MIRA
INFORM REPORT
|
Report Date : |
22nd
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
VENUS
PROCESSORS PRIVATE LIMITED |
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Formerly Known As: |
Abhishek
Processors Private Limited |
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Registered Office : |
146
Shivshakti Industrial Estate, Andheri (East), Mumbai – 400 059, Maharashtra,
India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
30.04.1992 |
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Com. Reg. No.: |
11-66600 |
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CIN No.: [Company
Identification No.] |
U17120MH1992PTC066600 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is engaged in the business of Manufacturing & Processing of
Textile. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Small
Company |
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a small company having moderate track. Company’s profitability is under
severe pressure. Payments are reported as slow but correct. The
company can be considered for small business dealings with slight caution,
initially. |
LOCATIONS
|
Registered Office : |
146
Shivshakti Industrial Estate, Andheri (East), Mumbai – 400 059, Maharashtra,
India. |
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Tel. No.: |
91-22-27781975 |
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Fax No.: |
91-22-27782081 |
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Factory: |
Plot
No. 62, T.T.C. Industrial Area, Mahape, MIDC, Navi Mumbai – 400 701, India. |
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Tel. No.: |
91-22-27781975/
27780488 |
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Fax No.: |
91-22-27782081 |
DIRECTORS
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Name : |
Mr.
Ravindra Agarwal |
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Designation : |
Director |
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Address : |
409 –
B, Meghdut Raheja Township, Malad (East), Mumbai – 400 097, India. |
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Date of Birth/Age : |
20.12.1990 |
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Date of Appointment : |
29.01.2001 |
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Name : |
Mr.
Narendra Agarwal |
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Designation : |
Director |
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Address : |
602,
Eden III, Hiranandani Garden, Powai, Mumbai – 400 073, India. |
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Date of Birth/Age : |
08.01.1981 |
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Date of Appointment : |
29.01.2001 |
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Name : |
Mr.
Murarilal Agarwal |
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Designation : |
Director |
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Address : |
703,
Minaxi Apartment, Filmcity Road, Gokuldham, Goregaon (East), Mumbai – 400
063, India. |
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Date of Birth/Age : |
14.11.1957 |
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Date of Appointment : |
15.12.2003 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Murarilal
Agarwal |
75628 |
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Narendra
Agarwal |
53960 |
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Ravindra
Agarwal |
48923 |
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Vishwambharlal
Bhoot |
12950 |
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TOTAL: |
191461 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in the business of Manufacturing & Processing of
