MIRA INFORM REPORT
|
Report
Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ASTRAL POLYTECHNIK PRIVATE LIMITED |
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Registered
Office : |
901, Parshwa Towers, 9th Floor Sarkhej, Gandhi
Nagar, Highway, Ahmedabad-380054, Gujarat |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
25.03.1996 |
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Com.
Reg. No.: |
04-29134 |
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CIN
No.: [Company
Identification No.] |
U25200GJ1996PTC029134 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
AHMA00853G |
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PAN
No.: (Permanent
Account No.) |
AAACA9566C |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
The company is engaged in manufacturing of PVC
Pipes and Joints. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
600000 |
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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 company having satisfactory
track. Financial position is satisfactory. Trade relations are fair. General
financial position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for natural business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office / Corporate
Office : |
901, Parshwa Towers, Opp. Rajpath Club, 9th
Floor Sarkhej-Gandhi Nagar, Highway, Ahmedabad-380054, Gujarat, India |
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Tel.
No.: |
91-79-26745077
/ 30112100 |
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Fax
No.: |
91-79-26752214 |
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Email
: |
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Website
: |
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Factory
1 : |
Block # 1253, Santej, Kalol, Mehsana, Gujarat,
India |
DIRECTORS
|
Name : |
Mr. Sandeep P. Engineer |
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Designation
: |
Director |
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Address
: |
59, Nehru Park, Vastrapur, Ahmedabad, Gurjarat, India |
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Date
of Birth/Age : |
11/05/1961 |
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Date
of Appointment : |
25/03/1996 |
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Name : |
Mr. Jagruti S. Engineer |
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Designation
: |
Director |
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Address
: |
59, Nehru Park, Vastrapur, Ahmedabad, Gurjarat, India |
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Date
of Birth/Age : |
15/07/1965 |
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Date
of Appointment : |
25/03/1996 |
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Name : |
Mrs. Tarlika G. Dalal |
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Designation
: |
Director |
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Address
: |
31905, Standard Cora, Avon Lake, Ohia, USA |
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Date
of Birth/Age : |
01/03/1948 |
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Date
of Appointment : |
15/12/1996 |
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Name : |
Mr. Nimish G. Dalal |
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Designation
: |
Director |
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Address
: |
31905, Standard Cora, Avon Lake, Ohia, USA |
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Date
of Birth/Age : |
06/05/1971 |
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Date of
Appointment : |
15/12/1996 |
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Name : |
Mr. Kyle A. Thomson |
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Designation
: |
Director |
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Address
: |
102, Season Lake, NE Hunt’s Villa, 35811, USA |
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Date
of Appointment : |
01/12/1997 |
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Name : |
Mr. Kirk A. Thomson |
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Designation
: |
Director |
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Address
: |
538, Wess Toylor, Hun’s Villa, 35811, USA |
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Date
of Appointment : |
01/12/1997 |
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Name : |
Mr. Pradip N. Desai |
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Designation
: |
Independent and Non-Executive Director |
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Name : |
Mr. K. Raghunath Shenoy |
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Designation
: |
Independent and Non-Executive Director |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters Holding |
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Promoter |
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Indian Promoters |
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Mr.
Sandeep P. Engineer |
1737724 |
15.46 |
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Mr.
Jagruti S. Engineer |
914341 |
8.14 |
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Mrs.
Tarlika G. Dalal |
666467 |
5.93 |
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Foreign Promoters |
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Specialty
Process LLC |
1582241 |
14.08 |
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Mr.
