MIRA INFORM REPORT
|
Report
Date : |
28.12.2006 |
IDENTIFICATION
DETAILS
|
Name : |
M – TECH INNOVATIONS LIMITED |
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Registered
Office : |
Mahavir Chambers, 12 – Premananda Society, Balaji Nagar,
Pune – 41104, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
20.02.1992 |
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Com.
Reg. No.: |
11-65521 |
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CIN
No.: [Company
Identification No.] |
U45402PN1992PLC065521 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
PNEM01213C |
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PAN
No.: [Permanent
Account No.] |
AADCM8512F |
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Legal
Form : |
A Closely Held Public Limited Liability Company |
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Line
of Business : |
Company is in engaged in Self Manufacturing Adhesive Film
and Sheets, Article base Metals, Aluminum Scrap and Waste, Scrap and Waste of
base metals and others article of plastics.
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RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
125000 |
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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 fine track.
Trade relations are fair. Financial position is good. Payments are usually
correct and as per commitments. The company is doing well. It can be considered good for
any normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office / Corporate Office : |
Mahavir
Chambers, 12 – Premananda Society, Balaji Nagar, Pune – 41104, Maharashtra,
India |
|
Tel.
No.: |
91-20-24376223 /
24373323 / 24375198 / 24372373 / 24365938 /
24366910 |
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Mobile
No. : |
91-9822091209 |
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Fax
No.: |
91-20-24372849 |
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E-Mail
: |
info@m-techindia.com |
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Website
: |
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Location : |
Owned |
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Factory:
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33 KM Stone, Pune - Satara Highway, Before Nasrapur Turn,
Gat No. 79, Village -
Kelawade, Tal. – Bhore, Pune, India |
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Tel.
No.: |
91-2113-272273 |
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Fax
No.: |
91-2113-272856 |
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Branches
: |
South Zone Mr. Shanker Dhanashri House No. 3-4-827, Flat No. 104, Saisubhi, Laxmi Complex,
Barkat pura, Hydrabad - 500
027. Tel No. : 91-40- 653 4751 Fax : 91-40- 653 4753 Email : sdhanshri@eth.net North Zone Mr. Mahanand Upadyay C/O Mr. S S Mudgal, 212
H, First Floor, Munirka, New Delhi -
110 016. Mobile : 91-9312405173 Email : mahanand_uu@yahoo.com Europe & American Zone Ms. Micaela Spencer Tel No. : 44-1332 769248 Fax : 44-1332 733120 Mobile : 44-7813 113997 E-Mail : sales@mtechworldwide.plus.com
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DIRECTORS
|
Name : |
Mr. Vijay
M. Gandhi |
|
Designation
: |
Director |
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Address
: |
686-1A, HEM Vijay Chandrik Society, Bibvewadi, Pune –
411037 |
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Date
of Birth/Age : |
9th September, 1962 |
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Date
of Appointment : |
20th February, 1992 |
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|
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Name : |
Mr. Murgappa
Baburao Halvekar |
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Designation
: |
Director |
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Address
: |
26,
Vijayanti Apartment, Kadam Plaza, Katraj, Pune - 411046 |
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Date
of Birth/Age : |
6th March, 1960 |
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Date
of Appointment : |
20th February, 1992 |
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Name : |
Mr.
Milind S. Bhagat |
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Designation
: |
Director |
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Address
: |
C-605,
Rajyog Society, Bibwewadi, Pune – 411 037, Maharashtra |
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Date
of Birth/Age : |
17th October, 1960 |
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Date
of Appointment : |
20th February, 1992 |
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|
|
|
Name : |
Mr. Roy
Mathew |
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Designation
: |
Director |
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Address
: |
B – 203, Mancy Garden, Salunk Vihar, Pune – 411040 |
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Date
of Birth/Age : |
15th May, 1973 |
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Date
of Appointment : |
01st November, 2002 |
KEY EXECUTIVES
|
Name : |
Mr. K P N
Rajan |
|
Designation
: |
Manager |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Ajit
Rajmachikar |
1000 |
|
Mr. Nagesh
Shetty |
500 |
|
Mr.
Vaibhav A. Gandhi |
1000 |
|
Mrs.
Archana V. Gandhi |
1000 |
|
Mr. Vijay
Milapchand Gandhi |
10000 |
|
Mrs.
Vandana Rajkumar Gugale |
1000 |
|
Mrs.
Manjusha S. Shingavi |
2000 |
|
Mr. Rahul K. Gandhi |
1775 |
|
Mr. Rajkumar Navalmal |
1000 |
|
Mr.
