MIRA
INFORM REPORT
|
Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
VA TECH ESCHER
WYSS FLOVEL LIMITED |
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Registered Office : |
Plot No. 57, Sector 27-C, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
03.04.1976 |
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Com. Reg. No.: |
05-8141 |
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CIN No.: [Company
Identification No.] |
U29119DL1976PLC008141
/ U99999HR1976PLC034599 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKV00751C |
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PAN No.: [Permanent
Account No.] |
AAACF0010A |
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Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
Engineering Procurement and Construction Contracts for
Hydro Power Plants. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 550000 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Financial
position of the company can be regarded as moderate having substantial
accumulated losses. Trade relations
are fair. Payments are usually correct
and as per commitments. The company can
be considered for normal business dealings at usual trade terms and
conditions, with some caution. |
LOCATIONS
|
Registered Office : |
Plot No. 57, Sector 27-C, |
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Tel. No.: |
91-129-2274319 |
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Fax No.: |
91-129-2274320 |
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E-Mail : |
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Website : |
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Head Office : |
Plot No. 57, Sector 27-C, 13/1, |
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Tel. No.: |
91-129-2274319 |
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Fax No.: |
91-129-2274320 |
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Factory : |
49/5, |
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Tel. No.: |
91-1275-262293 |
DIRECTORS
|
Name : |
Late Mr. Raj Nath
Kar |
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Designation : |
Chairman |
|
Address : |
M – 27, Greater
Kailash – II, |
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Date of Birth/Age : |
21.02.1928 |
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Date of Appointment : |
03.04.1976 |
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Date of Ceasing : |
30.09.1998 |
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|
Name : |
Mr. Maharaj Kar |
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Designation : |
Managing Director
[w.e.f. 30.11.1995] |
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Address : |
M – 27, Greater
Kailash – II, |
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Date of Birth/Age : |
01.09.1950 |
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Date of Appointment : |
03.04.1976 |
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Qualification : |
B.E. [Meachnical] |
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Experience : |
34 years |
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Previous Employment : |
Flovel |
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|
Name : |
Mr. Shuban Kishan
Kaul |
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Designation : |
Joint Managing
Director |
|
Address : |
House No. 633,
Sector -21-A, |
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Date of Birth/Age : |
01.03.1948 |
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Date of Appointment : |
03.04.1976 |
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Qualification : |
B. E.
[Electrical] |
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Experience : |
36 years |
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Previous Employment : |
Flovel |
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Date of Ceasing : |
31.03.2005 |
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|
Name : |
Mrs. Aruna Kar |
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Designation : |
Director |
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Address : |
M – 27, Greater
Kailash – II, |
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Date of Birth/Age : |
09.07.1951 |
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Date of Ceasing : |
30.11.1995 |
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|
Name : |
Dr. [Mrs.] S. K.
Kaul |
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Designation : |
Director |
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Address : |
633, Sector
-21-A, |
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Date of Birth/Age : |
27.07.1948 |
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Date of Ceasing : |
30.11.1995 |
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|
Name : |
Mr. Hira Lal Tiku |
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Designation : |
Director |
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Address : |
L – 27, Kailash
Colony, |
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Date of
Ceasing : |
30.11.1995 |
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|
Name : |
Mr. Manmohan Dhar |
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Designation : |
Additional
Director |
|
Address : |
C – 56, Kailash
Apartments, Lala Lajpat Rai Marg, |
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Date of
Birth/Age : |
26.05.1921 |
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Date of
Appointment : |
30.09.1996 |
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Date of
Ceasing : |
30.09.1997 |
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|
Name : |
Mr. Tahilramaney
Pooran |
|
Designation : |
Additional
Director |
|
Address : |
White House, Flat
301, |
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Date of
Birth/Age : |
14.04.1928 |
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Date of
Appointment : |
30.11.1995 |
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Date of
Ceasing : |
13.03.2002 |
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|
Name : |
Mr. Dieter Hody |
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Designation : |
Director |
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Address : |
27 Ch 8713,
UERIKON, |
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Date of
Birth/Age : |
10.06.1937 |
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Date of
Appointment : |
30.11.1995 |
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Date of
Ceasing : |
30.09.1997 |
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|
Name : |
Mr. Rudi Roesch |
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Designation : |
Director |
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Address : |
Begnatd STR
1788213, |
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Date of
Birth/Age : |
28.04.1951 |
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Date of
Appointment : |
30.11.1995 |
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Date of
Ceasing : |
13.03.2002 |
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|
Name : |
Mr. Subodh S.
Nadkarni |
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Designation : |
Additional
Director |
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Address : |
1 Shree Sidhivinayak
Apartments, |
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Date of
Birth/Age : |
02.04.1956 |
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Date of
Appointment : |
30.11.1995 |
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Date of
Ceasing : |
30.03.2000 |
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Name : |
Mr. Emsi A Maurer |
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Designation : |
Director |
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Address : |
Pyramigon Buelweis
Ch 8953 ELGC |
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Date of
Birth/Age : |
27.06.1955 |
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Date of
Appointment : |
30.11.1995 |
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Date of
Ceasing : |
30.09.1997 |
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|
Name : |
Dr. Wolfgang
Wuhrer |
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Designation : |
Director |
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Address : |
54 Staufersstasse,
Ravensburg |
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Date of
Birth/Age : |
21.01.1937 |
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Date of
Appointment : |
30.09.1997 |
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Date of
Ceasing : |
18.03.2003 |
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|
Name : |
Dr. Franz
Strohmer |
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Designation : |
Director |
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Address : |
Keplerstrasse –
19, A – 4040 |
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Date of
Birth/Age : |
23.06.1945 |
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Date of
Appointment : |
22.02.2000 |
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Date of
Ceasing : |
30.06.2004 |
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|
Name : |
Mr. Sanjiv Saral |
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Designation : |
Additional
Director |
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Address : |
H. No. 1838,
Sector – 28, |
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Date of
Birth/Age : |
13.05.1955 |
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Date of
Appointment : |
22.02.2000 |
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Date of
Ceasing : |
30.06.2004 |
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|
Name : |
Mr. Mahadevan
Anand |
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Designation : |
Additional
Director |
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Address : |
H. No. E – 520,
Greater Kailash – II, |
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Date of
Birth/Age : |
04.11.1951 |
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Date of
Appointment : |
22.02.2000 |
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Date of
Ceasing : |
25.06.2003 |
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|
Name : |
Mr. Kari Scherer |
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Designation : |
Additional
Director |
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Address : |
Salar Manzil, |
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Date of
Birth/Age : |
25.07.1955 |
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Date of Appointment
: |
13.03.2002 |
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Date of
Ceasing : |
18.03.2003 |
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|
Name : |
Mr. Alfred
Friedinger |
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Designation : |
Additional
Director |
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Address : |
Kollergasse 16, A
– 1030 |
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Date of
Birth/Age : |
21.12.1945 |
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Date of Appointment
: |
13.03.2002 |
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Date of
Ceasing : |
18.03.2003 |
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|
Name : |
Mr. Helmuth
Tschabuschning |
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Designation : |
Additional
Director |
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Address : |
A – 2345, Brunn A
Gebirge Frankeith Gasse, 4415, |
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Date of
Birth/Age : |
19.12.1947 |
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Date of
Appointment : |
13.03.2002 |
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Date of
Ceasing : |
18.03.2003 |
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|
Name : |
Mr. J. C.
Riesterer |
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Designation : |
Additional
Director |
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Address : |
Konigsberger, STR
– 15, 88212 |
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Date of
Birth/Age : |
06.10.1953 |
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Date of
Appointment : |
18.03.2003 |
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Date of
Ceasing : |
25.06.2003 |
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|
Name : |
Mr. Dechaud
Didier |
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Designation : |
Additional
Director |
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Address : |
216, Avenue |
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Date of
Birth/Age : |
19.10.1954 |
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Date of
Appointment : |
18.03.2003 |
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Date of
Ceasing : |
31.03.2005 |
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|
Name : |
Mr. Jatinder
Chopra |
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Designation : |
Secretary |
|
Address : |
B – 59, Anand
Vihar, |
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Date of
Birth/Age : |
19.05.1957 |
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Date of
Appointment : |
30.03.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev Bharadwaj |
|
Designation : |
Company Secretary |
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Address : |
House No 245, Secot – 15A, |
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Date of Birth/Age : |
13.09.1965 |
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Date of Appointment : |
13.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Maharaj Kar |
|
230538 |
|
Mr. Shuban
Krishan Kaul |
|
239799 |
|
Mrs. Aruna Kar |
|
31752 |
|
Mrs. Nancy Kaul |
|
31752 |
|
Mrs. Indira Saraf |
|
132082 |
|
Mr. Gautam Kar |
|
25082 |
|
Ms. Gayatri Kar |
|
25082 |
|
Mrs. Kusum Jinsi |
|
100330 |
|
Va Tech Escher
Wyss GmbH, |
|
1304147 |
|
Total |
|
2120564 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Engineering Procurement and Construction Contracts for
Hydro Power Plants |
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|
|
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Exports : |
|
|
Products : |
Hydro Turbines and other Equipments including Butterfly
Valves. |
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|
|
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Imports : |
|
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Products : |
Raw materials and components |
|
Countries : |
|
GENERAL INFORMATION
|
Suppliers : |
Ř
Flowezy
Hydraulics [Private] Limited Ř
Mech
Well Tools Ř
Anurag
Casting |
|
|
|
|
No. of Employees : |
About 150 |
|
|
|
|
Bankers : |
v
Hong Kong Bank & Shanghai Banking
Corporation Limited, v
Desutsche Bank, Tolstoy Marg, v
Credit Lyonnnais, K. G. Marg, v
ABN Amro bank, D.L.F Centre, v IDBI Bank Limited v
State Bank of v ICICI Bank Limited v
Himalayan v
State Bank of |
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|
|
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Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi & Company Chartered Accountants |
|
Address : |
Ernst & Young
Tower, B – 26, Qutab Institutional Area, New Delhi – 110016, India |
|
Tel. No.: |
91-11-26611004-09
/ 26852034 |
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Fax No.: |
91-11-26611012-13 |
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|
|
|
Holding Company : |
VA TECH Escher Wyss GmbH, |
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|
|
|
Ultimate Holding Company : |
VA Technologies AG, |
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|
|
|
Subsidiaries : |
v
VA Tech Hydro India Private Limited, v
VA Tech India Private Limited, v
VA Tech India Limited, v
VA Tech WABAG Limited v
VA Tech GmbH and Company, Beijing Representative
Office, v
PT. VA Tech v
VA Tech Holdings ( v
VA Tech International GmbH ( v
VA Tech ( v
VA Tech International v
VA Tech International SA ( v
v
VA Tech Hydro GmbH and Company ( v
VA Tech Hydro v
VA Tech Hydro Weiz Plant (Weiz) v
VA Tech SAT GmbH and Company ( v
EZ Praha a.s. (Praha) v
VA Tech SAT Praha spol. s.r.o. (Praha) v
VA Tech SAT A/S (Horsholm) v
VA Tech Bouvier Hydro S.A. ( v
VA Tech Escher WYSS GmbH (Ravensburg) v
VA Tech SAT GmbH (Planegg) v
VA Tech Hydro Kepviseleti Iroda (Torokbalint) v
VA Tech v
VA Tech v
VA Tech Polska Sp. Z.o.o ( v
VA Tech international GmbH (Moskow) v
SAT Systemy automatizacne techniky, spol.s.r.o. ( v
VA Tech International spol. s.r.o. ( v
VA Tech Escher WYSS S.L. ( v
VA Tech hydro AS, Norge Filial (Skara) v
VA Tech Hydro AG (Kreins) v
VA Tech hydro SA (Vevey) v
VA Tech Hydro AG ( v
VA Tech SAT AG (Hunenberg) v
VA Tech Elin Elmak Elektromekanik Sistemler
Ticaret Limited, Sirketi ( v
VA Tech International (Kiew) v
VA Tech Transmission and Distribution Limited
(Hepburn) v
VA Tech Ferranti Packard Transformers Limited
(St. Catherines) v
VA tech bouvier Canada Inc. ( v
VA Tech Transmison y Dristribucion S.A. de c. v. v
VA Tech Escher WYSS S. S. de C. V. ( v
VA Tech Hydro USA Corporation (Charlotte) v
VA tech Hydro Brasil Limited (Sao Paolo) v
VATECO Limited ( v
VA Tech v
VA Tech SAT GmbH & Company v
VA Tech Hydro GmbH & Company v
VA Tech Hydro v
VA Tech Finance Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2120564 |
Equity Shares |
Rs. 10/- each |
Rs. 21.206 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21.206 |
21.206 |
21.205 |
|
|
2] Reserves & Surplus |
165.278 |
165.278 |
168.805 |
|
|
3] (Accumulated Losses) |
[48.532] |
[96.680] |
[66.129] |
|
|
NETWORTH |
137.952 |
89.804 |
123.881 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
48.756 |
51.286 |
16.208 |
|
|
2] Unsecured Loans |
417.224 |
395.541 |
408.728 |
|
|
TOTAL BORROWING |
465.980 |
446.827 |
424.936 |
|
|
|
|
|
|
|
|
TOTAL |
603.932 |
536.631 |
548.817 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
192.006 |
207.357 |
212.575 |
|
|
Capital work-in-progress |
31.315 |
36.765 |
0.874 |
|
|
|
|
|
|
|
|
INVESTMENT |
50.000 |
50.000 |
50.000 |
|
|
DEFERREX TAX ASSETS |
18.785 |
38.851 |
44.395 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.788
|
71.275
|
37.194 |
|
|
Sundry Debtors |
727.635
|
1280.395
|
1086.895 |
|
|
Cash & Bank Balances |
54.669
|
138.117
|
145.812 |
|
|
Other Current Assets |
770.352
|
0.000
|
0.000 |
|
|
Loans & Advances |
100.994
|
73.949
|
79.523 |
|
Total Current Assets |
1723.438
|
1563.736
|
1349.424 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1367.910
|
1317.573
|
1079.474 |
|
|
Provisions |
43.702
|
42.505
|
28.977 |
|
Total Current Liabilities |
1411.612
|
1360.078
|
1108.451 |
|
|
Net Current Assets |
311.826
|
203.658
|
240.973 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
603.932 |
536.631 |
548.817 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
1596.543 |
1271.168 |
1078.628 |
|
|
Other Income |
44.752 |
19.107 |
81.539 |
|
|
Total Income |
1641.295 |
1290.275 |
1160.167 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
70.299 |
[25.248] |
52.124 |
|
|
Provision for Taxation |
22.152 |
8.830 |
[18.425] |
|
|
Profit/(Loss) After Tax |
48.147 |
[34.078] |
70.549 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
NA |
24.965 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
NA |
55.494 |
|
|
Capital Goods |
NA |
NA |
0.500 |
|
Total Imports |
NA |
NA |
55.994 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
930.676 |
|
|
Raw Material Consumed |
368.218 |
296.837 |
0.000 |
|
|
Purchases made for re-sale |
570.301 |
465.729 |
0.000 |
|
|
Consumption of stores and spares parts |
34.285 |
25.110 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[3.118] |
0.993 |
30.738 |
|
|
Salaries, Wages, Bonus, etc. |
105.407 |
96.338 |
0.000 |
|
|
Managerial Remuneration |
3.874 |
8.138 |
0.000 |
|
|
Payment to Auditors |
1.612 |
0.764 |
0.000 |
|
|
Interest |
15.993 |
25.632 |
46.763 |
|
|
Insurance Expenses |
14.515 |
10.265 |
0.000 |
|
|
Power & Fuel |
16.890 |
12.984 |
0.000 |
|
|
Depreciation & Amortization |
29.495 |
27.836 |
28.521 |
|
|
Other Expenditure |
413.524 |
344.897 |
71.345 |
|
Total Expenditure |
1570.996 |
1315.523 |
1108.043 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
2.93
|
[2.64] |
6.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.40
|
[1.99] |
4.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.67
|
[1.43] |
3.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
[0.28] |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
13.61
|
20.12 |
12.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.15 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Business
To carry on the business
of Engineers Consultants and Manufacturers of engineering goods like hydraulic
turbines, governors, hydraulic pumps, butterfly valves, spherical valves,
annular sleeve valves, needle valves with associated operators.
VA TECH HYDRO
VA TECH HYDRO can point to more than 160 years of experience and expertise in hydraulic power generation and is a competent and experienced partner for sutainable solutions.
The hydro business units of the companies SULZER HYDRO, VA TECH VOEST MCE and VA TECH ELIN were merged in 2000 to create VA TECH HYDRO.
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ESCHER
WYSS |
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1805 |
Foundation of Escher
Wyss, |
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1839 |
Delivery of the first water turbine |
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1969 |
Sulzer acquires Escher Wyss |
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1995 |
Change of name to Sulzer Hydro |
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1999 |
VA TECH acquires Sulzer Hydro |
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2000 |
Change of name to VA TECH ESCHER WYSS and integration into VA TECH HYDRO Group |
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BLH
/ VOEST MCE |
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1831 |
Foundation of BALDWIN
Locomotive, |
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1878 |
Invention of the first
Pelton waterwheel in |
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1903 |
First waterturbine of I.P. MORRIS |
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1950 |
Manufacturing of
turbine parts in |
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1957 |
Licence of BLH BALDWIN-LIMA-HAMILTON |
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1971 |
Acquisition of BALDWIN-LIMA-HAMILTON´s hydro sector, including I.P.MORRIS and PELTON-WATER-WHEEL |
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1989 |
Foundation of VOEST-ALPINE MCE |
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1991 |
Foundation of HYDRO VEVEY |
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1992 |
Foundation of BOUVIER HYDRO |
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1993 |
Strategic alliance with GE Canada |
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1994 |
Foundation of VA TECHNOLOGIE AG |
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1995 |
Joint Venture VAMEC, |
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2000 |
VA TECH VOEST MCE integrated into VA TECH HYDRO Group |
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VEVEY |
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1863 |
Foundation of Ateliers B.Roy & Cie, Vevey, CH |
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1895 |
Ateliers de Construction Mécaniques de Vevey |
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1981 |
Takeover of Ateliers des Charmilles |
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1991 |
Foundation of HYDRO
Vevey; |
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CHARMILLES |
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1918 |
Foundation of Ateliers des CHARMILLES, Genf, CH |
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1981 |
Ateliers des CHARMILLES integrated into Vevey |
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BOUVIER |
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1874 |
Foundation of Ateliers
Bouviers, |
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1992 |
Foundation of BOUVIER
HYDRO; |
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ELIN |
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1892 |
Foundation of
Pichlerwerke in |
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1922 |
Change of name to ELIN AG |
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1959 |
Merger with AEG |
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1989 |
Split into ELIN Energieanwendung and ELIN Energieversorgung |
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1991 |
Cooperation with GE |
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1993 |
Strategic alliance with GE Canada |
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1994 |
Foundation of VA TECHNOLOGIE AG |
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1997 |
Joint Venture Crompton Greaves |
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1999 |
Joint Venture with
ENERG |
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2000 |
VA TECH ELIN integrated into the VA TECH HYDRO Group |
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SAT
Automation |
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1973 |
Foundation of Schrack Automatisierungstechnik GmbH |
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1985 |
Change of name ot SAT Systeme für Automatisierungstechnik GmbH |
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1988- |
Foundation of Subsidiaries in several countries |
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2000 |
Business Unit ACP (Austomation, Control, Protection) with VA TECH Reyrolle Protection |
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2001 |
Participation of VA TECH HYDRO at VA TECH SAT (50%) |
FIXED ASSETS
Ř
Land –
freehold
Ř
Buildings
Ř
Plant
and machinery
Ř
Furniture
& Fixtures
Ř
Office
Equipment and electrical installation
Ř
Vehicles
Ř
Computers
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Corporate
identity number of the company |
U99999HR1976PLC034599 |
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Name of the
company |
VA TECH ESCHER
WYSS FLOVEL LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 57, Sector 27-C, |
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This form is for |
Modification of
charges |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
State Bank of |
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Amount secured by
the charge |
Rs. 170.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
The period of
validity of sanction of limits is one year from the date of sanction. Rate of
interest at SBAR at present 10.25 % as applicable and Margin of 25 % on Raw
Material, WIP, Finished goods and book debts. Hypothecation charge on the
goods hypothecated shall rank pari passu with working capital lenders. |
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Description of
the property charged |
Immovable
Properties Plant and
Machinery Furniture and
Fixture Book Debts Stock in trade Vehicles |
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Particulars of
the property charged |
First pari passu charge
by way of hypothecation of entire stocks of raw material, semi finished and
finished goods consumable stores and book debts, receivables, both present
and future situtated at 49/5, |
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Charge identification
number of the charge to the modified |
80007987 |
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Brief description
of the instrument modifying the charge under section 135 |
Supplemental
agreement of loan for increase in the Overall Limit Supplemental agreement
of hypothecation of goods and assets for increase in the overall limit Letter regarding
the grant of individual limits. |
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Date of
instrument Creating the charge |
12.07.2006 |
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Particulars of
the present modification |
The extent of operation
of charge stands increased due to enhance in overall limits form Rs. 350.000
Millions to Rs. 600 Millions |
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Name of the company |
VA TECH ESCHER WYSS FLOVER LIMITED |
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Presented By |
Mr. S. K. Singhai,
Assistant Vice President IDBI Bank Limited, |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of good & assets dated |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 150.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
[1] First pari passu charge on a] all present and future book debts, moneys receivables choses in action and claims. b] All stock in trade both present & future, including raw material, work-in-process, finished goods, such as fabric, ready-made garments, stores, spares & others stored or being stored at 49/5, Mathura Road, Village Prithla, Palwal District, Faridabad or elsewhere. The above is for working capital limit of Rs. 150.000 millions as detailed below : Cash Credit / WCDL : Rs. 25.000 millions Total Fund Based : Rs. 25.000 millions Bank Guarantee : Rs. 125.000 millions Letter of Credit [ILC/FLC] : Rs. 125.000 millions Total Non-fund based : Rs. 125.000 millions Pricing : Cash Credit / WCDL : WCPLR – 1.75% present effective 12.00% [in case of WCDL in USD – Libor plus 200 basis point] Bank Guarantee : Upto Rs. 5.000 millions – 0.50% p.a. payable yearly Above 5 millions and upto Rs. 25.000 millions – 0.45% p.a. payable yearly Above 25 millions – 0.40% p.a. payable yearly In case tenor is more than 1 year – 0.75% p.a. Letter of Credit : As per bank’s guidelines Margin : Cash Credit / WCDL : Stocks – 25%; receivable upto 90 days – 25% and receivables more than 90 days – 100% Letter of Credit / Bank Guarantee : Nil Period : Cash Credit /WCDL : One year LC : 180 days Bank Guarantee : three year [excluding claim period] Repayment : Cash Credit / WCDL : On Demand |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Not Applicable |
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5) Name and Address and description of the person entitled to the charge. |
Not Applicable |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Name of the company |
VA TECH ESCHER WYSS FLOVER LIMITED |
|
Presented By |
Mr. Jatinder
Chopra, Chief Financial Officer & Company Secretary |
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1) Date and description of instrument creating the change |
State Bank of Deed of hypothecation dated 18.10.2004 executed between VA
Tech Escher Wyss Flovel Limited [hereinafter referred to as Borrower] &
State Bank |
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2) Amount secured by the charge/amount owing on the securities of charge |
Loan amount of Rs. 170.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All raw material, semi finished goods, finished goods Situated at |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : PLR Margin : Nil Period : One year |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Name of the company |
VA TECH ESCHER WYSS FLOVER LIMITED |
|
Presented By |
Mr. Jatinder Chopra,
Chief Financial Officer & Company Secretary |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated the 14th day of October, 2004 executed by VA Tech Escher Wyss Flovel Limited [therein and hereinafter referred to as the Borrower] in favour of ICICI Bank Limited [“ICICI”] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Secured working capital facilities not exceeding Rs. 330.000 millions [the aforesaid working capital facilities as renewed / modified / amended from time to time are hereinafter collectively referred to as “the Facilities” extended / granted to the Borrower. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The properties more particularly described in Annexure I hereto [hereinafter collectively referred to as “the Assets” |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of ICICI having granted / agreed to grant to the borrower the facilities, agreement and declaration by the borrower, inter alia, as follows : 1. Covenant by the borrower to comply / to ensure compliance with all the terms and conditions set out in the Master Facility Agreement dated 14.10.2004 entered between the borrower and ICICI, as modified amended / renewed /supplemented from time to time [hereinafter collectively referred to as “the Agreement”] 2. The borrower shall pay / repay all amounts in respect of the facilities and pay interest and all other monies in the manner set out in the agreement and the other transaction documents [as defined in the Agreement] |
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5) Name and Address and description of the person entitled to the charge. |
Not Applicable |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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 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.82.26 |
|
Euro |
1 |
Rs.55.66 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 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. |
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 |
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