Textile. |
PRODUCTION
STATUS
|
Particulars |
Installed Capacity |
Actual Production |
|
Cloth
Processing |
20.000
Mtrs. |
13.891
Mtrs. |
GENERAL
INFORMATION
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No. of Employees : |
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Bankers : |
The
Bharat Co- Operative Bank (Mumbai) Limited |
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Facilities : |
Term
Loan & cash Credit is secured by an equitable mortgage of land, factory
building and plant & machinery and other movable assets of the company
both present and future. The
loan is also secured against hypothecation of stocks, book debts of the
company both present and future. These
are also guaranteed all the directors of the company. |
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Banking Relations : |
Satisfactory |
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Auditors : |
V. K.
Beswal & Associates |
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Qualification: |
Charted
Accountant |
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Address: |
408/410,
Rewa Chambers, 31, New Marine Lines, Mumbai – 400 020, India. |
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Tel. No.: |
91-22-22065656/
22095656 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
191461 |
Equity
Shares |
Rs. 100/- each |
Rs. 19.146 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19.146 |
16.875 |
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2] Share Application Money |
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0.000 |
2.612 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(13.275) |
(13.377) |
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NETWORTH |
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5.871 |
6.110 |
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LOAN FUNDS |
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1] Secured Loans |
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15.956 |
16.961 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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15.956 |
16.961 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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21.827 |
23.071 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.674 |
24.022 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.100 |
0.100 |
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DEFERREX TAX ASSETS |
|
5.710 |
6.947 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.518 |
4.235 |
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Sundry Debtors |
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12.012 |
8.785 |
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Cash & Bank Balances |
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0.005 |
0.075 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
4.143 |
2.784 |
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Total Current Assets |
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22.678 |
15.879 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
29.350 |
23.901 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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29.350 |
23.901 |
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Net Current Assets |
|
(6.672) |
(8.022) |
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MISCELLANEOUS EXPENSES |
|
0.015 |
0.024 |
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TOTAL |
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21.827 |
23.071 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
79.384 |
73.612 |
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Profit/(Loss)
Before Tax |
|
1.341 |
(2.615) |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
1.341 |
(2.615) |
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Total
Expenditure |
|
74.591 |
72.793 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
|
1.69 |
(3.55) |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
1.69 |
(3.55) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
2.62 |
(5.57) |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.23 |
(0.43) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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7.72 |
6.69 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
0.77 |
0.66 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets:
Leasehold Land, Factory Building, Plant & Machinery, Office
Equipment, Furniture, Computers, Vehicle etc.
Business:
The company has put before you, the accounts for the year-ended
31.03.2005. During the year, the company has made profit of Rs. 0.101 Millions
after providing Rs. 3.451 Millions towards depreciation and deferred tax Rs.
1.240 Millions.
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Name
of the company |
Abhishek Processors Private Limited |
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Presented By |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi
Branch New Mumbai. |
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1)
Date and description of instrument creating the change |
09.12.1998 Hypothecation
of Tangible Movable Property Charge
and Hypothecation of Book Debts. (Both
documents create a single charge) |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
3.500 Millions |
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of stock of raw materials, goods in process and finished goods, tools and
machinery parts or machinery of the borrower including there in the stocks