Murgappa Baburao Halvekar |
1850 |
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Mrs. Anita Vijay Gandhi |
9200 |
|
Mr. Rajkumar M. Gandhi |
12000 |
|
Mr. Vasantalal Phulchand Munot |
157895 |
|
Mr. Mansukhlal Phulchand Munot |
184210 |
BUSINESS DETAILS
|
Line
of Business : |
Company is in engaged in Self adhesive Film and Sheets,
Article base metals, Aluminum Scrap and Waste, Scrap and Waste of base metals
and others article of plastics. |
|
|
|
|
Product
: |
Health Care Products Dr
Flosser Tooth Picks Security Cards Products Pre-paid
Scratch Cards Smart Cards Products Smart
Cards & Readers RFID Products RFID Tags Industrial / Consumer Electronics
Products Membrane
Switches Automotive & Home Appliances
Products Aluminium
Labels All
logos, monograms, trademarks and designs are the property of their respective
owners |
GENERAL INFORMATION
|
Suppliers
: |
|
|
|
|
|
Customers
: |
+
Electrolux
Voltas Limited (WIM ) – Nagpur, Maharashtra Refrigeration project, 25 Vidya Tel No : 91-712-2221923 +
Mindarika
Limited – Gurgaon, Haryana +
Mirc
Electronics Limited – Mumbai, Maharashtra +
Pinnacle
Exports Private Limited, S No 273, Madhavnagar, Burhanagar, Ahmednagar,
Maharashtra Tel No : 91-241-2324736 +
Matsushita
Washing Machine India Limited, Pune, Maharashtra 204, Green Terrace,
Koregaon Park +
Videocon
Appliances Limited, 228, Jyotinagar, Aurangabad, Maharashtra Tel No : 91-240-2328283 +
Videocon
International Limited, 30, Pratapnagar, Aurangabad, Maharashtra Tel No : 91-240-2321315 +
Whirlpool
of India Limited, Pondicherry +
Base
Corporation Limited, Bangalore, Karnataka +
Rajendra
Sinhji Institute, Pune, Maharashtra +
Demak
S.A.S., Italy +
GE
Plastics India Limited, Pune, Maharashtra +
Graphics
India, Mumbai +
Bombay
Tape Manufacturing Company, Mumbai +
Precision
Distribution Private Limited, Mumbai +
Sun
Beam Industries, Delhi +
Premier
Colourscan Instruments, Mumbai |
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|
|
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No. of
Employees : |
400 |
|
|
|
|
Bankers
: |
SIDBI Tower,
15, Ashoka Marg, Lucknow - 226001
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|
|
|
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Facilities : |
-- |
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Banking Relations : |
- |
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Auditors
: |
Dayananda
Shetty & Company, Chartered
Accountants |
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Address:
|
15, Dalal
Chambers, Market Yard, Pune 411 037 |
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Tel.
No.: |
91-20-24269352
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|
|
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
As on 31.03.2006
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
7750000 |
Equity Shares |
Rs. 10/- Each |
Rs. 77.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
3084961 |
Equity Shares |
Rs. 10/- Each |
Rs. 30.850 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
25.491 |
22.841 |
20.154 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves
& Surplus |
6.328 |
3.216 |
0.213 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
(4.592) |
|
NETWORTH
|
31.819 |
26.057 |
15.775 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
41.804 |
34.185 |
21.256 |
|
|
2]
Unsecured Loans |
5.881 |
11.026 |
8.824 |
|
TOTAL
BORROWING
|
47.685 |
45.211 |
30.080 |
|
|
DEFERRED
TAX LIABILITIES |
6.731 |
5.813 |
6.108 |
|
|
|
|
|
|
|
TOTAL
|
86.235 |
77.081 |
51.963 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
44.091 |
45.770 |
36.036 |
|
Capital work-in-progress
|
9.071 |
8.986 |
0.000 |
|
|
|
|
|
|
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INVESTMENT
|
0.201 |
0.129 |
0.114 |
|
DEFERREX TAX ASSETS
|
|
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
18.136
|
17.031
|
11.015
|
|
|
Sundry Debtors
|
22.594
|
18.098
|
11.930
|
|
|
Cash & Bank Balances
|
1.798
|
3.125
|
0.541
|
|
|
Other Current Assets
|
4.755
|
3.261
|
2.931
|
|
|
Loans & Advances
|
5.663
|
5.319
|
6.551
|
Total Current Assets
|
52.946
|
46.834 |
32.968
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
20.302
|
24.965
|
13.841
|
|
|
Provisions
|
|
|
3.424
|
Total Current Liabilities
|
20.302
|
24.965
|
17.265
|
|
Net
Current Assets
|
32.644
|
21.869 |
15.703
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.228 |
0.327 |
0.110 |
|
|
|
|
|
|
|
TOTAL
|
86.235 |
77.081 |
51.963 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
152.020 |
116.051 |
73.079 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
5.251 |
3.009 |
1.959 |
Provision for Taxation
|
1.748 |
[0.064] |
1.643 |
Profit/(Loss) After Tax
|
3.503 |
3.073 |
0.316 |
|
|
|
|
|
Import Value
|
NA |
NA |
49.022 |
|
|
|
|
|
Total Expenditure
|
146.769 |
113.043 |
22.096 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
2.30
|
2.65 |
0.43
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
1.48
|
2.59 |
2.68
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
5.41
|
3.25 |
2.83
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.11
|
0.12 |
0.12
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.14
|
2.69 |
3.00
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.61
|
1.88 |
1.90
|
LOCAL AGENCY FURTHER INFORMATION
The M-Tech (formerly Mahavir) Group of Industries was set up
in 1987 and is a pioneer in Engineering Plastics printing. Within a short span
of time, M-Tech achieved market leader status and is today among the leading
manufacturers of printed plastics for the consumer electronic industries,
telecom, automotive companies, banking, process control industry, industrial
electronics and instrumentation companies.
