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Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
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Name : |
KLT AUTOMOTIVE AND TUBULAR PRODUCTS LIMITED (w. e. f. 23.12.2004) |
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Formerly Known As : |
THAKKARSONS AUTO ANCILLARY ( |
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Registered Office : |
B-1/1, Mayur Ma Krupa CHS Limited, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.09.1994 |
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Com. Reg. No.: |
11-81463 |
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Capital
Investment / Paid-up Capital : |
Rs.83.576
Millions |
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CIN No.: [Company
Identification No.] |
U34300MH1994PLC081463 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT08932A |
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PAN No.: [Permanent
Account No.] |
AAACT3895R |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer for automotive products, precision tubes, chassis frames,
chassis components and body components / assemblies. |
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No. of Employees : |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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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 5100000 |
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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 an established and reputed company having fine track. Trade
relations are fair. Financial position of the company appears to be good.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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.
INFORMATION DECLINED BY
Management non Co- Operative
LOCATIONS
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Registered Office : |
B-1/1, Mayur Ma Krupa chs Limited,
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Tel. No.: |
91-22-65704441 / 55704411 |
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Fax No.: |
91-22-28991854 |
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E-Mail : |
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Corporate Office: |
B / 601, elegant |
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Tel. No.: |
91-22-4095 7000 |
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Fax No.: |
91-22-4095 7100 |
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E-Mail : |
enquiry@kltgroup.net company.secretary@kltgroup.net |
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Website : |
www.kltauto.com |
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Factory Office 1: |
Plot No. 1, S No. 45/4 and 46/1 and 3, Mehta Industrial Estate and
Plot Nos. 8-10, 17-23, S No.34/2 and 35/2, Zorabin Industrial Estate, Palghar
Manor Road, Vevoor, Taluka Palghar, District Thane, Maharashtra, India |
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Factory Office 2: |
Village Shelavli, Palghar Manor Road, Vevoor, Taluka Palghar, District
Thane, Maharashtra, India |
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Factory Office 3: |
Gat No. 400 and 415, Village Urse, Taluka Maval, District Pune,
Maharashtra, India |
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Factory Office 4: |
Plot No. 2014, Halol Industrial Estate, Village Chandrapura, Taluka
Halol, District Panchmahal, Gujarat, India |
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Regional
Offices : |
Hosur L-1 Electrical Industrial Estate, Hour Main Road, Near Old Bus Stand,
Hosur-635109 Pune Gate No-415, Village–Urse, Taluka–Maval, District–Pune-410506, Maharashtra,
India Noida 206, Ocean Plaza, Sector–18,
Noida–201301, Uttar Pradesh, India Tel No: 91-120–3065550 Fax No: 91-120–2513983 |
DIRECTORS
AS ON 29.09.2011
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Name : |
Mrs. Sushila Kishor Thakkar |
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Designation : |
Director |
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Address : |
14th Floor, Raghunath Tower Chs, Limited, |
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Date of Birth/Age : |
21.07.1939 |
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Date of Appointment : |
15.12.2004 |
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Din No.: |
00001782 |
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Name : |
Mr. Bhavin Kishore Thakkar |
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Designation : |
Director |
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Address : |
14th Floor, Raghunath Tower Chs, Limited, |
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Date of Birth/Age : |
26.06.1964 |
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Date of Appointment : |
26.09.1994 |
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Din No.: |
00001780 |
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Name : |
Mr. Jubin Kishore Thakkar |
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Designation : |
Joint Manager Director |
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Address : |
14th Floor, Raghunath Tower Chs, Limited, |
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Date of Birth/Age : |
12.09.1970 |
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Date of Appointment : |
26.06.1994 |
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Din No.: |
00001822 |
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Name : |
Mr. Devang Kishore Thakkar |
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Designation : |
Director |
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Address : |
601 / 302, Siddharth Arcade, |
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Date of Birth/Age : |
01.09.1966 |
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Date of Appointment : |
15.12.2004 |
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Din No.: |
00001785 |
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Name : |
Mr. Arun Parasmal Nahar |
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Designation : |
Director |
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Address : |
Alpna |
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Date of Birth/Age : |
10.03.1960 |
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Date of Appointment : |
28.09.2007 |
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Din No.: |
00191355 |
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Name : |
Mr. Chetan Shah |
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Designation : |
Director |
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Address : |
B/30 Amrut Nagar, M |
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Date of Birth/Age : |
28.01.1974 |
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Date of Appointment : |
28.09.2007 |
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Din No.: |
01985062 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
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Names of Shareholders |
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No. of Shares |
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Bhavin Kishore Thakkar |
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331989 |
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Jubin Kishore Thakkar |
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867205 |
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Mansi Devang Thakkar |
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82656 |
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Devang Kishore Thakkar |
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498080 |
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Amzel Infotech Private Limited, |
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600850 |
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Kish Reality Private limited,
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402000 |
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Tanjore Tradeplace Private limited,
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600550 |
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Boral Infotech Private Limited, |
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601250 |
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Parul Jubin Thakkar |
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88000 |
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Manisha Bhavin Thakkar |
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610397 |
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Sushila Kishore Thakkar |
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751710 |
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Enam Shares and Securities Private Limited, |
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525000 |
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Ketan Seth |
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100000 |
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Optium Holding Private Limited, |
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300000 |
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Rakesh Jhunjhunwala |
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469370 |
AS ON 29.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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51.44 |
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Directors
or relatives of directors |
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38.69 |
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Other
top fifty shareholders |
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9.87 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer for automotive products, precision tubes, chassis frames,
chassis components and body components / assemblies. |
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Products : |
·
ERW ·
CEW/CDW ·
Seamless Tubes ·
Air Pre – Heater ·
Boiler Tubes |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Surya Associates Chartered Accountants |
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Address : |
103, Deepika 37, |
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Tel. No.: |
91-22-28064924 |
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Mobile No.: |
91-9820077823 |
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Fax No.: |
91-22-28092236 |
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E-Mail : |
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Group Companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Share |
Rs.10/- Each |
Rs. 90.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8357602 |
Equity Share |
Rs.10/- Each |
Rs.83.576
Millions |
Note: 8357602 (8357602) equity shares of Rs. 10/-
each fully paid up [Of the above 1620378 (1620378) equity
shares allotted as fully paid up bonus shares by capitalizing general
reserve.]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
83.576 |
83.576 |
83.576 |
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2] Share Application Money |
10.750 |
10.750 |
10.750 |
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3] Reserves & Surplus |
1189.258 |
1162.583 |
1146.165 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1283.584 |
1256.909 |
1240.491 |
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LOAN FUNDS |
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1] Secured Loans |
2687.353 |
2498.336 |
2174.120 |
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2] Unsecured Loans |
506.721 |
451.941 |
393.327 |
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TOTAL BORROWING |
3194.074 |
2950.277 |
2567.447 |
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DEFERRED TAX LIABILITIES |
194.174 |
180.923 |
168.023 |
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TOTAL |
4671.832 |
4388.109 |
3975.961 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2672.470 |
2091.775 |
2137.876 |
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Capital work-in-progress |
314.373 |
747.861 |
407.265 |
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INVESTMENT |
92.266 |
110.949 |
95.031 |
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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 |
1591.911
|
1117.093
|
799.437 |
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Sundry Debtors |
793.742
|
787.750
|
633.134 |
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Cash & Bank Balances |
231.082
|
283.369
|
201.617 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
496.167
|
542.451
|
384.624 |
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Total
Current Assets |
3112.902
|
2730.663
|
2018.812 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
603.891
|
449.320 |
294.077 |
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Other Current Liabilities |
904.834
|
839.667
|
357.585 |
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Provisions |
11.641
|
5.177
|
34.086 |
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Total
Current Liabilities |
1520.366
|
1294.164
|
685.748 |
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Net Current Assets |
1592.536
|
1436.499
|
1333.064 |
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MISCELLANEOUS EXPENSES |
0.187 |
1.025 |
2.725 |
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TOTAL |
4671.832 |
4388.109 |
3975.961 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
3636.604 |
2981.555 |
2926.464 |
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Other Income |
35.765 |
2.211 |
24.883 |
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TOTAL (A) |
3672.369 |
2983.766 |
2951.347 |
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Less |
EXPENSES |
|
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|
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|
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Cost of Materials |
2505.354 |
1995.048 |
1778.432 |
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Manufacturing Expenses |
360.370 |
311.718 |
325.447 |
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Payment to and Provisions for employees |
101.593 |
107.885 |
99.473 |
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Other Expenses |
205.983 |
223.492 |
150.357 |
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Directors Remunerations |
13.200 |
13.200 |
27.600 |
|
|
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Increase in stocks |
(101.437) |
(147.568) |
(56.559) |
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TOTAL (B) |
3085.063 |
2503.775 |
2324.750 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
587.306 |
479.991 |
626.597 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
370.537 |
299.891 |
245.089 |
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
216.769 |
180.100 |
381.508 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
152.463 |
146.002 |
126.817 |
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
64.306 |
34.098 |
254.691 |
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|
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|
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Less |
TAX (H) |
13.186 |
17.680 |
97.053 |
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|
PROFIT AFTER TAX
(G-H) (I) |
51.120 |
16.418 |
157.638 |
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
396.346 |
379.928 |
301.623 |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
20.894 |
0.000 |
25.073 |
|
|
|
Tax on Interim Dividend |
3.551 |
0.000 |
4.260 |
|
|
|
General Reserve |
7.500 |
0.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
415.521 |
396.346 |
379.928 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB Basis] |
45.791 |
41.334 |
NA |
|
|
|
Exports Services |
26.800 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
72.591 |
41.334 |
NA |
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
117.390 |
474.939 |
NA |
|
|
|
Stores & Spares |
0.034 |
0.711 |
NA |
|
|
|
Capital Goods |
4.415 |
157.762 |
NA |
|
|
TOTAL IMPORTS |
121.839 |
633.412 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) (Basic) |
6.12 |
1.96 |
18.86 |
|
|
|
Earnings Per
Share (Rs.) (Diluted) |
5.77 |
1.85 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.79
|
0.55
|
5.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.77
|
1.14
|
8.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.11
|
0.71
|
6.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.03
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.67
|
3.38
|
2.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.11
|
2.94 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
: |
|
|
|
|
For Capital Goods |
132.554 |
146.016 |
40.564 |
|
Others |
471.337 |
303.304 |
253.513 |
|
Total |
603.891 |
449.320 |
294.077 |
Review of
Operations
The income for the
year increased by 19.21 % to Rs.3920.300 millions from the previous year’s
Rs.3288.700 millions while profit after tax for the year
2009-10 at
Rs.51.100 millions as compared to the previous years of Rs.16.400 millions.