thereof for the time being whether raw or manufactured or in the process of
manufacture, and also all every plant & machinery, furniture and fixture,
tool, tangible movable property of the borrower whether now lying or at an
time hereafter during the continuance of this security lying or being in or
about the borrowers premises and godowns at factory premises at Plot no. 62,
Village Mahape, T.T.C Industrial Area New Bombay or wherever else the same
may be. Hypothecation
of outstanding book debts, moneys receivable, claims, and approved book debts,
due to the borrower and bills which are now due and owing or which are now
due and owing or which may at any time hereafter during the continuance of
this security become due and owing to the borrower in the course of its
business by any person, firm, company or by the government or any local or
public body or authority. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
at the rate of 18% p.a. with quarterly rest or at such rate as may be
prescribed by Reserve Bank of India form time to time and or all costs,
charges and expenses incure\red by the Bank for preservation, protection
defence and perfection of this securities or for attempted or actual
realisation thereof and also for due payment of all present & future indebtness
and liabilities of the borrower to the bank of any kind, in any manner
whether solemnly or joint primary or collateral accured or accruing with all
relative interest, charges, cost, expenses. Margin Stocks: 40% Book
Debts: 50% (not
more than 3 months old) |
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5)
Name and Address and description of the person entitled to the charge. |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi Branch, 2, F – Type Building, Sector – 6, Vashi, New Mumbai – 400 705. |
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6)
Date and brief description of instrument modifying the charge |
Hypothecation
of Tangible Movable Property for Rs. 1.500 Millions Charge
and Hypothecation of Book debts for Rs. 1.500 Millions Hypothecation
of Tangible Movable Property for Rs. 2.000 Millllions Charge
and Hypothecation of Book debts for Rs. 2.000 Millions (Charge
for Rs. 3.500 Millions) |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
At the
request of the borrower the Bank has sub divided the existing Cash Credit as
under:
Interest
at the rate of 16.05% p.a. with quarterly rest in cash of cash credit limits
and monthly rest for working capital term loan or at such rate as may be
prescribed by Bank from time to time. (Other
terms and conditions remained unchanged) |
|
Name
of the company |
Venus Processors Private Limited |
|
Presented By |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi
Branch New Mumbai. |
|
1)
Date and description of instrument creating the change |
13.09.2001 Hypothecation
of Tangible Movable Property Charge
and Hypothecation of Book Debts. |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.700 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Stocks
in trade including there in the stocks thereof for the time being whether raw
or manufactured or in the process of manufacture, and also all every plant
& machinery, furniture and fixture, tool, tangible movable property of
the borrower whether now lying or at an time hereafter during the continuance
of this security lying or being in or about the borrowers premises and
godowns at factory premises at Plot no. 62, Village Mahape, T.T.C Industrial
Area New Bombay or wherever else the same may be. Hypothecation
of outstanding book debts, moneys receivable, claims, and approved book
debts, due to the borrower and bills which are now due and owing or which are
now due and owing or which may at any time hereafter during the continuance
of this security become due and owing to the borrower in the course of its
business by any person, firm, company or by the government or any local or
public body or authority. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
at the rate of 15.75% p.a. with quarterly rest or at such rate as may be
prescribed by Reserve Bank of India form time to time and or all costs,
charges and expenses incure\red by the Bank for preservation, protection
defence and perfection of this securities or for attempted or actual
realisation thereof and also for due payment of all present & future
indebtness and liabilities of the borrower to the bank of any kind, in any
manner whether solemnly or joint primary or collateral accured or accruing
with all relative interest, charges, cost, expenses. |
|
5) Name
and Address and description of the person entitled to the charge. |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi Branch, 2, F – Type Building, Sector – 6, Vashi, New Mumbai – 400 705. |
|
6)
Date and brief description of instrument modifying the charge |
13.09.2001 Memorandum
of Entry recording the continuation of deposit of title deeds by way of first
modification. |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
By the
aforesaid Memorandum of entry the borrower confirm the Bank shall also keep
and hold and continue to hold the said title deeds already deposited with the
bank as security in the form of equitable mortgage of the property viz. piece
and parcel of land situated at plot no. 62. Admeasuring 2100sq. mts. At T.T.C
Industrial Area with in the village Mahape. Dist. Thane together with the
factory building g standing thereon having Mezzanine and First floor in all admeasuring
22.346 sq. fts. For the repayment of