The product range includes Labels and Stickers, Flexible
Speaker Grills, Membrane Switches, In Mould Decoration, Security Cards and
Smart Cards. The M-Tech Group was awarded the ISO 9002 certification in 1996.
The people, technology and production capability have all been key elements in
establishing ourselves as a market leader.
Customer Satisfaction is the primary aim of business and our
Quality Policy Management System is designed to meet this goal. The basic
principle of our Quality Management System is preventing non-conformities and
deviation in product and processes, which assure quality to the organisation
and its customers. Through stringent quality parameters and management system,
and adhering to high standards of customer satisfaction, M-Tech has had the
privilege of having among its customers Government Organisations, Public Sector
Undertakings, Banks, Telecom companies and leading multinational organisations.
History
1988: Company Started in 1988 as M/s. Mahavir Screen Printers, a small unit
set up for printing of letter heads and visiting cards.
1990: Manufacturing of plastic labels started for the electronic industry
with a range of around 200 items.
1993: Changes the name as Mahavir Decorative Products Private Limited and
Production of Membrane switches and panels commenced and during the last ten
years they are established as a preferred supplier.
1995: Introduction of polyurethane coated Emblems and Dome Labels
1997: Major diversification with the setting up of the Security Cards
Division, manufacturing PVC cards for varied applications. Manufacturing of
Prepaid and ATM cards also started in the same year.
1999: A major product innovation in the form of Flexible Speaker Grills for the TV industry and
Prepaid Scratch Cards for mobile phones.
2000: Commenced the supply of Smart Cards (Chip/RFID cards) and associated
peripherals in addition to offering smart card-based solutions. An in-house
R&D facility was set up to study specific user requirements and suggest
cost-effective solutions with respect to cards/readers appropriate to a given
application.
2002: Health Care Division of M-Tech launches "Dental Toner" &
"Dental Floss" [Tooth Pick] under the brand name "Dr.
Flosser". Dr. Flosser can be called a new generation product in dental
care.
2002: Completed the development and started the production of In-mold
components.
2003: Health Care Division of M-Tech launches Herbal Mouthwash.
2004: Health Care Division of M-Tech launches Hexoral - Allopathic
Mouthwash.
2004: Started the supply of Automotive Dials & Contactless Cards
and Readers.
2005: Development of I-Code RFID Tags.
Achievements
2005: Doing a project with Tamil Nadu
Road Devlopment Corporation (TNRDC) for the smart card reader deployment
for Toll collection.
2003:
Income Tax PAN Cards
contract awarded to M-Tech:
M-Tech Innovations Private Limited (formerly Mahavir Decorative
Products Private Limited) based in Pune, India was recently awarded the
prestigious order for the manufacture and personalisation of PAN cards of the
Income Tax department of the Government of India. The order was bagged through
national competitive bidding initiated by the channelising agency UTI-ISL, a
government undertaking.
This is a first of its kind government card project in India
on a national scale with very high card volumes and would be looked at as a
pilot for the proposed National ID Card project and other government schemes.
Awards
M-Tech is
the recipient of several prestigious awards.
2002: The Golden Elan Award for selection as finalist in the
best phone card design category awarded by International Card Manufacturers
Association, USA.
2001: GS
Parkhe Industrial Award for Product Innovation.