Nimish G. Dalal |
629417 |
5.60 |
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Promoter
Group / Persons acting in concert |
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Mr. Bipin
R. Mehta |
65030 |
0.58 |
|
Saumya
Polymers Private Limited |
1575817 |
14.02 |
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Non Promoters Holding |
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Mutual
Funds |
-- |
-- |
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Bank, Financial
Institutions, Insurance Companies [Central
/ State Government Institutions / Non-Govt. Institutions] |
-- |
-- |
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FIIs |
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|
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Other
Investors |
696013 |
6.19 |
|
Shares offered
to Public through this Issue, including Employee Reservation Portion |
3371000 |
30.00 |
|
Total |
11238050 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
The company is engaged in manufacturing of PVC
Pipes and Joints. |
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|
|
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Agencies Held : |
K. B. Mehta Construction Private Limited |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Installed Capacity |
|
Forward
Pipes |
Mtrs |
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|
2826486 |
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Corzan
pipes |
Mtrs |
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|
25899 |
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PVC Pipes
|
Mtrs |
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|
721681 |
|
Flowguared
fittings |
Mtrs |
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|
5655830 |
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PVC
Fittings |
Mtrs |
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|
416727 |
GENERAL INFORMATION
|
Suppliers
: |
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No. of
Employees : |
15 |
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Bankers
: |
[Facility :
HP Rs.75 lakh dated 25-07-2000]
[Facility : HP Rs.200 lakh dated 17-07-2000] Ø Corporation Bank – S G Highway Ø Corporation Bank – Mumbai Ø Corporation Bank – Delhi Ø Corporation Bank – Bangalore Ø Corporation Bank Rangoli Complex, 1st Floor, Opp. V S Hospital ,
Ellisbridge, ashram Road, Ahmedabad- 390006
Industrial finance Branch, Rangoli
Complex, 1st Floor, Opp. V. S. Hospital, Ellis Bridge, Ashram
Road, Ahmedabad – 380006 Tel No.: 91-79-26575321 / 26584923 Fax No.: 91-79-26576942 Email : cb489@corpbank.co.in Website : http://www.corbank.com |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors
: |
N Gamadia and Company Chartered Accountant |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
Not Available |
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
7190000 |
Equity Shares |
Rs.10/- each |
Rs. 71.900 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
71.900 |
31.937 |
31.937 |
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|
2] Share
Application Money |
0.000
|
0.000
|
0.000 |
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|
3]
Reserves & Surplus |
77.500 |
48.416 |
22.386 |
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|
4]
(Accumulated Losses) |
0.000
|
0.000
|
0.000 |
|
NETWORTH
|
149.400 |
80.353 |
54.323 |
|
|
LOAN
FUNDS |
|
|
|
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|
1]
Secured Loans |
162.000 |
109.800 |
70.571 |
|
|
2]
Unsecured Loans |
0.900 |
19.360 |
7.170 |
|
TOTAL
BORROWING
|
162.900 |
129.160 |
77.741 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
9.637 |
9.027 |
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|
|
|
|
|
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TOTAL
|
312.300 |
219.150 |
141.091 |
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APPLICATION OF FUNDS
|
|
|
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|
|
|
|
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FIXED ASSETS [Net Block]
|
225.300 |
123.260 |
80.411 |
|
Capital work-in-progress
|
0.700
|
0.000
|
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000
|
0.000
|
0.000 |
|