the cash credit limits and for interest and other charges thereon. Other
terms and conditions as per loaning document executed by the borrower company
with the Bank save and except above the terms and conditions situated in
original agreement of Hypothecation of Tangible Movable property and charge
and hypothecation of Book debts for Rs. 2.700 Millions dated 13.09.2001 shall
remain the same. |
|
Name
of the company |
Venus Processors Private Limited |
|
Presented By |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi
Branch New Mumbai. |
|
1)
Date and description of instrument creating the change |
13.09.2001 Hypothecation
of Tangible Movable Property |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
15.200 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
To
secure the due repayment of the Term loan of Rs. 15.200 Millions and Interest
thereon first charge and hypothecation of Plant & Machinery, Stocks in
trade including there in the stocks thereof for the time being whether raw or
manufactured or in the process of manufacture, and also all every plant &
machinery, furniture and fixture, tool, tangible movable property of the
borrower whether now lying or at an time hereafter during the continuance of
this security lying or being in or about the borrowers premises and godowns
at factory premises at Plot no. 62, Village Mahape, T.T.C Industrial Area New
Bombay or wherever else the same may be. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
at the rate of 15.75% p.a. with quarterly rest or at such rate as may be
prescribed by Reserve Bank of India form time to time and or all costs,
charges and expenses incure\red by the Bank for preservation, protection
defence and perfection of this securities or for attempted or actual
realisation thereof and also for due payment of all present & future
indebtness and liabilities of the borrower to the bank of any kind, in any
manner whether solemnly or joint primary or collateral accrued or accruing
with all relative interest, charges, cost, expenses. |
|
5)
Name and Address and description of the person entitled to the charge. |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi Branch, 2, F – Type Building, Sector – 6, Vashi, New Mumbai – 400 705. |
|
6)
Date and brief description of instrument modifying the charge |
13.09.2001 Memorandum
of Entry recording the continuation of deposit of title deeds by way of first
modification. |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
By the
aforesaid Memorandum of entry the borrower confirm the Bank shall also keep
and hold and continue to hold the said title deeds already deposited with the
bank as security in the form of equitable mortgage of the property viz. piece
and parcel of land situated at plot no. 62. Admeasuring 2100sq. mts. At T.T.C
Industrial Area with in the village Mahape. Dist. Thane together with the
factory building g standing thereon having Mezzanine and First floor in all
admeasuring 22.346 sq. fts. For the
repayment of the cash credit limits and for interest and other charges
thereon. Other
terms and conditions as per loaning document executed by the borrower company
with the Bank. Save
and except above the terms and conditions situated in original agreement of
Hypothecation of Tangible Movable property and charge and hypothecation of
Book debts for Rs. 2.700 Millions dated 13.09.2001 shall remain the same. |
|
Name
of the company |
Venus Processors Private Limited |
|
Presented By |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi
Branch New Mumbai. |
|
1)
Date and description of instrument creating the change |
12.02.2003 Hypothecation
of Tangible Movable Property |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
5.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
To
secure the due repayment of the Term loan of Rs. 15.200 Millions and Interest
thereon first charge and hypothecation of Plant & Machinery, Stocks in
trade including there in the stocks thereof for the time being whether raw or
manufactured or in the process of manufacture, and also all every plant &
machinery, furniture and fixture, tool, tangible movable property of the
borrower whether now lying or at an time hereafter during the continuance of
this security lying or being in or about the borrowers premises and godowns
at factory premises at Plot no. 62, Village Mahape, T.T.C Industrial Area New
Bombay or wherever else the same may be. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
at the rate of 15.00% p.a. with monthly rest or at such rate as may be
prescribed by Reserve Bank of India form time to time and or all costs,
charges and expenses incure\red by the Bank for preservation, protection
defence and perfection of this securities or for attempted or actual
realisation thereof and also for due payment of all present & future
indebtness and liabilities of the borrower to the bank of any kind, in any
manner whether solemnly or joint primary or collateral accrued or accruing
with all relative interest, charges, cost, expenses. |
|
5)
Name and Address and description of the person entitled to the charge. |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi Branch, 2, F – Type Building, Sector – 6, Vashi, New Mumbai – 400 705. |
|
6)
Date and brief description of instrument modifying the charge |
12.02.2003 Memorandum
of Entry recording the continuation of deposit of title deeds by way of first
modification. |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
By the
