1. Summary Information
|
|
|
Country |
India |
|
Company Name |
SPEEDWAYS TYRE LIMITED |
Principal Name 1 |
Mr. Arvinder Singh |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Prabhjot Kaur |
|
|
|
Registration # |
16-005994 |
|
Street Address |
Suchi Pind, Bye Pass, G.T. Road, Jalandhar - 144009, Punjab |
||
|
Established Date |
19.06.1992 |
SIC Code |
-- |
|
Telephone# |
91-181-2420031 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-181-2420032 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Bicycle Tyres |
|
|
# of employees |
Not Available |
Product Name 2 |
Tubes |
|
Paid up capital |
Rs. 21,608,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors 80.00%, Others 20.00% |
Banking |
HDFC Bank
Limited |
|
Public Limited Corp. |
No |
Business Period |
21 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
164,129,000 |
Current Liabilities |
120,776,000 |
|
Inventories |
40,053,000 |
Long-term Liabilities |
76,011,000 |
|
Fixed Assets |
71,265,000 |
Other Liabilities |
17,601,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
214,388,000 |
|
Invest& other Assets |
462,000 |
Retained Earnings |
39,913,000 |
|
|
|
Net Worth |
61,521,000 |
|
Total Assets |
275,909,000 |
Total Liab. & Equity |
275,909,000 |
|
Total Assets (Previous Year) |
256,186,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
478,687,000 |
Net Profit |
4,481,000 |
|
Sales(Previous yr) |
417,283,000 |
Net Profit(Prev.yr) |
3,257,000 |
MIRA INFORM
REPORT
|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPEEDWAYS TYRE LIMITED |
|
|
|
|
Formerly Known
As : |
SPEEDWAYS TYRE AND RUBBER COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Suchi Pind, Bye Pass, G.T. Road, Jalandhar - 144009, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.06.1992 |
|
|
|
|
Com. Reg. No.: |
16-005994 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 21.608 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25111PB1992PLC005994 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Bicycle Tyres and Tubes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 246000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment terms
are usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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.
LOCATIONS
|
Registered Office : |
Suchi Pind, Bye Pass, G.T. Road, Jalandhar - 144009, Punjab, India |
|
Tel. No.: |
91-181-2420031/ 2420701/ 2235501 |
|
Fax No.: |
91-181-2420032/ 2235506 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Arvinder Singh |
|
Designation : |
Managing director |
|
Address : |
695-R, The Mall, Model Town, Jalandhar – 144001, Punjab, India |
|
Date of Appointment : |
20.12.2005 |
|
DIN No.: |
01072602 |
|
|
|
|
Name : |
Mr. Prabhjot Kaur |
|
Designation : |
Director |
|
Address : |
695-R, The Mall, Model Town, Jalandhar – 144001, Punjab, India |
|
Date of Appointment : |
19.06.1992 |
|
DIN No.: |
01072561 |
|
|
|
|
Name : |
Jaspreet Singh |
|
Designation : |
Director |
|
Address : |
695-R, The Mall, Model Town, Jalandhar – 144001, Punjab, India |
|
Date of Appointment : |
16.09.2005 |
|
DIN No.: |
01072584 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
80.00 |
|
Others
|
|
20.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bicycle Tyres and Tubes. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø HDFC Bank Limited,
HDFC Bank House Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013,
Maharashtra, India Ø ICICI Bank
Limited |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gurcharan Singh Syal and Company Chartered Accountants |
|
Address : |
470, Lajpat Nagar Market, Jalandhar – 144001, Punjab, India |
|
Tel. No.: |
91-181-2235501-2235505 |
|
Fax No.: |
91-181-2235506 |
|
Income-tax
PAN of auditor or auditor's firm : |
ABNPS2310K |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,160,820 |
Equity Shares |
Rs. 10/- each |
Rs. 21.608
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21.608 |
21.608 |
18.535 |
|
|
2] Share Application Money |
0.000 |
0.000 |
9.570 |
|
|
3] Reserves & Surplus |
39.913 |
35.432 |
29.102 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
61.521 |
57.040 |
57.207 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
76.011 |
66.061 |
69.850 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
76.011 |
66.061 |
69.850 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
137.532 |
123.101 |