DEFERREX TAX ASSETS
|
0.000
|
0.000
|
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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Inventories
|
105.900
|
69.028
|
34.842 |
|
|
Sundry Debtors
|
95.100
|
60.404
|
65.312 |
|
|
Cash & Bank Balances
|
12.400
|
1.153
|
1.525 |
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances
|
19.900
|
20.009
|
7.436 |
Total Current Assets
|
233.300
|
150.594
|
109.115 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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|
Current Liabilities
|
147.000
|
35.300
|
36.352 |
|
|
Provisions
|
0.000
|
19.449
|
12.587 |
Total Current Liabilities
|
147.000
|
54.749
|
48.939 |
|
Net
Current Assets
|
86.300 |
95.845
|
60.176 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.045 |
0.504 |
|
|
|
|
|
|
|
TOTAL
|
312.300 |
219.150 |
141.091 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
537.300 |
377.026 |
217.278 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
48.600 |
30.930 |
25.448 |
Provision for Taxation
|
9.900 |
8.610 |
8.752 |
Profit/(Loss) After Tax
|
38.700 |
22.320 |
16.696 |
|
|
|
|
|
Import Value
|
NA |
140.303 |
NA |
|
|
|
|
|
Total Expenditure
|
488.700 |
346.095 |
191.830 |
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.09.2006 |
|
Type |
|
|
1st Half |
|
Sales Turnover |
|
|
404.200 |
|
Other Income |
|
|
2.000 |
|
Total Income |
|
|
406.200 |
|
Total Expenditure |
|
|
346.000 |
|
Operating Profit |
|
|
60.200 |
|
Interest |
|
|
8.600 |
|
Gross Profit |
|
|
51.600 |
|
Depreciation |
|
|
10.600 |
|
Tax |
|
|
5.000 |
|
Reported PAT |
|
|
36.400 |
|
Dividend (%) |
|
|
0.000 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
1.22 |
1.47 |
1.65 |
|
Long Term Debt-Equity Ratio |
0.73 |
0.84 |
0.92 |
|
Current Ratio |
1.14 |
1.18 |
1.09 |
|
TURNOVER RATIOS |
9.900 |
8.610 |
8.752 |
|
Fixed Assets |
2.58 |
3.26 |
3.03 |
|
Inventory |
5.91 |
6.83 |
7.21 |
|
Debtors |
6.64 |
5.64 |
4.11 |
|
Interest Cover Ratio |
4.86 |
3.64 |
4.64 |
|
Operating Profit Margin(%) |
14.69 |
14.44 |
23.50 |
|
Profit Before Interest And Tax
Margin(%) |
11.85 |
12.01 |
20.86 |
|
Cash Profit Margin(%) |
10.34 |
8.66 |
15.00 |
|
Adjusted Net Profit Margin(%) |
7.49 |
6.23 |
12.36 |
|
Return On Capital Employed(%) |
24.31 |
26.43 |
44.22 |
|
Return On Net Worth(%) |
39.57 |
44.16 |
109.68 |
LOCAL AGENCY FURTHER INFORMATION
The name of the company changed to Astral Poly Technik
Limited vide fresh certificate of
incorporation dated 29.09.2006.
The Registered Office of the company was shifted from 59,
Nehru Park, Vastrapur, Ahmedabad – 380015 to A-1, Supal Apartments, Nehru Park,
Vastrapur, Ahmedabad – 380015 w.e.f. 16.01.1998 and then to the present address
w.e.f. 04.06.2001
Old Registration Number 04-29134 of 1995-96
Business Summary
Manufacturer and provider of CPVC piping and plumbing
systems in India 1999. they are the first licensee of Noveon, USA, [Formerly
known as Specialty Chemical Division of B.F. Goodrich, USA] to manufacture and
market CPVC piping and plumbing system in India. In order to strengthen their
business plans, they entered into a techno-financial joint venture with
Specialty Process LLC of USA, which provided them the required technical
expertise of manufacturing their CPVC pipes and firings for home and industrial
application.
They have expanded and enhanced their product lines to
provide continually improved services to their customers. As a manufacture of
CPVC pipes and fittings for hot and cold water, industrial and pressure systems
application, they had introduced a new product range in lead free PVC pressure
pipes and fittings in the year 2004. with a concept of providing a one stop
source for all the plastic piping systems, they also began trading in products
such as CPVC and PVC fitting, flanges and valves from Spares [USA], solvent
cements for joining pipes and fittings from IPSC [USA], underground specialty
fitting from Hynter –UK, CPVC and PVC plastic pipes of a larger diameter from
Harvell Inc. [USA].
Innovative product designs and improvements, new
technologies, and a fully integrated manufacturing system are all a part of
ASTRAL’s ongoing commitment to quality, satisfaction and services.
