MIRA INFORM REPORT
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Report Date : |
13.11.2006 |
IDENTIFICATION DETAILS
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Name : |
HINDUSTAN LATEX LIMITED |
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Registered Office : |
Latex
Bhavan, Mahilamandiram Road, Poojapura P. O., Thiruvananathapuram – 695 012,
Kerala |
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Country : |
India
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.03.1966 |
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Com. Reg. No.: |
09-2621 |
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CIN No.: [Company Identification No.] |
U25193KL1966SGC002621 |
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TAN No.: [Tax Deduction & Collection Account No.] |
BLRH02231F |
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PAN No.: [Permanent Account No.] |
AAACH5598K |
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Legal Form : |
Subject
is a Public Limited Liability Company. It is wholly owned by Government of
India. |
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Line of Business : |
Manufacturing,
trading and marketing of condoms for National Family Planning programme of
Government of India and manufacture of Oral Contraceptives like Birth Control
Pills and Intra Uterine devices and health care products like Blood Bags,
Hydrocephalus Shuts, Surgical Gloves and Surgical Sutures. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa 3750000 |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established Government of India Company. Trade relations are fair. Financial
position is good. Payments are correct and as per commitments. The company is
doing well. It
can be considered good for any normal business dealings. It can be regarded
as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office / Corporate Office: |
Latex
Bhavan, Mahilamandiram Road, Poojapura P. O., Thiruvananathapuram – 695 012,
Kerala, India |
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Tel. No.: |
91-471-2341149/2341219/2341352/2354949 |
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Fax No.: |
91-471-2340739/2340125/2358890/2356739 |
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E-Mail : |
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Website : |
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Factory 1 : |
Located at :- v
Peroorkada,
Trivandrum, Kerala v
Kanagala, Belgaum,
Karnataka v
Peroorkkada,
Thiruvananthapuram 695 005, Kerala Nirodh
Factory Contact
Person: Mr. Darly Francis – Executive Director (Operations) Tel.
No.: 91-471-2437270 / 2433602 / 0433459 / 2432898 / 2432292 Fax
No.: 91-471-2435013 |
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Resident Representatives
at Delhi: |
v
HLL Liasion Office, 4668/21,
Daryaganj, New Delhi – 110002 Tel.
No. 91-11-23278435/23266435 (Res.) Fax.
No. 91-11-23273740 E-mail.
hllco@satyam.net.in Contact Person – Mr. O. N. Gupta |
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Units / Zonal / Regional
Office : |
v
Nirodh Factory,
Peroorkada, P. O., Trivandrum – 695005, Kerala Tel.
No. 91-471-2437270/2433602/2433459 Fax.
No. 91-471-2435013 E-mail.
hllnft@md2.vsnl.net.in Contact
Person – Mrs. Darly Francis v
Nirodh Factory, Kanagala,
Belgaum – 591225, Karnataka Tel.
No. 91-8338-231443/279207/279239 Fax.
No. 91-8338-220443 Contact
Person – Mr. K. K. Suresh Kumar (General Manager) v
Akkulam Plant,
Sreekaryam P. O., Trivandrum – 695017, Kerala Tel.
No. 91-471-2442642/2441384/2442691 Fax.
No. 91-471-2441384 E-mail.
hllaft@md2.vsnl.net.in Contact Person – Mr. Sunderam Reddiar
(General Manager) |
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Guest House (S) : |
HLL Guest House,
Poorappura, Trivandrum – 695012, Kerala Tel. No.
91-471-2341149/3241219 Fax.
No. 91-471-2340739 |
DIRECTORS
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Name : |
Mr.
Gangadharan Rajamohan |
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Designation : |
Chairman
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Address : |
Sripadam,
Sasthamangalam, Thiruvananthapuram – 695010, Kerala |
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Date of Birth/Age : |
27.07.1943 |
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Date of Appointment : |
01.08.2003 |
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Date of Ceasing : |
20.01.2005 |
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Election Commission Identity card No. |
KL/20/136/021681 |
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Name : |
Mr.
M. Ayyappan |
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Designation : |
Managing
Director |
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Address : |
Sripadam,
Sasthamangalam, Thiruvananthapuram – 695010, Kerala |
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Date of Birth/Age : |
22.05.1956 |
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Date of Appointment : |
01.08.2003 |
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Date of Ceasing : |
31.07.2008 |
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Election Commission Identity card No. |
FVM1101617 |
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Name : |
Mr.