2000: The International Golden Image Award (2000) for Best Product Quality by
the Screen Printing and Graphic Imaging Association, USA.
1997:
The Dahanukar Best Entrepreneur Award for best Entrepreneurship by MCCI.
1997: The Tata Honeywell Award for best quality system by the
Maratha Chambers of Commerce and Industry (MCCI).
1994: The Industrial Safety Performance Award for best safety practices given by
the Directorate of Industrial Safety and Health Pune.
Detailed Product Description
Aesthetics is as important as the technical specifications of the product. At
m-tech they will show you how to attrat the buyers attention & help you to
do that.
M-tech is the first company in India to win ISO 9001-2000 accrediation in the
labels industry. A decade long investment in innovation and development in
material science, printing and high precision punching is backed by
state-of-the art tool room, computerised artwork facility, automatic and dust
free a/c printing area. Here only top grade raw materials like PVC, polyester,
poly carbonate and aluminium is put to use, by a work force devoted to quality.
They develop as well as manufacture graphic overlays, dials and automotive
dials as per customers requirement.
They are always looking forward in getting more business and greater
cooperation with overseas customers based on mutual benefits.
More Products
In Mould
Speedo Meter Dials For Automobiles
PC Based Reader
Pc Based Contactless Card Readers
Pc Based Reader
|
Corporate
identity number of the company |
U45402PN1992PLC065521 |
|
Name of
the company |
M – TECH
INNOVATIONS LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
Mahavir
Chambers, 12 – Premananda Society, Balaji Nagar, Pune – 411043, Maharashtra,
India |
|
This form
is for |
Modification
of charge |
|
Type of
charge |
Equitable
Mortgage or mortgage of property by depositing the title deeds and
others |
|
Particular
of charge holder |
State
Bank of India, Tara Chambers, Pune Mumbai Roadm Wakadewadi, Pune – 411003,
Maharashtra, India |
|
Amount
secured by the charge |
Rs.
174.500 Millions |
|
Brief of
the principal terms and conditions and extent and operations of the
charge |
For
demand cash credit Rs. 40 Millions Interest
: 2 % above SBAR i.e. min 12.25 % p.a. Margin :
Raw Materials : 25 % ; WIP : 100 % Finished
goods 100 % ; Book debts upto 90 days 25 % For stand
by line of credit limit Rs. 7.5 Millions interest 1 % over regular interest
rate applicable to working capital limits For term
loan : Rs. 117 millions Interest : 14 % p.a. For
letter of credit limit Rs. 5 millions Margin 25 % For Bank
Guarantee Limits Rs. 5 Millions Margin :
25 % |
|
Description
of the property charged indicating whether it is a charge on |
Immovable
Properties |
|
Particulars
of the property charged |
Plot No.
12, S No. 23, Hissa No. ˝ Dhankawadi, Pune and other properties as per
original charge. |
|
Charge identification
number of the charge to be modified. |
90094241 |
|
Date of
instrument modifying the charge |
11.08.2006 |
|
Particulars
of the present modification |
Additional
security provided |
|
Corporate
identity number of the company |
U45402PN1992PLC065521 |
|
Name of
the company |
M – TECH
INNOVATIONS LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
Mahavir
Chambers, 12 – Premananda Society, Balaji Nagar, Pune – 411043, Maharashtra,
India |
|
This form
is for |
Modification
of charge |
|
Type of
charge |
Immovable
Property |
|
Particular
of charge holder |
State
Bank of India, Tara Chambers, Pune Mumbai Roadm Wakadewadi, Pune – 411003,
Maharashtra, India |
|
Nature or
description of the instruments creating or modifying charge |
Memorandum
for recording extension of mortgage by deposit of title deeds covering
enhanced limits and creation of equitable mortgage on additional facilities |
|
Date of
the instrument creating of modifying the charge |
05.10.2006 |
|
Amount
secured by the charge |
Rs.
174.500 Millions |
|
Brief of
the principal terms and conditions and extent and operations of the
charge |
Rate of
interest For
demand cash credit of Rs. 40 millions : Interest : 2 % above SBAR i.e. min. 12.25 % p.a. For stand
by line of credit limit of Rs. 7.5 millions interest : 1 % over regular
interest rate applicable to working capital limits For term
loan of Rs. 117 millions interest : 14 % p.a. Terms of
repayment : For stand by line of credit limit Maximum period of 60 days at
one instance For
letter or credit limit : demand upto 180 days For term
loan repayment for the period Jan 2007 – March 2008 -3 monthly installment of
Rs. 1.95 millions each for the period April 2011-9 Monthly installment of Rs.
1.95 Millions each Margin : For
demand cash credit : Margin : Raw Materials 25 % WIP 100 % Finished goods 100
% Book debts upto 90 days 25 % For bank
guarantee limits of Rs. 5 millions Margin 25 % |
|
Short particulars
of the property charged |
By this
modification the additional security of Plot No. P-1/2, Hinjewadi Infotech
Park, Pune adm 4000 sq. mtrs. Together with structure standing thereon
provided. The other properties as per original charge continue to be the
security. |
|
Date of
instrument modifying the charge |
11.08.2006 |
|
Particulars
of the present modification |
By this
modification the additional security of Plot
No. P-1/2, Hinjewadi Infotech Park, Pune adm 4000 sq. mtrs. Together
with structure standing thereon given for the amount to be secured of Rs.
174.500 Millions |
|
Name
of the company |
M – TECH INNOVATIONS LIMITED |
|
Presented By |
Mr. Vijay M. Gandhi, Managing
Director |
|
1) Date
and description of instrument creating the change |
April 07,
1997. Deed of Hypothecation executed by the company in favour of Small
Industries Development Bank Of India |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
The term
loan of Rs. 0.3 millions agreed to be lent and advanced by SIDBI to the company
together with interest further interest, liquidated damages, costs, charges,
expense and all other money payable by the company to SODBI in terms of the
letter of intent No. 281 / ISO dated June 13, 1996 issued to the letter of
intent as may be renewed or amended or modified by SIDBI from time to time is
hereinafter referred to as loan agreement. |
|
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 |
Whole movable
properties of the company including its movables, plant, machinery, machinery
spares, tools and accessories, office equipments, computers furniture and
fixture both present and future whether installed or not and whether now
lying loose or in cases or which are now lying or stored in or about or shall
hereafter form time to time during the continuance of the security be brought
into or upon or be stored or be in or about the company premises, factory
showrooms and godowns or wherever else the same may be or be held by any
party to the order or disposition of the company or in the course of transit
or on high seas or on order or delivery howsoever and whosesoever in the
possession. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
The
charge operate as first charge to secure the due repayment and discharge by
the company to SIDBI of its term loan of Rs. 0.3 millions liquidated damages
costs charge, expenses and all other moneys payable by the company under the
loan agreement. All the
goods hypothecated and all realizations and insurance proceeds thereof and
all documents in respect of the said security to be kept distinguishable and
held as the exclusive property of
DIDBI. The
security created under the said deed of hypothecation to be continuing
security. |
|
5) Name
and Address and description of the person entitled to the charge. |
Small
Industries Development Bank of India SIDBI
Tower, 15, Ashoka Marg, Lucknow - 226001 |
|
6)
Date and brief description of
instrument modifying the charge |
Deed of
hypothecation dated February 19, 2004 for securing All
equipment, plant, machinery and other assets to be acquired out of earlier
loans of Rs. 0.3 millions under ISO 9000 scheme Rs. 3.5 millions Rs. 3.8
millions and Rs. 12 millions under TDMFS All
equipment, plant, machinery and other assets to be acquired by the company
out of loan under the fast track financing scheme and All
Movable plant and machinery and other assets of the company. Current
assets and book debts together with all spares, tools and accessories and
whether installed or nor and whether now lying loose or in cases or which are
now lying or stored in or shall hereafter form 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 all the company’s factory, premise godowns and
garages of the company in the course of transit or on high seas or on order
and wheresover in the possession of the company. |
|
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. |
The
charge operate as first charge on movable properties as at A to III and
second charge on IV above and First
charge on the immovable properties at B and specifically mentioned at
Schedule to secure the due repayment and discharge by the company to SIDBI to
the company together with interest, further moneys liquidated damages, costs
charges, expenses and all other moneys payable by the company under the loan
agreement dated February 17, 2004 agreed to be lent and advanced by SIDBI to
the company. The
charge operate a second charge on to secure the due repayment and discharge
by the company to SIDBI of its term loan of Rs. 3.8 millions and Rs.12
millions together with interest future interest liquidated damages,
costs charge expenses and all other
moneys payable by the company. The
charge by the way of hypothecation dated 07.04.1997 being the original charge
as modified by the deed of hypothecation dated 27.03.1998 and mortgage
created on 28.03.1998 for Rs. 0.3 millions loan under ISO 9000 and Rs. 3.5
millions loan under TDMFS ded 24.02.2000 for Rs. 3.8 millions on as mentioned
above thus securing making SIDBI
loans in aggregate of Rs. 24 millions. |
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.44.23 |
|
UK Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING |
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 |