The company has received an ISO 9001:2000 certificate in
respect of manufacturer and supply of
CPVC and PVC pipes and fittings for plumbing systems and industrial piping
system. The raw materials used by them for manufacturing CPVC products is
certified by National Sanitary Foundation.
Objective of the
Company
It is the policy and objective of the company to produce a
superior quality product suitable for its intended use with regard to
functionality, structural integrity, and conformance to established industrial
standards and practices. It is the commitment of company to meet these
objectives in a manner, which provides consistency of product quality, optimum
availability and superior customer service, while maintaining efficiency of
operations and profitability necessary to perpetuate product improvement and
customer satisfaction.
Industry Summary
Safe, uninterrupted and effective transportation of water
and other fluids for home or industrial consumption has been one of the most
challenging part of man made infrastructure. Every fluid including water has
different characteristics, chemicals properties, impact on human life and other
matters in which it comes in contact with. The piping and plumbing industry
thus aims at providing solutions to retain the purity levels of water from the
point of its origin to the point of its consumption. This brought about the need for an alternative solution in the
form of PVC pipes. Progressing further, the industry realized that there was
scope for further improvement in the features of the existing PVC products,
thereby resulting in the Chlorinated PVC products in India.
Mr. K. Raghunath
Shenoy , aged 63
years, is an M. Sc from Mumbai University. He possesses experience of 37 years
in the banking sector. He was the Chairman and CEO of Lakshmi Vilas Bank
Limited, Karur, Tamilnadu till 2002. He has also served in various positions
and retired as an Executive Director of Corporation Bank Limited in 1992. He
has also served in various capacities in the RBI and retired in the year 1973.
presently he director of an NGO in Bangalore and member of the Executive
Committee of Bhartiya Vidya Bhavan.
Mr. Sandeep P.
Engineer, aged 45
years, is a Chemicals Engineer by qualification. He started his career as
Project Engineer in Cadila Laboratories Limited. After gaining as experience
for around a year, he decided to promote Shree Chemicals, a proprietorship
concern , in the year 19886, which was operational for about 10 years. Inspire
by the success achieved in this venture, he diversified into the business of
plastic pipe industry by collaborating with Specialty Process LLC, for further
growth and development fo the company, for introduction of CPVC in the Indian
markets, thereby revolutionizing the Indian Plastic-pipe industry by replacing
the conventional metallic system with polymer products. Under his guidance, the
company has witnessed a steady growth over the year. Presently, he is the
member of Executive Committee of the Indian Plumbing Association, and Chairman
of the Gujarat Chapter of the association, and also a member of the World
Plumbing Council.
Mrs. Jagruti S.
Engineer, aged 41
years, is a Bachelor of Arts in English by Qualification. She started her
career as a partner in Jagruti Pharmaceuticals till the year 1992. She has been
actively involved in the day-to-day
affairs of the company since its inception. She is responsible for the
daily administrative activities of their company. She also possesses experience
in activities related to Human Resource Management.
FIXED ASSETS
Ø Land and Land developers
Ø Road
Ø Building
Ø Plant and Machinery
Ø Moulds and Dyes
Ø Computers
Ø Furniture and Fixture
Ø Laboratory Equipments
Ø Vehicles
Ø Office Equipments
The
company produced 6264 meters of PVC Pipes and 2057 meters of S60 type of joints
during the year 1998-99.
The
company is in collaboration with Speciality Process LCC, USA.
OPERATIONS
Following the aggressive market penetration strategy and
capitalizing on the favourable market factors, the company has increased its
produced capacities during the year and to take the advantage of Government
Policies and to strengthen its distribution network in North East and to
increase bottom line, the company managed has successfully implemented its
expansion project at Himachal Pradesh.
CPVC is a new material to Indian market and nodded more
efforts in market awareness so far. The company’s awareness programmes focused the relevant industry audience
including plumbers, contractors, Architects etc. However there was need to
address the use at large. This was not possible without media campaign through
mass media charting a new ternd. The company undertook a mass media program on
two tending Hindu News channels Aaj tak and Star News. The companies went on
air from April 2001, the election moth and was in fully swing duing the months
of April, May and June.