Satyendra Nath Pal |
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Designation : |
Director
(Technical & Operations) |
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Address : |
Ashirbad,
Elangathnagar, Thiruvananthapuram – 695006, Kerala |
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Date of Birth/Age : |
10.05.1951 |
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Date of Appointment : |
27.11.2002 |
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Date of Ceasing : |
26.11.2007 |
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Election Commission Identity card No. |
HVX1831205 |
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Name : |
Mr.
Sanjeev Misra |
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Designation : |
Director
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Address : |
C
– II/ 38, Shajahan Road, New Delhi |
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Date of Birth/Age : |
16.12.1947 |
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Date of Appointment : |
19.07.2004 |
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Name : |
Mr.
Navreet Singh Kang |
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Designation : |
Director
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Address : |
370-KP,
Thakkarblock, Asiadvillage, New Delhi |
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Date of Birth/Age : |
12.04.1958 |
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Date of Appointment : |
05.06.2003 |
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Name : |
Mr.
K. K. Suresh Kumar |
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Designation : |
Director
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Address : |
Pranamam
TC VI / 1284 / 8, Pipeline Road, PTP Nagar, Avenue-695010, Kerala |
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Date of Birth/Age : |
29.11.1956 |
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Date of Appointment : |
19.02.2004 |
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Date of Ceasing : |
18.02.2009 |
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Election Commission Identity card No. |
MBZ
1555390 |
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Name : |
Mr.
V. A. Sasidharan Nair |
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Designation : |
Director
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Address : |
House
No. 150, TC 2/1194, Kedaram Nagar, Pottakuzhi Pattom, Thiruvananthapuram –
695004, Kerala |
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Date of Birth/Age : |
28.05.1952 |
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Date of Appointment : |
03.04.1997 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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The
President of India |
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155347 |
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J.
V. R. Prasada Rao |
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01 |
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Navreet
Singh Kang |
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01 |
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P.
K. Hota |
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01 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing,
trading and marketing of condoms for National Family Planning programme of
Government of India and manufacture of Oral Contraceptives like Birth Control
Pills and Intra Uterine devices and health care products like Blood Bags,
Hydrocephalus Shuts, Surgical Gloves and Surgical Sutures. |
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Products : |
v
Condoms v
Contraceptive Pills v
Copper T : 313 v
Blood bags v
Hydrocephalus Shunts v
Sutures v
Male
Contraceptive Rubber Condoms : 312 v
Mala D/ N : 304 |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Condom |
M.Pcs. |
|
670.000 |
856.118 |
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Steroidal OCPs |
M.Cycles |
|
30.000 |
55.000 |
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Non-Steroidal |
M.Tables |
|
30.000 |
12.780 |
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Copper –T |
M.Pcs. |
|
4.000 |
0.340 |
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Emergency Pills |
M.Tables |
|
-- |
2.000 |
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Blood Bag |
M.Pcs. |
|
2.000 |
3.640 |
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Suture |
M.Pcs. |
|
1.500 |
0.170 |
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Hydrocehalus Shunt |
Pcs. |
|
5.000 |
1.738 |
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Tubal Ring |
Pcs. |
|
-- |
0.150 |
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Tissue Expander |
Pcs. |
|
2.000 |
84 |
GENERAL INFORMATION
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No. of Employees : |
Around
2385 |
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Bankers : |
State
Bank of India M
G Road Trivandrum Punjab
National Bank M
G Road Trivandrum State Bank of Travancore Canara Bank |
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Facility : |
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Banking Relations : |
Good
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Auditors : |
K Varghese & Company Chartered
Accountants “Sriniketan”
P. B. No. 12, Vhettikulangara, Thiruvananthauram - 695001 |
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Tel No : |
91-471-2479181 |
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Fax No : |
91-471-2476280 / 2477719 |
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Email : |
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Sister Concerns : |
All
Government of India Undertaking Companies |
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Membership : |
Confederation
of Indian Industry |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity Shares |
