology India Limited v Cummins Diesel N.V. v Cummins Diesel Recon v
Cummins Diesel Sales Corporation, v
Cummins Emission Solutions ( v
Cummins Emission Solutions (CES) v
Cummins Limited, v
Cummins Diesel Recon v
Cummins S De RL De C V, v Chongoing Cummins Engine Company Limited v Cummins Japan Limited v Cummins Komatsu Engine Company v
Cummins v
Cummins Inc – CIC |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15,000,000 |
Equity Share |
Rs.10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,000,000 |
Equity Share |
Rs.10/- each |
Rs. 150.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
150.000 |
150.000 |
150.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2976.504 |
1763.194 |
1221.912 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3126.504 |
1913.194 |
1371.912 |
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LOAN FUNDS |
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1] Secured Loans |
332.825 |
0.000 |
33.665 |
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2] Unsecured Loans |
278.950 |
272.510 |
235.381 |
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TOTAL BORROWING |
611.775 |
272.510 |
269.046 |
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DEFERRED TAX LIABILITIES |
76.151 |
65.053 |
45.446 |
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Finance Lease Liability |
0.000 |
0.000 |
1.134 |
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TOTAL |
3814.430 |
2250.757 |
1687.538 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1515.458 |
1112.429 |
746.032 |
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Capital work-in-progress |
224.904 |
46.071 |
362.500 |
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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 |
1099.985
|
472.831 |
520.960 |
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Sundry Debtors |
1343.366
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632.101 |
224.226 |
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Cash & Bank Balances |
635.813
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543.663 |
71.067 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
356.038
|
111.354 |
161.594 |
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Total
Current Assets |
3435.202
|
1759.949 |
977.847 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
1317.501
|
643.550 |
377.327 |
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Other Current Liabilities |
15.592
|
7.516 |
11.398 |
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Provisions |
28.041
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16.626 |
10.116 |
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Total
Current Liabilities |
1361.134
|
667.692 |
398.841 |
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Net Current Assets |
2074.068
|
1092.257 |
579.006 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3814.430 |
2250.757 |
1687.538 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
6489.475 |
3202.773 |
2286.983 |
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Other Income |
66.206 |
34.467 |
36.372 |
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TOTAL (A) |
6555.681 |
3237.240 |
2323.355 |
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Less |
EXPENSES |
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Consumption materials changes inventories |
3651.602 |
|
1942.750 |
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Manufacturing service costs |
311.322 |
161.935 |
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Contract cost |
104.927 |
31.166 |
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Employee related expenses |
310.089 |
174.489 |
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Administrative selling other expenses |
386.485 |
239.496 |
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TOTAL (B) |
4764.425 |
2285.893 |
1942.750 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1791.256 |
951.347 |
380.605 |
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Less |
FINANCIAL
EXPENSES (D) |
38.417 |
20.165 |
8.698 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1752.839 |
931.182 |
371.907 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
190.885 |
121.771 |
67.397 |
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PROFIT BEFORE
TAX (E-F) (G) |
1561.954 |
809.411 |
304.510 |
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Less |
TAX (H) |
348.644 |
268.129 |
109.005 |
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PROFIT AFTER TAX
(G-H) (I) |
1213.310 |
541.282 |
195.505 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1682.888 |
1141.606 |
946.101 |
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BALANCE CARRIED
TO THE B/S |
2896.198 |
1682.888 |
1141.606 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
3317.483 |
1231.758 |
1193.664 |
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Earnings Per
Share (Rs.) |
80.89 |
36.09 |
13.03 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
18.51
|
16.72 |
8.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
24.07
|
25.27 |
13.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
31.55
|
28.18 |
17.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.42 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.49 |
0.49 |
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Current Ratio (Current Asset/Current Liability) |
|
2.52
|
2.63 |
2.45 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
(Rs. In Millions) |
||
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Creditors due small micro enterprises |
10.425 |
8.421 |
9.660 |
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Creditors due others |
1307.076 |
635.129 |
367.667 |
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Total |
1317.501 |
643.550 |
377.327 |
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Sr. No. |
Check List by Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
No |
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10] |
Designation of contact person |
No |
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11] |
Turnover of firm for last three years |
Yes |
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12] |
Profitability for last three years |
Yes |
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13] |
Reasons for variation <> 20% |
-- |
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14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
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20] |
Export / Import details (if applicable) |
No |
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21] |
Market information |
-- |
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22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
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26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if
available |
No |
Note: The registered
address of the company has been shifted from Cummins Business Service, 2nd
Floor,
FINANCIAL PERFORMANCE
During the year, net sales turnover was Rs. 5880.944 Millions (’000 as compared to Rs.2950.350 Millions during the previous year. Exports and other foreign exchange earnings were Rs. 3317.483 Millions (’000) as compared to Rs. 1231.758 Millions (’000) during the previous year. Profit after tax was Rs. 1213.310 Millions (’000) as compared to Rs. 541.282 Millions (’000) for the previous year.
FUTURE OUTLOOK
In view of the various ongoing projects and expansion plan the
future appears to be good for the Company considering the demand and acceptance
of the product in the export as well as domestic market.
CONTINGENT LIABILITIES:
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Excise and Service Tax matters pending in appeal |
30.011 |
11.459 |
|
Entry Tax matters pending in appeal |
5.907 |
4.605 |
|
Custom duty aggregating on imported goods destroyed in fire at custom bonded warehouse in 2005–06 before clearance of goods for home consumption. The Company has filed waiver thereof under Section 23 of the Customs Act, 1962. |
2.986 |
0.000 |
FIXED ASSETS:
Tangible assets
v Leasehold land
v Buildings
v Plant and machinery
v Computers
v Vehicles
Intangible assets
v Computer software
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. 56.38 |
|
|
1 |
Rs. 87.44 |
|
Euro |
1 |
Rs. 68.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.