The company has also completed the advance phase of
implementation of ERP systems. The first phase has covered all the business
operations of the company in Gujarat and now its has successfully integrated
with Bangalore and Himachal Pradesh.
Thus has resulted into more timely availability of useful business information
and better decision making process at all the levels of managements.
REVALUATION OF ASSETS
During the year managed
has revalue the assets as on 30.09.2004 from the Government Approved Valuers to
arrive more realistic realizable value and considering the conservation principle
management has given the effect of reduction in the value of assets in the
books of accounts by cadging to P & L. Account as an Exception items and
upward revision in the value of Assets is by the managed concept the Land and
Land development and the same is credited to Capital Reserve Account.
|
1) Date and description of instrument creating the change |
Common Deed of Hypothecation of Movable / Assets/ Debts
dated 11-07-2002 |
||||||||||
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 25.000 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 |
All present and future, stock of goods consisting of CPVC compound,
CPVC fittings and stores and spares etc. which now belong to and may
hereafter, during the subsistence of the Borrowings/ liability belong to the
borrower and which are shall may be brought into or stored or be in / upon
the borrowers premises/.Godown at Block No. 1253 village santej Taluka Kalol
and or any other premises or wherever else or in course of transit or
delivery to the borrower. All book debts of the company |
||||||||||
|
Gist of the terms and conditions and extent and operation
of the charge. |
Interest at 15.5 %
being 4 % over and above the Bank’s PLR which is 11.5 % at time of
sanction, rising or falling with the Bank PLR |
||||||||||
|
Name and Address and description of the person entitled to
the charge. |
Corporation Bank Rangoli Complex, 1st Floor, Opp. V S Hospital , Ellisbridge, ashram Road, Ahmedabad- 390006 |
||||||||||
|
Date and brief
description of instrument modifying the charge |
Not Applicable |
||||||||||
|
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. |
Not Applicable |
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|
1) Date and description of instrument creating the change |
Common Deed of Hypothecation of Movable / Assets/ Debts
dated 11-07-2002 |
||||||||||
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 25.000 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 |
All present and future, stock of goods consisting of CPVC
compound, CPVC fittings and stores and spares etc. which now belong to and
may hereafter, during the subsistence of the Borrowings/ liability belong to
the borrower and which are shall may be brought into or stored or be in /
upon the borrowers premises/.Godown at Block No. 1253 village santej Taluka
Kalol and or any other premises or wherever else or in course of transit or
delivery to the borrower. All book debts of the company |
||||||||||
|
Gist of the terms and conditions and extent and operation
of the charge. |
Interest at 15.5 %
being 4 % over and above the Bank’s PLR which is 11.5 % at time of sanction,
rising or falling with the Bank PLR |
||||||||||
|
Name and Address and description of the person entitled to
the charge. |
Corporation Bank Rangoli Complex, 1st Floor, Opp. V S Hospital , Ellisbridge, ashram Road, Ahmedabad- 390006 |
||||||||||
|
Date and brief description
of instrument modifying the charge |
Extension of Equitable Mortage by way of Second Charge
dated 16th July, 2002 |
||||||||||
|
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. |
Second charge on immovable properties being land
admeasuring 8086 sq. mtrs. Forming part of Plot No. 1253, village santej
Taluka Kalo, Mehsana together with building and other structures, etc,
providing as additional security. Second charge ceded through constructive
delivery of title deeds by according oral consent to GSFC to continued to
hold and retain the title deeds for itself and as agent for corporation Bank.