Rs.1000/- |
Rs. 200.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
155350 |
Equity Shares |
Rs.10000/- |
Rs. 155.350 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS
FUNDS |
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|
|
1]
Share Capital |
155.350 |
155.350 |
155.350 |
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2]
Reserves & Surplus |
817.422 |
658.330 |
518.546 |
NETWORTH
|
972.772 |
813.680 |
673.896 |
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LOAN
FUNDS |
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1]
Secured Loans |
146.152 |
86.581 |
62.772 |
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2]
Unsecured Loans |
0.000 |
0.000 |
16.596 |
TOTAL
BORROWING
|
146.152 |
86.581 |
79.368 |
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Grant / liabilities payable as per Contra
|
0.000 |
598.869 |
851.184 |
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DEFERRED
TAX LIABILITIES |
18.341 |
33.875 |
19.236 |
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TOTAL
|
1137.265 |
1533.005 |
1623.684 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
385.290 |
365.180 |
325.686 |
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Capital
work-in-progress |
3.668 |
9.191 |
33.983 |
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CURRENT
ASSETS, LOANS & ADVANCES |
|
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|
Inventories |
315.348 |
304.486 |
264.931 |
|
Sundry
Debtors |
572.664 |
474.757 |
191.336 |
|
Cash
& Bank Balances |
218.735 |
115.222 |
269.594 |
|
Other
Current Assets |
17.360 |
10.903 |
3.867 |
|
Loans
& Advances |
224.500 |
220.495 |
116.221 |
|
Total Current Assets |
1348.607 |
1125.863 |
845.949 |
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
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Current
Liabilities |
438.277 |
388.825 |
359.614 |
Provisions
|
162.023 |
177.273 |
73.504 |
Total Current Liabilities
|
600.300 |
566.098 |
433.118 |
Net
Current Assets
|
748.307 |
559.765 |
412.831 |
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|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
598.869 |
851.184 |
|
|
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TOTAL
|
1137.265 |
1533.005 |
1623.684 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
2271.604 |
2094.494 |
1756.420 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
311.487 |
337.195 |
294.846 |
|
Provision
for Taxation |
105.099 |
136.137 |
106.725 |
|
Profit/(Loss)
After Tax |
206.388 |
201.058 |
188.121 |
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|
|
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Export
Value |
97.722 |
135.420 |
119.082 |
|
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Import
Value |
NA |
42.015 |
33.659 |
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|
|
|
|
Total
Expenditure |
1960.117 |
1754.967 |
1462.963 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
9.08
|
9.59 |
10.71 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
13.71
|
16.09 |
16.78 |
|
|
|
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|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
17.96
|
22.61 |
25.16 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.41 |
04.30 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.76
|
0.80 |
0.76 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.24
|
1.98 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Land
v
Building
v
Plant and Machinery
v
Furniture and Fixture
v
Motor Vehicles
History
Subject
was incorporated on 1st March, 1966 at Trivandrum in Kerala having
Company Registration Number 2621.
Subject
was set up in 1969 with the objective of providing good quality condoms for the
National Family Planning Programme of Government of India. The company is one
of the world’s largest manufacturers of condoms. It has diversified into the
manufacture of Oral Contraceptives like birth control pills and Intra Uterine
devices and health care products like Blood Bags, Hydrocephalus Shuts, Surgical
Gloves and Surgical Sutures.
It
is providing consultancy services to Electro-Medical and Allied Industries
Limited, Kolkata for setting up a unit for the manufacture of Blood Bags. The
unit is expected to be commissioned shortly.
Subject
has developed an impressive production infrastructure for the manufacture of
Contraceptives and Health Care Products. It started commercial production of
condoms in 1969 at its manufacturing plant at Peroorkada, Trivandrum, Kerala
State, with the technical assistance from Okamoto Industries, Japan.
In
2000-01, it was awarded the Procurement Support Agency Contract for the
procurement and supply of Essential Obstetric Care Kits, Emergency Obstetric
Care Kits and RTI/STI Kits.
Performance
For
translating the vision to reality the company has entered into the following
alliances during the year 2004-05.
Alliance
with Becton Dickinson, USA : Becton Dickinson, a Fortune 500 medical technology
company is at the forefront manufacturing injection devices and medical
equipments. The company has entered into an agreement with them for promoting
Auto disabled syringes in India. Injection Safety has been an issue of serious
concern for public health professionals and it has been estimated that 9 % of
HIV transmission is caused by unsafe injection is South Asia. The partnership
with BD is for promoting Auto disabled syringes for immunization and Re Use
Prevention syringe for the curative segment. The company has a co-marketing
alliance with BD for promoting Injection Safety and marketing of Auto Isabel /
Re Use Prevention
Alliance
with Female health company : The company has progressed significantly on the
alliance with Female Health Company Chicago for introductions Female Condoms in
India. A border national consensus has been evolved under the direction of
National AIDS Control Organization for introducing Female Condoms in India.
