MIRA
INFORM REPORT
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Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ISCON SURGICALS LIMITED |
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Registered Office : |
22/4, Heavy Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.01.1995 |
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Com. Reg. No.: |
17-5963 |
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CIN No.: [Company
Identification No.] |
U24232RJ1991PLC005963 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHI00975C /
JDHI01166E |
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PAN No.: [Permanent
Account No.] |
AAACI3030K |
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Legal Form : |
A
Closely Held Public Limited Liability Company. |
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Line of Business : |
The company
is engaged in Manufacturing and Dealing in all kinds of Surgical Instruments,
Optical Equipments, Anatomical, Orthopaedic and Surgical Appliances and
ancilliary goods. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 190000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
Financial position is satisfactory. Payments are reported as slow but
correct. However, the
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office / Factory : |
22/4, Heavy Industrial Area, |
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Tel. No.: |
91-291-2635164 / 2635165 / 2635168 / 2741193 |
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Fax No.: |
91-291-2741193 |
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E-Mail : |
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Website : |
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Factory : |
B-70, MIA, Basni
Phase – II, |
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Branch Office
: |
1596,
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Branch Office
: |
21/202,
Thakur House, |
DIRECTORS
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Name : |
Mr. Narendra
Kumar Jain |
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Designation : |
Director |
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Address : |
620 / 11th
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Date of Birth/Age : |
10.07.1956 |
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Date of Appointment : |
16.12.2002 |
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Name : |
Mr.
Mahendra Prakash Jain |
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Designation : |
Director |
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Address : |
620 / 11th
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Date of Birth/Age : |
23.05.1961 |
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Date of Appointment : |
16.12.2002 |
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Name : |
Mr. Sharad
Patwardhan |
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Designation : |
Director |
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Address : |
A- 258, Shastri
Nagar, |
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Date of Birth/Age : |
25.11.1953 |
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Date of Appointment : |
15.11.2002 |
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Name : |
Mr. Braham Deo
Bhati |
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Designation : |
Director |
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Address : |
410-B, |
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Date of Birth/Age : |
10.12.1954 |
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Date of Appointment : |
15.11.2002 |
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Name : |
Mr.
Manohar Lal Jain |
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Designation : |
Director |
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Address : |
620 / 11th
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Date of Birth/Age : |
05.01.1953 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr.
Sohan Lal Jain |
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Designation : |
Director |
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Address : |
620 / 11th
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Date of Appointment : |
15.11.2005 |
KEY EXECUTIVES
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Name : |
Mr. Amit Baxi |
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Designation : |
Company Secretary
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Address : |
19E/ 3, Chopasni,
Housing Board, |
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Date of
Birth/Age : |
17.11.1974 |
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Date of
Appointment : |
11.08.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr.
Mahendra Prakash Jain |
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809725 |
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Mr.
Sohan Lal Jain |
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245225 |
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Mr.
Narendra Kumar Jain |
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502125 |
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Mrs.
Urmila Jain |
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215125 |
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Mrs.
Chandra Jain |
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206125 |
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Mrs.
Sheela Jain |
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150375 |
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Mr. Sanklecha
Johari Mal |
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14000 |
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Mr. Sayar Kanwer
Sanklecha |
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28375 |
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Mrs. Saroj Bafna |
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12500 |
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Mrs. Anita Bafna |
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25875 |
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Mr. Jethmal Bafna
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112600 |
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Mr. Bafna Hemant
Kumar |
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12500 |
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Mr. Saroj
Saraswat |
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12500 |
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Mr. Prakash Kumar
Knwar |
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12500 |
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Mr. Parmanand
Ojha |
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12500 |
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Mr. Ojha Laxmi
Devi |
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12500 |
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Mr. Madhubala
Bhati |
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12500 |
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Mr. Dagga Vijay
Kumar |
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12500 |
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Mr. Gala Ganesh D
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18750 |
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Mr. Bhandari
Rajdulari |
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15125 |
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Mr. R C Bohra |
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12500 |
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Mr. Mukesh V Shah
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25000 |
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Tatiya
Cap Tubes India Private Limited |
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256000 |
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N R Foundation |
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110500 |
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Mr S V Foundation
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88000 |
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Mr. Chattah Singh
Bhandari |
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15000 |
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Mrs. Rita Jain |
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12000 |
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Manohar Lal Jain
HUF |
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44000 |
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Jain Sohan Lal -
HUF |
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30000 |
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Jain Shanti Lal |
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17500 |
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Jain Nikhil |
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99100 |
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Jain Nidhi |
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95000 |
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Jain Shruti |
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109500 |
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Jain Nitin |
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57000 |
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Rajlumar
Sanklecha HUF |
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13000 |
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Jain Metal
Components Private Limited |
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71500 |
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Rishabh Jain |
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33000 |
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Vishrut Jain |
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15500 |
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Nivini
Enterprises Private Limited |
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95000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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7.03 |
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Directors of relatives of directors |
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67.86 |
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Other top fifty shareholders |
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25.11 |
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Total
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100.00 |
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Name of Allotee |
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No. of Shares |
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Sheela
Jain |
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2500 |
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Nanda
Jain |
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2500 |
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M L
Jain – HUF |
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2500 |
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N K
Jain – HUF |
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2500 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
The
company is engaged in Manufacturing and Dealing in all kinds of Surgical
Instruments, Optical Equipments, Anatomical, Orthopaedic and Surgical
Appliances and ancilliary goods. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Surgical (Unit - I) |
Mill Pcs |
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127.50 |
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Surgical (Unit – II) |
Mill Pcs |
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50 |
GENERAL INFORMATION
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Customers : |
v
Agarwal
Packers v
Bhandan
Offset v
BR
Surgicals v
Javco
Plastics v
Laxmi
Polymers v
Macro
Lab v
Micro
Shap Needles Private Limited v
Precision
Machine Tools v
Sudeep
Industrial v
Uma
Plastic Industries |
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No. of Employees : |
190 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajneesh
Singhvi Chartered
Accountants |
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Address : |
Civil Lines, Jaipur – 302001, |
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Tel. No.: |
91-141-2222833 /
2220062 |
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Fax No.: |
91-141-2220918 |
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E-Mail : |
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Mumbai Office : |
7, Trivedi Niwas building
, 3, New Nagardas Road, Andheri W, Mumabi – 400069 Tel No :
91-22-28201959 / 28207454 |
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Associates/Subsidiaries : |
²
Jain Metal Components (Private) Limited, 16-B (II), H.I.A., -
Manufacturers of Brass Components, Reusable Needles and Special
Needles. ²
Iscon Research Lab. Private Limited, B-70, M. I. A., 2nd
Phase, Basni, -
Manufacturers of Aeromatic Chemicals |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3788000 |
Equity Shares |
Rs. 10/- each |
Rs. 37.880 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 |
37.880 |
37.880 |
37.680 |
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2] Share Application Money |
0.000 |
0.000 |
1.000 |
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3] Reserves & Surplus |
11.000 |
7.303 |
3.442 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48.880 |
45.183 |
42.122 |
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LOAN FUNDS |
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1] Secured Loans |
55.632 |
45.103 |
18.968 |
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2] Unsecured Loans |
30.723 |
28.769 |
30.138 |
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TOTAL BORROWING |
86.355 |
73.872 |
49.106 |
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DEFERRED TAX LIABILITIES |
7.536 |
5.477 |
3.047 |
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TOTAL |
142.771 |
124.532 |
94.275 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
73.659 |
61.875 |
54.666 |
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Capital work-in-progress |
0.361 |
4.843 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
35.303
|
23.353 |
17.065 |
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Sundry Debtors |
45.128
|
42.564 |
29.888 |
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Cash & Bank Balances |
5.229
|
5.626 |
4.064 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.180
|
6.838 |
6.110 |
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Total Current Assets |
93.840
|
78.381 |
57.127 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
23.161
|
21.056 |
17.814 |
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Provisions |
2.151
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Total Current Liabilities |
25.312
|
21.056 |
17.814 |
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Net Current Assets |
68.528
|
57.325 |
39.314 |
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MISCELLANEOUS EXPENSES |
0.223 |
0.489 |
0.295 |
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TOTAL |
142.771 |
124.532 |
94.275 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
158.549 |
123.522 |
100.101 |
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Other Income |
0.129 |
6.821 |
[1.050] |
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Total Income |
158.678 |
130.343 |
99.051 |
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Profit/(Loss) Before Tax |
6.396 |
4.871 |
2.976 |
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Provision for Taxation |
2.700 |
2.810 |
1.270 |
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Profit/(Loss) After Tax |
3.696 |
2.061 |
1.706 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
7.409 |
8.126 |
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Imports : |
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Raw Materials |
NA |
17.004 |
21.326 |
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Stores & Spares |
NA |
0.180 |
0.131 |
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Capital Goods |
NA |
4.816 |
0.000 |
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Total Imports |
NA |
22.000 |
21.457 |
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Expenditures : |
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Manufacturing & Administrative Expenses |
0.000 |
32.652 |
22.826 |
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Raw Material Consumed |
72.256 |
76.031 |
60.464 |
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Purchases made for re-sale |
8.273 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
14.293 |
0.000 |
0.000 |
|
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Increase/(Decrease) in Finished Goods |
[8.548] |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
10.717 |
0.000 |
0.000 |
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Managerial Remuneration |
0.391 |
0.000 |
0.000 |
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Payment to Auditors |
0.015 |
0.000 |
0.000 |
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Interest |
6.313 |
5.391 |
4.206 |
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Insurance Expenses |
0.589 |
0.000 |
0.000 |
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Depreciation & Amortization |
5.089 |
3.939 |
3.162 |
|
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Other Expenditure |
42.895 |
7.460 |
5.416 |
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Total Expenditure |
125.283 |
125.473 |
96.074 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.33
|
1.58 |
1.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.03
|
3.94 |
2.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.82
|
3.47 |
2.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.11 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.28
|
2.10 |
1.59 |
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Current Ratio (Current Asset/Current Liability) |
|
3.71
|
3.72 |
3.21 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
v
v
Plant
and Machinery
v
Computer
v
Furniture
and Fixture
v
Vehicles
v
Office
Equipments
v
Dies
and Tools
The
company is in trade terms with the following :
²
Teschima Korea Company Limited
²
²
Noritake Company Limited,
²
C & P Plus,
²
K. K. Polymers,
²
Mohnot Stainless Steel Limited, Heavy Industrial Area,
AS PER
WEBSITE
Subject an ISO:9001-2000 certified company is the renowned
manufacturer and exporter of wide range of Surgical Instruments, Medical Surgical
Instruments, Quality Reusable & Disposable Surgical products.
It is part of JMC Group of
Companies, the first established in the year 1978 by three Technocrats under
the leadership of visionary Mr. S.L. Jain.
Profile:
The company is equipped with most
modern machining center, Moulding machines, fully automatic Syringe &
Needle assembly machines, Electroplating & Electropolishing, Automatic burr
free tube Cutting & Grinding machines all in-house. The group at present
employs about three hundred dedicated workforce. They are leading
manufacturers, exporters and suppliers of surgical Medical Surgical Instrument
and surgical instruments in
As a matter of policy, they maintain very high standards and do not compromise
on quality at all. With uncompromising dedication to the profession, they have
a focus for their action that unifies us, adds value to their work and
simplifies the modern surgical procedures.
Products:
Their diversified range of surgical supplies and surgical instruments include -
- Disposable
Syringes and Needles
- General
Surgery Needles
- Opthalmic
Microsurgical Instruments
- Metal
Components
|
Medical
Surgical Instruments |
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|
Disposable Syringes & Needles |
Disposable Syringes || Disposable Needles || General
Surgery Needles |
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Ophthalmology Instruments |
Ophthalmic Instuments || Cannula || Blades |
|
Sheet Metal Components |
LPG Valve & Regulator Components || Hydraulic &
Pneumatic Fittings || Air & Oil Pipe Assembilies || Automobiles Components
|| Bio Medical Components || Electrical & Electronics Components |
Bankers Charges
Report as per Registry
|
Name of the company |
ISCON SURGICALS LIMITED |
|
Presented By |
Mr. N K Jain Director |
|
1) Date and description of instrument creating the change |
13.04.2002 General Agreement for grant of small industries advances
and hypothecations of movable, book debts and other assets whether present or
further charges thereon for all the indebtedness and liability of the
borrower to the bank present and future the present limit having been
determined at Rs. 27.900 Millions 13.04.2002 agreement for grant of small industries advances regarding hypothecations of movable, book debts and
other assets 13.04.2002 agreement for grant of small industries advances regarding advance
against receivable and bills in the course of collection 13.04.2002 agreement for grant of small industries advances regarding letters of
credit, Guarantees and indemnities |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Total Cash credit on stocks Rs. 12.500
Millions For CC on book debts – Rs. 1.500 Millions for EPC and Rs. 0.500
Millions for FBP/FBD Forgign Letters of credit – Rs. 2.500
Millions Inland Letters of credit - Rs.
4.000 Millions Bank Guarantee – Rs. 4.000
Millions One time FLC – Rs. 2.400
Millions Total Limits – Rs. 27.900
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 |
Hypothecations of raw material, stock in process, finished goods,
receivable, movables, book debts and other assets |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest : 2.25 % above SBAR with minimum of 13.25 % p.a. Margin : Raw Materials – 25 %
Stock in process – 25 % Finished good : 25 % Domestic receivables : 50 % Plant and machinery : 25 % L/C
and B/G - 10 % |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of |
|
6) Date and brief description
of instrument modifying the charge |
13.04.2004 general agreement of loan for overall limit 13.04.2004 supplemental agreement of hypothecations of goods and
assets 30.11.2005 Letter regarding the grant of individual limits within the
overall limit 13.04.2004 Recital for Extension of Equitable mortgage of factory land
and building situated at 22/4, Heavy Industrial Area, |
|
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. |
Credit facilities being enhanced from Rs. 27.900 millions to Rs.
54.500 Millions as follows cash credit hypothecation Rs. 30.000 Millions SLC
Rs. 4.500 Millions ILC Rs. 6.500 Millions, FLC Rs. 11.000 Millions and
BG Rs. 2.500 Millions . Totalling to Rs. 54.500 millions security : First charge on all current assets of the company and first
charge on entire fixed assets of company assets of the company including
Equitable mortgage of factory land and building situated at 22/4, Heavy
Industrial Area, Jodhpur. |
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|
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Name of the company |
ISCON SURGICALS LIMITED |
|
Presented By |
Mr. M P Jain Director |
|
1) Date and description of instrument creating the change |
06.10.2004 Supplemental agreement of Loan for increase in the overall
limit 06.10.2004 Supplemental agreement of goods and assets for increase in
the overall limit 06.10.2004 Supplemental agreement of pleaged of goods and assets for
increase in the overall limit |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Terms loan Rs. 23.000 |
|
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 |
Extension of equitable mortgage of factory land and building situated
at B – 70 Bansi , Extension of equitable mortgage of factory land and building situated
at 22/4, Heavy Industrial Area, Hypothecations of raw material, stock in process, finished goods,
receivable, movables, book debts and other assets |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
A fresh term loan has been granted to the company apart of the cash credit limit of Rs. 54.500 and trem
loan of Rs. 700 Millions making the
total exposure to the company to Rs. 84.500 Millions hence supplanted
agreement have been executed to secure the fresh term loan of Rs. 23.000
Millions Interest : @ 0.75 % below SBAR with comes ot 9.50 % p.a. at monthly
rests Repayments in 24 quarterly
instalments First 10 instalments will be of Rs. 0.900 Millions each and last
14 instalments of Rs. 1.000 Commencing form 01.01.2005 last instalment to be paid on 01.10.2010 Bank has agreed to release the term loan of Rs.0.230 pending surgical
limited and creation of equitable of load and building situated at B – 70
Bansi , In the event of delay in completion of formalities and non creation of
equitable mortgage within 3 months higher interest by 1 % then stipulated
will be charged. |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of |
|
6) Date and brief description
of instrument modifying the charge |
NA |
|
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. |
NA |
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|
Name of the company |
ISCON SURGICALS LIMITED |
|
Presented By |
Mr. M P Jain Director |
|
1) Date and description of instrument creating the change |
13.04.2002 General Agreement for grant of small industries advances
and hypothecations of movable, book debts and other assets whether present or
further charges thereon for all the indebtedness and liability of the
borrower to the bank present and future the present limit having been
determined at Rs. 27.900 13.04.2002 agreement for grant of small industries advances regarding hypothecations of movable, book debts and
other assets 13.04.2002 agreement for grant of small industries advances regarding advance
against receivable and bills in the course of collection 13.04.2002 agreement for grant of small industries advances regarding letters of credit,
Guarantees and indemnities |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Total Cash credit on stocks Rs. 12.500 Millions For CC on book debts – Rs. 1.500 Millions for EPC and Rs. 0.500
Millions for FBP/FBD Forgign Letters of credit – Rs. 2.500 Millions Inland Letters of credit - Rs.
4.000 Millions Bank Guarantee – Rs. 4.000 Millions One time FLC – Rs. 2.400 Millions Total Limits – Rs. 27.900
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 |
Hypothecations of raw material, stock in process, finished goods,
receivable, movables, book debts and other assets |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest : 2.25 % above SBAR with minimum of 13.25 % p.a. Margin : Raw Materials – 25 %
Stock in process – 25 % Finished good : 25 % Domestic receivables : 50 % Plant and machinery : 25 % L/C
and B/G - 10 % |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of |
|
6) Date and brief description
of instrument modifying the charge |
18.04.2005 Letter regarding the grant of individual limits within the
overall limit 18.04.2005 Letter of Extension of Equitable mortgage of factory land
and building situated at 22/4, Heavy Industrial Area, |
|
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. |
Total cash credit limit of Rs. 84.500 Millions as follows, CC
Hypothecations Rs. 35.000 Millions SLC – Rs. 30.000, SLC Rs. 4.500 Millions ILC Rs. 6.500 Millions,
FLC Rs. 11.000 Millions and BG Rs. 2.500 Millions . Totalling to Rs. 54.500
millions Margin money and other terms as given in the form C-5 Additional security given by way if Equitable mortgage of land and
building situated at B – 70 Bansi , |
|
|
|
|
Name of the company |
ISCON SURGICALS LIMITED |
|
Presented By |
Mr. M P Jain Director |
|
1) Date and description of instrument creating the change |
13.04.2002 General Agreement for grant of small industries advances
and hypothecations of movable, book debts and other assets whether present or
further charges thereon for all the indebtedness and liability of the
borrower to the bank present and future the present limit having been
determined at Rs. 700.000 13.04.2002 agreement for medium term loan against hypothecation of
movable machinery. |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Medium Term loan of Rs. 700 millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Hypothecations of Machinery, movables and book debts |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest : 2.25 % above SBAR with minimum of 13.75 % p.a. Margin : Raw Materials – 25 % Repayment in 24 quarterly instalments starting form 30.06.2002. first
20 instalments will be of Rs. 29.000 Millions each and last 4 installments of
Rs. 0.300 Millions Plant and machinery : 25 % L/C
and B/G - 10 % |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of |
|
6) Date and brief description
of instrument modifying the charge |
18.04.2005 Letter regarding the grant of individual limits within the
overall limit 18.04.2005 Letter of Extension of Equitable mortgage of factory land
and building situated at B – 70 Bansi , |
|
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. |
Additional security given by way if Equitable mortgage of land and
building situated at B – 70 Bansi , |
|
|
|
|
Name of the company |
ISCON SURGICALS LIMITED |
|
Presented By |
Mr. M P Jain Director |
|
1) Date and description of instrument creating the change |
13.04.2002 General Agreement for grant of small industries advances
and hypothecations of movable, book debts and other assets whether present or
further charges thereon for all the indebtedness and liability of the
borrower to the bank present and future the present limit having been
determined at Rs. 27.900 Millions 13.04.2002 agreement for grant of small industries advances regarding hypothecations of movable, book debts and
other assets 13.04.2002 agreement for grant of small industries advances regarding advance
against receivable and bills in the course of collection 13.04.2002 agreement for grant of small industries advances regarding letters of credit,
Guarantees and indemnities |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Total Cash credit on stocks Rs. 12.500 Millions For CC on book debts – Rs. 1.500 Millions for EPC and Rs. 0.500
Millions for FBP/FBD Forgign Letters of credit – Rs. 2.500 Millions Inland Letters of credit - Rs.
4.000 Millions Bank Guarantee – Rs. 4.000 Millions One time FLC – Rs. 2.400 Millions Total Limits – Rs. 27.900
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 |
Hypothecations of raw material, stock in process, finished goods,
receivable, movables, book debts and other assets |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Repayment by loan over a period not axceeding 10 year by 19 half
yearly installment interest at the rate 6.5% above bank rate ruling from time
to time |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of |
|
6) Date and brief description
of instrument modifying the charge |
30.11.2005 supplemental agreement of loan for increased in the overall
limit 30.11.2005 supplemental agreement of hypothecations of goods and
assets for increased in overall limit 30.11.2005 Letter regarding the grant of individual limits within the
overall limit |
|
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. |
Total cash credit limit of Rs. 54.500 Millions has been increased to
Rs. 66.300 Millions as follows, CC Hypothecations Rs. 35.000 Millions SLC –
Rs. 5.300 Millions, ILC – Rs. 10.000 Millions, FLC – Rs. 12.500 Millions
& BC – Rs. 2.500 Millions apart from TL – 1 of Rs. 7.000 Millions and TL
– 2, Rs. 23.000 Millions of the company. Interest rate, Margin money and
other terms as given in the form C – 5
|
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.71 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.54.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
|