aforesaid Memorandum of entry the borrower confirm the Bank shall also keep
and hold and continue to hold the said title deeds already deposited with the
bank as security in the form of equitable mortgage of the property viz. piece
and parcel of land situated at plot no. 62. Admeasuring 2100sq. mts. At T.T.C
Industrial Area with in the village Mahape. Dist. Thane together with the
factory building g standing thereon having Mezzanine and First floor in all
admeasuring 22.346 sq. fts. Consisting of Ground floor, First floor,
Mezzanine of Term Loan of Rs. 5.000 Millions and for interest and other
charges thereon. Other terms and conditions as per the loaning documents
executed by the borrower company with the bank. Save
and except above the terms and conditions situated in original agreement of
Hypothecation of Tangible Movable property dated 12.02.2003 for Rs. 5.000
Millions shall remain the same. |
|
Name
of the company |
Venus Processors Private Limited |
|
Presented By |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi
Branch New Mumbai. |
|
1)
Date and description of instrument creating the change |
13.09.2001 Hypothecation
of Tangible Movable Property Charge
and Hypothecation of Book Debts. |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.700 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
To
secure the due repayment of the Term loan of Rs. 15.200 Millions and Interest
thereon first charge and hypothecation on: Stocks
in trade including there in the stocks thereof for the time being whether raw
or manufactured or in the process of manufacture, and also all every plant
& machinery, furniture and fixture, tool, tangible movable property of
the borrower whether now lying or at an time hereafter during the continuance
of this security lying or being in or about the borrowers premises and
godowns at factory premises at Plot no. 62, Village Mahape, T.T.C Industrial
Area New Bombay or wherever else the same may be. Hypothecation
of outstanding book debts, moneys receivable, claims, and approved book
debts, due to the borrower and bills which are now due and owing or which are
now due and owing or which may at any time hereafter during the continuance
of this security become due and owing to the borrower in the course of its
business by any person, firm, company or by the government or any local or
public body or authority. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
at the rate of 15.75% p.a. with Quarterly rest or at such rate as may be
prescribed by Reserve Bank of India form time to time and or all costs,
charges and expenses incurred by the Bank for preservation, protection
defence and perfection of this securities or for attempted or actual
realisation thereof and also for due payment of all present & future
indebt ness and liabilities of the borrower to the bank of any kind, in any
manner whether solemnly or joint primary or collateral accrued or accruing
with all relative interest, charges, cost, expenses. |
|
5)
Name and Address and description of the person entitled to the charge. |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi Branch, 2, F – Type Building, Sector – 6, Vashi, New Mumbai – 400 705. |
|
6)
Date and brief description of instrument modifying the charge |
10.05.2004 Hypothecation
of Tangible Movable Property Charge
and Hypothecation of Book debts By way
of Fourth modification (both the document constitute as a single charge) |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
By the
aforesaid modification. At the request of the Borrower company. The bank has
converted the existing Cash Credit facility of Rs. 3.500 Millions in to
working capital Term Loan against existing first charge and hypothecation of Stocks
in trade including there in the stocks thereof for the time being whether raw
or manufactured or in the process of manufacture, and also all every plant
& machinery, furniture and fixture, tool, tangible movable property of
the borrower whether now lying or at an time hereafter during the continuance
of this security lying or being in or about the borrowers premises and
godowns at factory premises at Plot no. 62, Village Mahape, T.T.C Industrial
Area New Bombay or wherever else the same may be. Hypothecation
of outstanding book debts, moneys receivable, claims, and approved book
debts, due to the borrower and bills which are now due and owing or which are
now due and owing or which may at any time hereafter during the continuance
of this security become due and owing to the borrower in the course of its
business by any person, firm, company or by the government or any local or
public body or authority. There
is also Change in the interest rate: Interest
at the Rate of 14.50% calculated on daily balance or at such rate as may be
prescribed by Reserve Bank of India form time to time and for all costs,
charges and expenses incurred by the bank for Preservation, protection
defence and perfection of this securities or for attempted or actual
realisation thereof and also for due payment of all present and future indebt
ness and liabilities of the borrower to the Bank of any kind, in any manner
whether solemnly or joint primary or collateral accrued or according with all
relative interest, charges, cost, expenses. Other
terms and conditions as per the loaning documents executed by the borrower
company with the bank. Total
charge stands remains unaltered at Rs. 3.500 Millions. Save
and except above the terms and conditions situated in original agreement of