Alliance
with Schimaduz : the company has signed an agreement with Schimadzu, India for
marketing of their medical imaging equipment for public health institutions.
Alliance
with Helm Pharmaceuticals, Germany : the company in its firm belief of widening
choice for eligible couples, have made plans to launch female ignitable
contraceptive DMPA.
During
this year 2004-05, the company set new
in its performance. The year has been a momentous one for the company. The
company has recorded the highest turnover and profit in its history.
The
turnover of the company reached Rs. 1943.100 millions against that of Rs.
1625.400 millions achieved for the year 2003-04, registering an increase of
19.54 % .
The
performance of the company has resulted a net profit after tax of Rs. 201.100
millions against the previous year achievement of Rs. 188.100 millions. It
recorded an increase of 6.91 %.
The
dividend recommended during this year is Rs. 36.200 millions against Rs. 37.600
millions for the pervious year.
These
remarkable achievements in all sectors, including production, turnover, profit
and dividend have been possible through increased capacity utilization better
realization, higher productivity,
reduction in financing cost and implementations of effective cost management
measures.
Production:
The year 2004-05 the Company has achieved the highest production recorded in
its history. The all time high production figures at its manufacturing units
are stated below.
The
company had produced 926 Mln. Pcs. of Condoms (Previous year 856 MIn.Pcs). it
recorded am increase of 8.2 %. This indicates a capacity utilization of 138.21
%
The
Blood bags production at the Akkulam factory was only 3.50 Min. Pcs. Against
that of the previous year at 3.64 Min pcs.
During
the year, the company had produced 73.52 Min. cycles of OCP Pills against that
during the previous year of 67.78 Min. Cycles, recording an increase of 8.47
%.
Memorandum of understanding [MOU] and Rating
The company is a ‘Memorandum of Understanding’ [MOU] signing company with the Ministry of Health and Family Welfare and have been consistently rated as “Very Good” or “Excellent” by the Department of Public Enterprises for its performance. During the year 2003-04 the company’s performance was rated as “Excellent”.
The company has signed an MOU with the Ministry of Health and Family Welfare for the year 2005-06. a turnover of Rs. 2050.600 millions and net profit of Rs. 223.800 Millions was agreed upon for excellent rating besides other targets in respect of financial and key performance parameters, including investments in Research and Developments.
AWARDS
During the year, the company had received an award from President of
India for excellence in achieving of MOU target for the year 2001-02. HLL has
emerged as one of the top ten performers among 108 MOU signing PSE's.
All the
products of the company under the direct marketing fold recorded increased
sales volume during the year under review. The company's major condom brands
MOODS and MOODS SUPREME have penetrated further into existing markets and
gained newer markets in several states. Its brands have now emerged as the
second or third largest player in most markets. While the commercial market for
condoms have registered a negative growth during the year under review as per
ORG reports, the company's brands have improved its market share to 15%. This
is a major achievement in the light of the stiff competition both from
established brands of our competitors and other Indian-made foreign brands. The
success is mainly attributed to the sustained promotional campaigns and the
distribution system. Innovative promotional scheme are being carried out during
the year to sustain the interest in our product.
New Products
& Initiatives
During the year under review, Direct Marketing Division of the company has
launched Medicated Plasters in the brand name PLAST AID and Blood banking
equipments namely, Tube Sealer, Blood Collection Monitor, BT Set, Infusion Set,
etc., under brand name HiCare. The new products are receiving good market
acceptance.
The Surgical Suture business of the company has been generating sustained
business. The sales turnover of this product during the year has reached a
reasonable level of Rs.14.7 millions against Rs.10.4 millions in the previous
year, a growth of nearly 41 %. The company has entered into a technical
association with M/s. Samyang Corporation, Korea for the PGA (synthetic
absorbable) sutures. The in house infrastructure facility is now ready at its
Trivandrum Plant and the trial runs have been completed. The commercial launch
of this product is awaited soon.
For the 2nd year in succession, the company has bagged the contract against
stiff competition for importing Levenorgestrol hormones in bulk (Value Rs.
59.700 millions) from China, for Ministry of Health & Family Welfare
Department, based on an International competitive bidding process, floated by
the Govt. of India.
The company was earlier appointed as an Agency for procuring and operational!
zing Condom Vending Machines on a pilot basis in Delhi. The company has
installed 26 machines branded as Healthcare Dispensers in the Delhi Metro
during the year. This is an innovative project by Govt. of India, so as to
ensure condom availability at arms-length. This concept being marketed by us is
gaining acceptance and more state governments are now initiating action in
installing such machines in their territories.
DIVERSIFICATION PROJECTS
Surgical Suture Project
The company has completed the installation of plant and machinery for the
manufacture of Synthetic Sutures, having an installed capacity of 1.5 million
pieces per annum at Akkulam Factory. Trivandrum at an investment of Rs. 257
Lakhs and the Unit is under trial run.
OTHER
PROJECTS
The company is planning to part
manufacture Blood Oxygenarator in India with Japanese technology and also
`CONSAP', a contraceptive cream with technology from `CDRI'.
Major clients of the company
are :-
v
UNFPA
v
WHO
v
PSI
v
FHI
v
IDA
It
is providing consultancy services to Electro-Medical and Allied Industries
Limited, Kolkata for setting up a unit for the manufacture of Blood Bags. The
unit is expected to be commissioned shortly.
The
International Business Unit of the company manages the distribution of
company’s brand to over 70 countries worldwide, its activities in Europe,
United States of America, Central America, Sub-Saharan Africa and Middle East.
The company has joint ventures in the Middle East and CIS countries and
business partners in Turkey, CIS countries, Africa, United States of America
and South America.
The
company’s Health Care Production Division’s major products are Blood Bags,
Hydrocephalus shunts, Surgical Sutures, Gloves and Needle destroyers are
targeted at Blood Banks, Corporate and Private Hospitals, Government Hospitals,
etc.
The
Contraceptive Product Division of the company has developed a strong sales and
distribution network throughout the country. Its product range includes
Condoms, Oral Contraceptives, Intra uterine devices and Oral Re hydration
salts, etc.
The
Social Project Management Division based at Hyderabad is responsible for
designing and implementing social projects. Its undertakes area of promoting
small family norms and AIDS project.
The
company’s Akkulam plant has been accredited with ISO 14001 Certification.
Biodata
Hindustan Latex Limited was set-up in 1969 with the
objective of providing good quality condoms for the National Family Planning
Programme of Government of India. Today,HLL is one of the world's largest
manufacturers of condoms. HLL has diversified into the manufacture of Oral
Contraceptives like birth control pills and Intra Uterine devices and health
care products like Blood Bags,Hydrocephalus Shuts,Surgical Gloves and Surgical
Sutures.
HLL has developed an impressive production infrastructure for the manufacture
of Contraceptives and Health Care Products. HLL started commerical production
of condoms in 1969 at its manufacturing plant at Peroorkada,Trivandrum,Kerala
State South India with the technical assistance from M/s Okamoto Ind., Japan.
HLL is providing consultancy services to M/s Electro-Medical & Allied
Industries Ltd, Kolkata for setting up a unit for the manufacture of Blood
Bags. The unit is expected to be commissioned shortly.
In 2000-01,HLL was awarded the Procurement Support Agency Contract for the
procurement and supply of Essential Obstetric Care Kits,Emergency Obstetric
Care Kits and RTI/STI Kits.
|
Name of the company |
HINDUSTAN LATEX LIMITED |
||||||||||||||||||||||||
|
Presented By |
Mr.
V. A. Sasidhara Nair |
||||||||||||||||||||||||
|
1) Date and description of
instrument creating the change |
v
Agreement dated
30.03.1994 to give credit facilities. v
Joint deed of
hypothecation dated 30.03.1994 v
Deed of guarantee
dated 30.03.1994 v
Inter se agreement
among SBI and PNB dated 30.03.1994 v
Letter of Undertaking
dated 30.03.1994 |
||||||||||||||||||||||||
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Total limit of Rs. 100
millions sanctioned by SBI Trivandrum and PNB, Trivandrum on consortium
basis. |
||||||||||||||||||||||||
|
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 |
The
whole of the current assets of Borrower namely stocks of raw materials, stock
in process, semi finished goods, movable both present and future whether now
lying loose or in cases or which are now lying or stored in or about or shall
hereinafter from time to time during the continuance of the security of these
presents be brought into or upon or be stored or be in or about of the
borrowers factories, premises and godowns
situated at Trivandrum in the State of Kerala, Kanagla in the State of
Karnataka or else where in the country or aboard or wherever else the same may be or be held by any party to the
order or disposition of the borrower or in the course of transit or on high
seas or on or delivery howsoever or whosesoever in the possession of the
borrowers and either by way of substitution of additions. |
||||||||||||||||||||||||
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
First charge on the entire stock of company’s raw materials or those in process of manufacture and all articles manufactured therefore store in the company’s godown or premises at Perookkada Trivandrum and book debts and assets to be hold as security for cash credit advance to the extent of Rs. 100.000 Millions The company shall nor create mortgage charge lien
report or over the stock in trade and raw materials or any part thereof
except to the SBI Trivandrum nor suffer any such mortgage charge lien to
effect the same or any part of thereof nor do or allow anything that may
predict this security. Principal payable on demand SBI / PNB
shall have pari passu charge on goods Hypothecation. Interest 1 % above SBAR interest 16 % p.a. Effective rate 16.5 % including interest tax. Margin : Bank Guarantee 100 % for disputed liabilities and 10
% for the other guarantees. Raw material 25 % Stock in process 35 % Finished goods 25 % Consumable stores 25 % Receivable – No drawing. |
||||||||||||||||||||||||
|
5) Name and Address and
description of the person entitled to the charge. |
State
Bank of India M
G Road Trivandrum Punjab
National Bank M
G Road Trivandrum |
||||||||||||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Memorandum agreement dated
06.07.2001 From C – 1 Agreement for hypothecation
of goods and assets From C – 2 |
||||||||||||||||||||||||
|
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. |
Memorandum of agreement
dated 06.07.2001
Other terms and conditions
of modification are as under : Term loan will be charged
interest @ 13.5 p.a. Repayable as per schedule
from August, 2001 The existing security were
extended for the enhanced facilities as above. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name of the company |
HINDUSTAN LATEX LIMITED |
||||||||||||||||||||||||
|
Presented By |
Mr.
V. A. Sasidhara Nair |
||||||||||||||||||||||||
|
1) Date and description of
instrument creating the change |
v
Agreement dated
30.03.1994 to give credit facilities. v
Joint deed of
hypothecation dated 30.03.1994 v
Deed of guarantee
dated 30.03.1994 v
Inter se agreement
among SBI and PNB dated 30.03.1994 v
Letter of Undertaking
dated 30.03.1994 |
||||||||||||||||||||||||
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Total limit of Rs. 100
millions sanctioned by SBI Trivandrum and PNB, Trivandrum on consortium
basis. |
||||||||||||||||||||||||
|
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 |
The
whole of the current assets of Borrower namely stocks of raw materials, stock
in process, semi finished goods, movable both present and future whether now
lying loose or in cases or which are now lying or stored in or about or shall
hereinafter from time to time during the continuance of the security of these
presents be brought into or upon or be stored or be in or about of the
borrowers factories, premises and godowns
situated at Trivandrum in the State of Kerala, Kanagla in the State of
Karnataka or else where in the country or aboard or wherever else the same may be or be held by any party to the
order or disposition of the borrower or in the course of transit or on high
seas or on or delivery howsoever or whosesoever in the possession of the
borrowers and either by way of substitution of additions. |
||||||||||||||||||||||||
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
First charge on the entire stock of company’s raw materials or those in process of manufacture and all articles manufactured therefore store in the company’s godown or premises at Perookkada Trivandrum and book debts and assets to be hold as security for cash credit advance to the extent of Rs. 100.000 Millions The company shall nor create mortgage charge lien
report or over the stock in trade and raw materials or any part thereof
except to the SBI Trivandrum nor suffer any such mortgage charge lien to
effect the same or any part of thereof nor do or allow anything that may
predict this security. Principal payable on demand SBI / PNB
shall have pari passu charge on goods Hypothecation. Interest 1 % above SBAR interest 16 % p.a. Effective rate 16.5 % including interest tax. Margin : Bank Guarantee 100 % for disputed liabilities and 10
% for the other guarantees. Raw material 25 % Stock in process 35 % Finished goods 25 % Consumable stores 25 % Receivable – No drawing. |
||||||||||||||||||||||||
|
5) Name and Address and
description of the person entitled to the charge. |
State
Bank of India M
G Road Trivandrum Punjab
National Bank M
G Road Trivandrum |
||||||||||||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Letter form State bank of
India reference DBBD dated 03.09.2002. |
||||||||||||||||||||||||
|
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. |
Letter from SBI dated
03.09.2002 confirming the closing of the adhoc cash credit of Rs. 30 million
availed on 19.11.2001 vide agreement dated 12.11.2001. |
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.44.86 |
|
UK
Pound |
1 |
Rs.84.97 |
|
Euro |
1 |
Rs.57.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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
|
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 |