127.057 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
71.265 |
58.491 |
57.085 |
|
|
Capital work-in-progress |
0.462 |
7.030 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
40.053
|
53.200 |
60.209 |
|
|
Sundry Debtors |
125.494
|
104.458 |
102.905 |
|
|
Cash & Bank Balances |
11.782
|
6.302 |
4.877 |
|
|
Other Current Assets |
19.347
|
20.695 |
0.000 |
|
|
Loans & Advances |
7.506
|
6.010 |
17.407 |
|
Total
Current Assets |
204.182
|
190.665 |
185.398 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
116.097
|
111.969 |
100.925 |
|
|
Other Current Liabilities |
4.679
|
7.392 |
5.942 |
|
|
Provisions |
17.601
|
13.724 |
8.559 |
|
Total
Current Liabilities |
138.377
|
133.085 |
115.426 |
|
|
Net Current Assets |
65.805
|
57.580 |
69.972 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
137.532 |
123.101 |
127.057 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operations |
478.687 |
417.283 |
368.783 |
|
|
|
Other Income |
7.298 |
9.026 |
10.652 |
|
|
|
TOTAL (A) |
485.985 |
426.309 |
379.435 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material purchase |
369.234 |
327.470 |
|
|
|
|
Cost of manufacturing |
46.464 |
44.998 |
|
|
|
|
Changes in inventory of finished goods
|
13.214 |
4.046 |
|
|
|
|
Employee benefit expenses |
7.179 |
6.681 |
|
|
|
|
Other expenses |
30.326 |
28.816 |
|
|
|
|
TOTAL (B) |
466.417 |
412.011 |
364.963 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.568 |
14.298 |
14.472 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.530 |
7.764 |
7.991 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.038 |
6.534 |
6.481 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.487 |
2.341 |
2.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.551 |
4.193 |
4.082 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.070 |
0.936 |
0.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.481 |
3.257 |
3.352 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.07 |
1.51 |
1.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.92
|
0.76 |
0.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.16
|
1.00 |
1.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.02
|
1.68 |
1.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.24
|
1.16 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.43 |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U25111PB1992PLC005994 |
|
Name of the
company |
SPEEDWAYS TYRE
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Suchi Pind, Bye Pass, G.T. Road, Jalandhar - 144009, Punjab, India Email: koulca@gmail.com |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
90172228 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel [West], Mumbai -
400013, Maharashtra, India Email: rbbform8@gmail.com CIN No.:
L65920MH1994PLC080618 |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
recording past transactions of creation of mortgage by delivery of Title Deeds |
|
Date of
instrument Creating the charge |
30.07.2012 |
|
Amount secured by
the charge |
Rs. 203.483
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the Bank from time to time. Terms of repayment The facilities
apart from term loans are receivable on demand Margin As may be
stipulated by the Bank from time to time. Extent and Operation of the charge The Company created an equitable mortgage by way of
deposit of title deeds in respect of its immovable properties as security for
the due repayment of Rs. 203.483 Millions by the Company, including principal
amount of the Facility, interest, liquidated damages, costs, charges and
expenses etc. |
|
Short particulars
of the property charged |
Factory at
village Chak Hussaina, Labma Pind, Pathankot Bye Pass, Jalandhar, measury 52
Marla Chak Hussaina, Labma Pind, Jalandhar, measuring , 328.50 Marla Factory at
Village Chak Hussaina, Labma Pind, Pathankot Bye Pass, Jalandhar, measuring
130 Marla |
|
Date of
Modification |
30.06.2011 |
|
Particulars of
the present modification |
Title deeds
submitted against loan enchanment limit worth Rs.203.483 Millions |
FIXED ASSETS:
Ø Land
Ø Machinery
Ø Building
Ø Furniture and
Fixture
Ø Fire Extinguisher
Ø Computers
Ø Vehicles
Ø Air Conditioners
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 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 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. 54.29 |
|
|
1 |
Rs. 81.94 |
|
Euro |
1 |
Rs. 70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.