Business Review
During the period,
the Global Economy is slowly reviving to the normal mode but still the effect
of the global slowdown and the turmoil in the financial market had affected the
availability of funds and increased overall interest rates in the Market.
The Company put
lot of efforts to bring down the overall cost of production.
The stronger focus
on enhancing opportunities for value addition for existing as well as new
customers
After capturing the
major customers in MUV’s and SUV’s segment, the Company decided to focus on
other business segments like the Commercial Vehicle segment i.e. Considering
the capabilities, the Company was approached for development of Chassis Frame
Assemblies for Commercial Vehicle.
Unlike the MUV’s
and SUV’s Chassis Frame assemblies , the auto OEMs like Tata Motors, Ashok
Leyland, Eicher Motors generally prefer to manufacture the Chassis Frame
Assemblies including Long Members and Cross members for commercial vehicles in
house .
With new entrants
planning to enter the Indian market, their foreign counter parts were invited
to manufacture the Chassis frame assemblies including Long Members and Cross
Members for commercial vehicles in
However, with
extensive knowledge of Chassis frame manufacturing for MUV’s and SUV’s, team of
technical experts and support from global renowned equipment manufacturers, the
company was successful in convincing its technical abilities for the
manufacturing of long Members for Chassis Frame Assemblies of Heavy/Medium and
Light Commercial Vehicles.
The company bagged
two orders from renowned customers viz.
·
From Mahindra Navistar Automotives Limited for
manufacturing and Supply of long members for Heavy Commercial Trucks from 9
tonnes to 49 tonnes to be launched
·
Daimler India Commercial Vehicles Private Limited
for manufacturing and Supply of Chassis Frame Assemblies Long Members and Cross
members for Heavy/Medium and Light Commercial Vehicle to be launched.
With the
experience of developing Chassis frame assemblies for all existing major auto
OEMS companies in the India for MUV’s and SUV’s, the Company was looking for
entering the new product segment where it can leverage the strength of the
existing businesses.
With respect to
the Tube business,
Growing revenue
from non automotive business also aggressive measures for cost control have
helped the Company in posting reasonable results despite difficult market
situation.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U34300MH1994PLC081463 |
|
Name of the
company |
KLT AUTOMOTIVE AND TUBULAR PRODUCTS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
B-1/1, Mayur Ma Krupa chs Limited,
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80029244 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank Of |
|
Nature of
description of the instrument creating or modifying the charge |
Letter regarding
the grant of individual limits within the overall limit |
|
Date of instrument
Creating the charge |
21.06.2010 |
|
Amount secured by
the charge |
Rs.520.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan :
Rs. 520.000 Millions: 1% Above SBAR. i. e. 13.25% p. a. Terms of
Repayment Term Loan :
Rs. 520.000 Millions Margin As per sanction
terms Extent and
Operation of the charge As per sanction
terms |
|
Short particulars
of the property charged |
The whole of the movable
properties of the company pertaining to automated precision tubes project at
Plaghar Maharashtra including its Movable Plant and Machinery, Spares, Tools
and Accessories and Other Movables both Present and Future. |
|
Date of latest
modification prior to the present modification |
22.12.2005 |
|
Particulars of
the present modification |
Now by the
present modfn. Dated 21.6.2010 the bank at the request of the company have
decided to revise repayment schedule there is no change in the original limit
of Rs.520.000 millions revised schedule of repayment is |
FIXED ASSETS:
·
Land and
Site Developments
·
Building
·
Plant
and Machinery
·
Electrical
Installation
·
Office
Equipments
·
Vehicles
·
Furniture
and Fixture
·
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.50.03 |
|
|
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
63 |
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.