Hypothecation of Tangible Movable property and charge and hypothecation of
Book debts for Rs. 2.700 Millions dated 13.08.2001, Memorandum of entry dated
13.09.2001 recording the continuation of deposit of title deeds by way of
first modification. Hypothecation of Tangible Movable property and charge and
hypothecation of Book debts dated 31.01.2003 for Rs. 3.500 Millions by Way of
second and Memorandum of entry dated 12.02.2003 recording the continuation of
deposit of title deeds by way of Third modification. Shall remain the same. |
|
Name
of the company |
Venus Processors Private Limited |
|
Presented By |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi
Branch New Mumbai. |
|
1)
Date and description of instrument creating the change |
13.09.2001 Hypothecation
of Tangible Movable Property Charge
and Hypothecation of Book Debts. |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.700 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
To
secure the due repayment of the Term loan of Rs. 15.200 Millions and Interest
thereon first charge and hypothecation on: Stocks
in trade including there in the stocks thereof for the time being whether raw
or manufactured or in the process of manufacture, and also all every plant
& machinery, furniture and fixture, tool, tangible movable property of
the borrower whether now lying or at an time hereafter during the continuance
of this security lying or being in or about the borrowers premises and
godowns at factory premises at Plot no. 62, Village Mahape, T.T.C Industrial
Area New Bombay or wherever else the same may be. Hypothecation
of outstanding book debts, moneys receivable, claims, and approved book
debts, due to the borrower and bills which are now due and owing or which are
now due and owing or which may at any time hereafter during the continuance
of this security become due and owing to the borrower in the course of its
business by any person, firm, company or by the government or any local or
public body or authority. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
at the rate of 15.75% p.a. with Quarterly rest or at such rate as may be
prescribed by Reserve Bank of India form time to time and or all costs,
charges and expenses incurred by the Bank for preservation, protection
defence and perfection of this securities or for attempted or actual
realisation thereof and also for due payment of all present & future
indebt ness and liabilities of the borrower to the bank of any kind, in any
manner whether solemnly or joint primary or collateral accrued or accruing with
all relative interest, charges, cost, expenses. |
|
5)
Name and Address and description of the person entitled to the charge. |
The
Bharat Co – Operative Bank (Mumbai) Limited Vashi Branch, 2, F – Type Building, Sector – 6, Vashi, New Mumbai – 400 705. |
|
6)
Date and brief description of instrument modifying the charge |
31.01.2003 Hypothecation
of Tangible Movable Property Charge
and Hypothecation of Book debts By way
of Second modification (both the document constitute as a single charge) |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
By the
aforesaid modification. At the request of the Borrower company. The bank has
enhanced the Cash Credit facility of Rs. 2.700 Millions to Rs. 3.500
Millions against existing first
charge and hypothecation of Stocks
in trade including there in the stocks thereof for the time being whether raw
or manufactured or in the process of manufacture, and also all every plant
& machinery, furniture and fixture, tool, tangible movable property of
the borrower whether now lying or at an time hereafter during the continuance
of this security lying or being in or about the borrowers premises and
godowns at factory premises at Plot no. 62, Village Mahape, T.T.C Industrial
Area New Bombay or wherever else the same may be. Hypothecation
of outstanding book debts, moneys receivable, claims, and approved book
debts, due to the borrower and bills which are now due and owing or which are
now due and owing or which may at any time hereafter during the continuance
of this security become due and owing to the borrower in the course of its
business by any person, firm, company or by the government or any local or
public body or authority. There
is also Change in the interest rate: Interest
at the Rate of 15.00% calculated on daily balance or at such rate as may be
prescribed by Reserve Bank of India form time to time and for all costs,
charges and expenses incurred by the bank for Preservation, protection
defence and perfection of this securities or for attempted or actual
realisation thereof and also for due payment of all present and future indebt
ness and liabilities of the borrower to the Bank of any kind, in any manner
whether solemnly or joint primary or collateral accrued or according with all
relative interest, charges, cost, expenses. Other
terms and conditions as per the loaning documents executed by the borrower
company with the bank. Total
charge stands remains unaltered at Rs. 3.500 Millions. Save
and except above the terms and conditions situated in original agreement of
Hypothecation of Tangible Movable property and charge and hypothecation of
Book debts for Rs. 2.700 Millions dated 13.08.2001, Memorandum of entry dated
13.09.2001 recording the continuation of deposit of title deeds by way of
first modification. Shall remain the same. |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.46.20 |
|
UK
Pound |
1 |
Rs.84.57 |
|
Euro |
1 |
Rs.58.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |