MIRA
INFORM REPORT
|
Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
T S TECH SUN INDIA LIMITED |
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Registered Office : |
J – 286, Saket,
New Delhi - 110017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.11.1996 |
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Com. Reg. No.: |
55-83402 |
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CIN No.: [Company
Identification No.] |
U45202DL1996PLC083402 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT04296F |
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Legal Form : |
A closely held
Public Limited Liability Company |
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Line of Business : |
Manufacturers of Assembly and Sale of Automobile Components |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 1818520 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having satisfactory track. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations are reported as fair. Financial position is good. Payments are
usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
J – 286, Saket,
New Delhi - 110017, India |
|
Tel. No.: |
91-11-26963192 /
26563309 |
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Fax No.: |
91-11-26563309 |
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E-mail : |
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Website : |
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Area : |
1500 sq. ft. |
|
Location : |
Owned
(Commercial) |
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Factory : |
·
Plot No. A-6
& A-7, Sector 81, Phase II, Noida, Uttar Pradesh, India ·
Plot No.
A-627, Sector –81, Phase-II, Noida - 201 305, Uttar Pradesh, India Tel. 91-120-2568631 / 2568632 Fax. 91-120-2568581 Location - Industrial ·
Plot No. 11,
Sector –6 IMT Manesar, Gurgaon - 122 050, Haryana, India Tel. 91-124-2291084 Fax. 91-124-2291086 |
DIRECTORS
|
Name : |
Mr. Yoshinori
Hasegawa |
|
Designation : |
Managing Director
|
|
Address : |
B – 45, Defence
Colony, New Delhi – 110024, India |
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Date of
Birth/Age : |
11.08.1951 |
|
Date of
Appointment : |
23.03.2002 |
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|
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|
Name : |
Mr. Isamu
Nishiguchi |
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Designation : |
Whole Time
Director (Foreigner) |
|
Address : |
S – 352, Greater
Kailash – II, New Delhi – 110048, India |
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Date of
Birth/Age : |
26.05.1964 |
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Date of
Appointment : |
08.12.2000 |
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|
|
|
Name : |
Mr. Subhash Sathe
|
|
Designation : |
Director |
|
Address : |
Flat No. 74, SFS
DDA Gautam Nagar, New Delhi, India |
|
Date of
Birth/Age : |
21.04.1955 |
|
Date of
Appointment : |
13.07.2002 |
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|
|
|
Name : |
Mr. Hideki Suzuki |
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Designation : |
Whole Time
Director |
|
Address : |
E – 421, Greater
Kailash – II, New Delhi – 110048, India |
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Date of
Birth/Age : |
16.10.1953 |
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Date of
Appointment : |
06.05.2005 |
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|
|
|
Name : |
Mr. Toshiyuki
Hayashi |
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Designation : |
Director (Japan) |
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Address : |
3 – 7 – 27,
Sakae-Cho, Asaka-shi, Saitama-Ken, Japan |
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Date of
Birth/Age : |
09.11.1950 |
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Date of
Appointment : |
28.06.2001 |
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|
Name : |
Mr. Satoru Tanaka |
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Designation : |
Whole Time
Director |
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Address : |
W – 119, Greater
Kailash – I, New Delhi |
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Date of
Appointment : |
01.05.1998 |
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|
|
|
Name : |
Mr. Takuo Arai |
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Designation : |
Additional
Director |
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Address : |
1-152-42 Sagami
Cho, Koshgaya Chi Saita 3430823, Japan |
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Date of
Birth/Age : |
23.11.1953 |
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Date of
Appointment : |
22.09.2006 |
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PAN No. : |
00953174 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay
Virmani |
|
Designation : |
Financial
Controller and Company Secretary |
|
Address : |
189 Sector 15A,
Faridabad – 121001, Haryana, India |
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Date of
Birth/Age : |
07.04.1970 |
|
Date of
Appointment : |
15.11.1999 |
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Email: |
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PAN No.: |
AAFPV5288G |
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|
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|
Name : |
Mrs. Chandra Gupta |
|
Designation : |
Secretary |
|
Address : |
17E / 630, Vasundhra, Ghaziabad – 201 012, Uttar Pradesh , India |
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Date of Birth/Age : |
20.07.1976 |
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Date of Appointment : |
05.07.2007 |
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Mobile No.: |
91-9891147043 |
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Email: |
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PAN No.: |
ACHPV5936D |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
|
No. of Shares |
|
|
Mr. Subhash Sathe |
|
100 |
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Mrs. Indrani Sathe |
|
100 |
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|
M/s Sun Vacuum Formers Private Limited |
|
1341400 |
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M/s T S Tech Company Limited |
|
3818400 |
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Total
|
5160000 |
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|
Equity Share Break Up (as on
31.03.2007) |
Percentage |
||
|
Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
74.00% |
||
|
Bodies Corporate |
26.00% |
||
|
Total |
100.00
% |
||
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers of Assembly and Sale of Automobile Components |
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|
|
|
Products : |
v Automotive Components It’s
product range includes :- v Door Lining v Seats v Roof Lining v Boot Change Lever v Lid Component Console v Console Rear Assembly v Pillow Head Rest v Scooter Seats Trading
v Furnishing Fabric Pipe for Pillar Head
Rest v Head Rest Frame v Nut v Panel |
GENERAL
INFORMATION
|
Customers : |
·
Honda Shell
Cars India Limited ·
Honda Motor
Cycle and Scooter India Limited |
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|
|
|
No. of
Employees : |
114 |
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|
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Bankers : |
v Sumitomo Mitsui Banking Corporation v Central Bank of India v Standard Chartered Bank v The Bank of Tokyo – Mitsubishi Limited Jeevan Vihar, 3, Parliament Street, New
Delhi – 110001, India |
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|
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Banking Relations : |
Good |
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Auditors : |
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Name: |
Deloitte, Haskins
& Sells Chartered
Accountants, |
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Address: |
3rd
Floor, MCT House, One Okhla Centre, Block A, Okhla Institutional Area, New
Delhi – 110025, India |
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PAN No. : |
AABFD2095B |
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Tel. No. : |
91-11-5562200 |
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Fax No. : |
91-11-55622012 |
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E-Mail : |
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Associates : |
·
Sun Vaccum
Formers Private Limited Plot No. 4, Maruti Industrial Area, Sector 18, Gurgaon, Haryana Tel. 91-124-2340015 / 18 ·
Sun Steering
Wheels Private Limited Plot No. 35, Huda Industrial Area, Sector 18, Gurgaon, Haryana Tel. 91-124-2343001 / 1 ·
T. S. Tech
Thailand Company Limited |
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|
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Subsidiaries : |
·
Kyusyu TS
Company Limited Line of Business -- Motorcycle Seats and Resins Parts. ·
TS Logistics
Company Limited Line of Business -- Logistics and Non life insurance agency business ·
Honda Primo
TS Company Limited Line of Business -- Sales and repair of cars and car parts. ·
TS Tech
North America, Inc, U.S.A. Line of Business -- Development, Sales, quality assurance and general
administration. ·
TS Techs
U.S.A. Corporation, U.S.A. Line of Business -- Vehicle seats and seat frames (welded) ·
Tri-Con
Industries Limited, U.S.A. Line of Business -- Motorcycle seats, door trim, golf cart seats,
water sports vehicle seats and leisure goods ·
TS Trim
Industries, Inc., U.S.A. Line of Business -- Door and roof trim ·
TS Tech
Alabama LLC, U.S.A. Line of Business -- Vehicle seas and seat frames (welded) ·
TS Tech
Canada Inc., Canada Line of Business -- Vehicle Seat, door trim and seat frames (welded) ·
Trimont
Manufacturing Inc., Canada Line of Business -- Trim Covers (Cutting and Sewn) ·
Industrias
Tris-Con De Mexico S. A. DE C. V. Line of Business -- Trim Covers (sewn) ·
TS Tech Do
Brasil Limited, Brazil Line of Business -- Vehicle Seats, door trim and seat frames (welded) ·
TS Tech Trim
Philippines, Inc., Philippines Line of Business --Trim Covers (Sewn), roof trim and pillar trim ·
TS Tech
Philippines, Inc. Line of Business -- Vehicle Seats, door trim, roof trim, motorcycle
seats, pillar trim and bumpers. ·
TS Tech
(Thailand) Company Limited, Thai Line of Business -- Trim Covers (Sewn), roof trim, steering wheels and
trim covers (sewn) ·
PT TS Tech
Indonesia, Indonesia Line of Business -- Manufacturing equipment for four wheel vehicles. ·
TS Tech U.K.
Limited, U.K. Line of Business -- Manufacturers of Vehicle Seats. ·
Guangzhou TS
Automotive Interior Systems Company Limited, China Line of Business -- Manufacturer of Vehicle Seats ·
Tianjin TS
Plastic Products Company Limited, China Line of Business -- Manufacturers of Motorcycle seats, plastic parts
and precision molded parts for CD-Roms and PCs ·
Chongoing TS
Plastic Products Company Limited, China Line of Business -- Motor Seats, plastic parts and resin partsmers
electronics ·
TS Tech
(HongKong) Company, China Line of Business -- Trade administration |
|
|
|
|
Holding
Company |
T. S. Tech
Company Limited, Japan |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity shares |
Rs. 10/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5160000 |
Equity Shares |
Rs. 10/-
each |
Rs.51.600
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
51.600 |
51.600 |
51.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
403.030 |
261.399 |
169.854 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
454.630 |
312.999 |
221.454 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
3.262 |
5.198 |
6.608 |
|
|
|
|
|
|
|
|
TOTAL |
457.892 |
318.197 |
228.062 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
254.360 |
221.142 |
139.457 |
|
|
Capital work-in-progress |
1.618 |
15.876 |
2.538 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
166.092
|
107.899
|
91.795
|
|
|
Sundry Debtors |
238.393
|
174.867
|
145.196
|
|
|
Cash & Bank Balances |
50.301
|
33.323
|
13.411
|
|
|
Other Current Assets |
0.030
|
0.000
|
0.000
|
|
|
Loans & Advances |
35.710
|
166.998
|
127.335
|
|
Total
Current Assets |
490.526
|
483.087 |
377.737 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
263.454
|
239.905
|
173.153
|
|
|
Provisions |
25.158
|
162.016
|
118.548
|
|
Total
Current Liabilities |
288.612
|
401.921 |
291.701 |
|
|
Net Current Assets |
201.914
|
81.166
|
86.036 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.013 |
0.031 |
|
|
|
|
|
|
|
|
TOTAL |
457.892 |
318.197 |
228.062 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2151.409 |
1533.869 |
1385.755 |
|
|
Other Income |
12.488 |
4.216 |
1.279 |
|
|
Total Income |
2163.897 |
1538.085 |
1387.034 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
242.466 |
167.799 |
159.050 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
242.466 |
167.799 |
159.050 |
|
|
|
|
|
|
|
|
Export Value |
0.744 |
0.084 |
0.003 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1336.049 |
936.387 |
860.429 |
|
|
Purchases made for re-sale |
2.957 |
1.547 |
3.661 |
|
|
Consumption of stores and spares parts |
2.243 |
1.388 |
1.082 |
|
|
Increase/(Decrease) in Finished Goods |
[3.960] |
[4.156] |
1.500 |
|
|
Salaries, Wages, Bonus, etc. |
60.429 |
40.047 |
32.220 |
|
|
Managerial Remuneration |
5.804 |
6.694 |
5.516 |
|
|
Payment to Auditors |
0.856 |
0.914 |
1.073 |
|
|
Interest |
0.701 |
0.187 |
0.279 |
|
|
Insurance Expenses |
3.260 |
2.519 |
2.711 |
|
|
Power & Fuel |
9.251 |
5.157 |
3.675 |
|
|
Depreciation & Amortization |
51.531 |
31.672 |
23.012 |
|
|
Other Expenditure |
452.305 |
347.926 |
292.826 |
|
Total Expenditure |
1921.426 |
1370.282 |
1227.984 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.20
|
10.90 |
11.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.20
|
10.90 |
11.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.48
|
23.30 |
30.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.54 |
0.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
1.28 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.20 |
1.29 |
LOCAL AGENCY
FURTHER INFORMATION
History:
The company was
promoted by T. S. Tech Company Limited, Japan and Sun Vacuum Formers Limited,
New Delhi for The Registered office is situated at Saket, New Delhi and the
manufacturing unit is located at Noida, Uttar Pradesh.
Subject is
partially owned by Tokyo Seat Limited (Japanese Company).
Business:
The disclosures as
required under Accounting standard on segment reporting has not been provided
as the company deals in one business segment and sale of goods outside India
are less than 10% of the total sales. Manufacturing assembly and sale of
automobile components.
Fixed Assets :
· Leasehold Land,
· Building,
· Leasehold Improvements,
· Plant & Machinery,
· Office Equipments,
· Furniture & Fixtures,
· Technical Know How Fees,
· Vehicles, etc.
FORM 8:-
|
Name of the
company |
TS TECH SUN
[INDIA] LIMITED |
|
Presented
By |
Sanjay Virmani, Company Secretary |
|
1) Date and description
of instrument creating the change |
Agreement of
hypothecation dated 5th November, 2004 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
INR 50.000
millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All stocks of raw
materials, goods in progress, finished goods, stock in trade, consumable
stores, both present and future All present and
future book debts, outstanding monies, receivables, claims, bills, etc. All tangible
movable machineries and plant, both present and future |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The bank will extend the short term loan or overdraft facilities for a
term upto 1 year at a rate of interest of ‘Sub-BLR / Short Term Floating
Rates’ or BPLR less 2% p.a. |
|
5) Name and
Address and description of the person entitled to the charge. |
The Bank of Tokyo – Mitsubishi Limited Jeevan Vihar, 3, Parliament Street, New Delhi – 110001, India |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
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, 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.39.96 |
|
UK Pound |
1 |
Rs.78.71 |
|
Euro |
1 |
Rs.63.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|