MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
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 |
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
/ SHAREHOLDING PATTERN
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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 |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Condom |
M.Pcs. |
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670.000 |
856.118 |
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Steroidal OCPs |
M.Cycles |
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30.000 |
55.000 |
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Non-Steroidal |
M.Tables |
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30.000 |
12.780 |
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Copper –T |
M.Pcs. |
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4.000 |
0.340 |
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Emergency Pills |
M.Tables |
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-- |
2.000 |
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Blood Bag |
M.Pcs. |
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2.000 |
3.640 |
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Suture |
M.Pcs. |
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1.500 |
0.170 |
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Hydrocehalus Shunt |
Pcs. |
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5.000 |
1.738 |
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Tubal Ring |
Pcs. |
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-- |
0.150 |
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Tissue Expander |
Pcs. |
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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
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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 :
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No. of Shares |
Type |
Value |
Amount |
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200,000 |
Equity Shares |
Rs.1000/- |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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155350 |
Equity Shares |
Rs.10000/- |
Rs. 155.350 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF
FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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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
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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
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146.152 |
86.581 |
79.368 |
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Grant / liabilities payable as
per Contra
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0.000 |
598.869 |
851.184 |
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DEFERRED TAX
LIABILITIES |
18.341 |
33.875 |
19.236 |
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TOTAL
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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 |
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Sundry Debtors |
572.664 |
474.757 |
191.336 |
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Cash & Bank Balances |
218.735 |
115.222 |
269.594 |
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Other Current Assets |
17.360 |
10.903 |
3.867 |
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Loans & Advances |
224.500 |
220.495 |
116.221 |
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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
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162.023 |
177.273 |
73.504 |
Total Current Liabilities
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600.300 |
566.098 |
433.118 |
Net Current Assets
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748.307 |
559.765 |
412.831 |
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MISCELLANEOUS
EXPENSES |
0.000 |
598.869 |
851.184 |
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TOTAL
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1137.265 |
1533.005 |
1623.684 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
2271.604 |
2094.494 |
1756.420 |
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Profit/(Loss)
Before Tax |
311.487 |
337.195 |
294.846 |
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Provision for
Taxation |
105.099 |
136.137 |
106.725 |
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Profit/(Loss)
After Tax |
206.388 |
201.058 |
188.121 |
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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
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
9.08
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9.59 |
10.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.71
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16.09 |
16.78 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
17.96
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22.61 |
25.16 |
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Return on
Investment (ROI) (PBT/Networth) |
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0.32
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0.41 |
04.30 |
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Debt Equity Ratio (Total
Liability/Networth) |
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0.76
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0.80 |
0.76 |
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Current Ratio (Current
Asset/Current Liability) |
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2.24
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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.
Bio-data
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 |
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Presented By |
Mr. V. A. Sasidhara Nair |
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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 |
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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. |
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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 |
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. |
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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. |
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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 |
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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 |
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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. |
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. |
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Name of the company |
HINDUSTAN LATEX LIMITED |
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Presented By |
Mr. V. A. Sasidhara Nair |
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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 |
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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. |
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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 |
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. |
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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. |
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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 |
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6) Date and brief description of instrument modifying the charge |
Letter form State bank of India reference DBBD dated 03.09.2002. |
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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. |
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.41.89 |
|
UK Pound |
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.56.93 |
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
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|