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|
1) Date and description of instrument creating the change |
Common Deed of Hypothecation of Movable / Assets/ Debts
dated 11-07-2002 |
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|
2) Amount secured by the charge/amount owing on the securities
of charge |
Rs. 25.000 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 |
All present and future, stock of goods consisting of CPVC
compound, CPVC fittings and stores and spares etc. which now belong to and
may hereafter, during the subsistence of the Borrowings/ liability belong to
the borrower and which are shall may be brought into or stored or be in /
upon the borrowers premises/.Godown at Block No. 1253 village santej Taluka
Kalol and or any other premises or wherever else or in course of transit or
delivery to the borrower. All book debts of the company |
||||||||||
|
Gist of the terms and conditions and extent and operation
of the charge. |
Interest at 15.5 %
being 4 % over and above the Bank’s PLR which is 11.5 % at time of
sanction, rising or falling with the Bank PLR |
||||||||||
|
Name and Address and description of the person entitled to
the charge. |
Corporation Bank Rangoli Complex, 1st Floor, Opp. V S Hospital , Ellisbridge, ashram Road, Ahmedabad- 390006 |
||||||||||
|
Date and brief
description of instrument modifying the charge |
Supplemental common deed of hypothecation dated 06/08/2003
|
||||||||||
|
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 this supplemental deed of hypothecation the over all
limit is increased from Rs. 25.000 millions to Rs. 53.900 millions to cover
the following limits
The above facilities are further secured by Exclusive
First Charge on Movable Fixed assets to be acquired / acquired out of the
finance from corporation Bank Interest will be charged for Cash Credit facilities @ 14 %
p.a. being 2.50 % over and above the Banks PLR which is 11.50 % as at present
subject to revision from time to time. Fr Term Loan facilities Interest will
be charged @14.75 % p.a. being 2.50 % over and above CBMTLR which is 12.25 %
p.a. as at present subject to revision from time to time. Other terms and
condition remain same. |
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|
|
|
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|
|
|
||||||||||
|
1) Date and description of instrument creating the change |
Common Deed of Hypothecation of Movable / Assets/ Debts
dated 11-07-2002 |
||||||||||
|
2) Amount secured by the charge/amount owing on the securities
of charge |
Rs. 25.000 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 |
All present and future, stock of goods consisting of CPVC
compound, CPVC fittings and stores and spares etc. which now belong to and
may hereafter, during the subsistence of the Borrowings/ liability belong to
the borrower and which are shall may be brought into or stored or be in /
upon the borrowers premises/.Godown at Block No. 1253 village santej Taluka
Kalol and or any other premises or wherever else or in course of transit or
delivery to the borrower. All book debts of the company |
||||||||||
|
Gist of the terms and conditions and extent and operation
of the charge. |
Interest at 15.5 %
being 4 % over and above the Bank’s PLR which is 11.5 % at time of
sanction, rising or falling with the Bank PLR |
||||||||||
|
Name and Address and description of the person entitled to
the charge. |
Corporation Bank Rangoli Complex, 1st Floor, Opp. V S Hospital , Ellisbridge, ashram Road, Ahmedabad- 390006 |
||||||||||
|
Date and brief
description of instrument modifying the charge |
Supplemental common deed of hypothecation dated 25/03/2004 |
||||||||||
|
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 this supplemental deed of hypothecation the over all
limit is increased from Rs. 25.000 millions to Rs. 53.900 millions to cover the
following limits
The above facilities are further secured by Exclusive
First Charge on Movable Fixed assets to be acquired / acquired out of the
finance from corporation Bank Interest will be charged for Cash Credit facilities @ 14 %
p.a. being 2.50 % over and above the Banks PLR which is 11.50 % as at present
subject to revision from time to time. The rate of interest shall be 13.75 % p.a. being 3.254 %
over and above the bank CDBAR which is 10.5 % p.a. as at present subject to
revision from time to time. For Term Loan facilities Interest will be charged
@14.75 % p.a. being 2.50 % over and above CBMTLR which is 12.25 % p.a. as at
present subject to revision from time to time. Other terms and condition
remain 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. 44.11 |
|
UK Pound |
1 |
Rs. 86.58 |
|
Euro |
1 |
Rs. 57.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |