MIRA INFORM
REPORT
|
Report
Date : |
25.02.2008 |
IDENTIFICATION DETAILS
|
Name : |
AKZO NOBEL COATINGS INDIA PRIVATE LIMITED |
|
|
|
|
Formerly
Known As : |
COURTAULDS COATINGS AND SEALANTS [INDIA] PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 62P, 62A, 62B and 43SE, Hoskote Industrial Area,
Bangalore- 562 114, Karnataka |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2007 |
|
|
|
|
Date
of Incorporation : |
30.05.1994 |
|
|
|
|
Com.
Reg. No.: |
08 - 024968 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U24222KA1999PTC024968 |
|
|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
BLRA05028C |
|
|
|
|
PAN
No.: (Permanent
Account No.) |
AAACC5072B |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line
of Business : |
Manufacturers of Paints, powder, marine and Protective
Coatings. |
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 |
|
Maximum
Credit Limit : |
USD
1300000 |
|
|
|
|
Status
: |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a wholly owned subsidiary of AKZO Noble Holding
B.V., The Netherlands (formerly Courtaulds Holding B V). The company has substantial accumulated losses. However, its payments are usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution. |
LOCATIONS
|
Registered
Office/ Head Office : |
Plot No. 62P, 62A, 62B and 43SE, Hoskote Industrial Area,
Bangalore- 562 114, Karnataka, India |
|
Tel
No.: |
91 – 80- 2289 5000 / 27971306 |
|
Fax
No.: |
91 – 80- 2289 5500 / 27971305 |
|
E-Mail
: |
|
|
Website
: |
|
|
|
|
|
Corporate
Office : |
Village: Jetpura, Via-Merda- Adaraj, Taluka: Kadi, Dist:
Mehsana, Gujarat State -382 721 India |
|
Tel.
No.: |
91-2764 –
285656, 91- 2764-285119 |
|
Fax
No.: |
91- 2764-
285370, 91- 79-26843909 |
|
|
|
|
Overseas
Office: |
v USA Headquarters Akzo Nobel Non-Stick Coating v 521 Santa Rosa
Dr. v
Italy Akzo
Nobel Coating Spa. Via Emila, 2 v China Akzo
Nobel Non-Stick Coating Dalingshan Science and Ind. Park v
Brazil Akzo
Nobel – Decorative Coatings Rodovia Raposo Tavares, Km 18,5 |
|
|
|
|
Factory
1 : |
Plot No.
62P, Hoskote Industrial Area, Hoskote, Bangalore – 562 114, Karnataka, INDIA |
|
Tel.
No.: |
91-80-27971502
– 5/ 27971036/ 2715025 |
|
Fax
No.: |
91-80-27971305/ 2713005 |
|
E-Mail
: |
Abhishek.t@internationalpaint.com,
harvinderkalsi@ameyaindia.com |
|
Area : |
80,000sq.fts. (Owned) |
|
Location : |
Owned |
|
|
|
|
Factory
2 : |
A-1, Keshivishveshwar Township, Jetalpur Road,
Vadodara-390007, Gujarat, India |
|
Tel.
No.: |
91-265-2336141-3/ 3095139-40 |
|
Fax
No.: |
91-265-2331494 |
|
|
|
|
Branch: |
Mumbai: 201, Shilpin Centre, 40 G D Ambedkar Marg, Wadala
(East), Mumbai – 400 031, Maharashtra, India |
|
Tel
No.: |
91 – 22-24103340, 24124219 |
|
Fax
No.: |
91-22-24104359 |
DIRECTORS
|
Name : |
Mr. C. M.
Maniar |
|
Designation
: |
Chairman |
|
Address
: |
Garden House, Dadyseth II Cross Lane, Behind Chowpatty
Band Stand, Mumbai – 400 007 |
|
Date
of Birth/Age : |
04.12.1935 |
|
Date
of Appointment : |
07.06.1994 |
|
|
|
|
Name : |
Mr. S. Ishwar |
|
Designation
: |
Managing
Director |
|
Address
: |
403, I Cross, 6th Main HAL II Stage,
Indiranagar, Bangalore – 562 038 |
|
Date
of Birth/Age : |
19.02.1960 |
|
Date
of Appointment : |
11.03.2004 |
|
|
|
|
Name : |
Mr. Ashok
Dayal |
|
Designation
: |
Director |
|
Address
: |
1/28, Shanthi
Niketan, Rao Tula Ram Marg, New Delhi – 110 021. |
|
Date
of Birth/Age : |
02.06.1937 |
|
Date
of Appointment : |
10.05.1996 |
|
|
|
|
Name : |
Mr. Faroukh Kavarana |
|
Designation
: |
Director |
|
Address
: |
Tata Sons, 24 Bombay
House, Homi Modi Street, Mumbai – 400 001 |
|
Date
of Birth/Age : |
17.03.1944 |
|
Date
of Appointment : |
01.10.2001 |
|
|
|
|
Name : |
Mr. Colin
Tan |
|
Designation
: |
Director |
|
Address
: |
399,
Pasir Patang Road, Singapore – 118736 |
|
Date of
Birth/Age : |
18.01.1955 |
|
Date
of Appointment : |
20.03.2001 |
|
|
|
|
Name : |
Mr. Paresh Dobariya |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr.
Edward H. Hoerster |
|
Designation
: |
Director |
|
Address
: |
1915, Int. Avenue, Ziro, IL 60099. U.S.A |
|
Date
of Birth/Age : |
10.12.1941 |
|
Director w.e.f: |
11.11.1999 |
|
|
|
|
Name : |
Mr.
Mahmad Joamun |
|
Designation
: |
Director |
|
Address
: |
Via Pinerolo, 74, A20151 Milan, Italy |
|
Date
of Birth/Age : |
12.12.1948 |
|
Director w.e.f: |
11.11.1999 |
|
|
|
|
Name : |
Mr.
Vincentius Jeroen Henk |
|
Designation
: |
Director |
|
Address
: |
Geerdink Vleermuislaan, 13, NL-6705, Waegemnger OK, Netherlands |
|
Date
of Birth/Age : |
26.08.1956 |
|
Director w.e.f: |
24.08.2001 |
|
|
|
|
Name : |
Mr. David
Harod Dodd [US.] |
|
Designation
: |
Director |
|
Address
: |
521, Santa-Rosa Drive, Dee Plains, IL
–USA-60018 |
|
Director w.e.f: |
12.05.2005 |
|
|
|
|
Name : |
Dr. MARK
Yen Shiung Su [Taiwanese] |
|
Designation
: |
Director |
|
Address
: |
No.21, Kon 6th Road, Lin Kou 2nd
Indus Park Lin Kou, Taipie-244, Taiwan |
|
Date
of Birth/Age : |
|
|
Director w.e.f: |
12.05.2005 |
|
|
|
|
Name : |
Mr. Kauli V. Gandhi –[NRI-US.] |
|
Designation
: |
Director |
|
Address
: |
330, 8 Lake Wood Court, Glenview, IL 60025,
U.S.A |
|
Date
of Birth/Age : |
11.08.1960 |
|
Date
of Appointment : |
01.05.1999 to 24.08.2001 |
|
|
|
|
Name : |
Mr.
Frederik Hugo Woodhoek Hegt. [Taiwanese] |
|
Designation
: |
Director |
|
Address
: |
70, Brentwoo Drive, Glencoe, IL 60022, U.S.A |
|
Date
of Appointment : |
12.05.2005 |
|
|
|
|
Name : |
Mr.
Vincentius Jeroen Henk [Dutch.] |
|
Designation
: |
Director |
|
Address
: |
Geerdink Vleermuislaan, 13, NL-6705,
Waegemnger OK, Netherlands |
|
Date of
Birth/Age : |
26.08.1956 |
|
Date
of Appointment : |
24.08.2001 |
|
|
|
|
Name : |
Ms. Angela Choong |
|
Designation : |
Director |
|
Address : |
48A, Toh Tuck Road, # 04-02, Singapore-596740 |
|
Date of Birth/Age : |
23.09.2002 |
KEY EXECUTIVES
|
Name : |
Mr. S. Narayana Raju |
|
Designation
: |
Company Secretary |
|
|
|
|
Name : |
Mr. Harvinder Kalsi |
|
Designation
: |
Manager |
|
|
|
|
Name : |
Mr. Abhishek T |
|
Designation
: |
Area Sales Manager |
|
|
|
|
Name : |
Mr. Gopichand Rohra, BAFCS MICA |
|
Designation
: |
Practising Company Secretary |
|
Address: |
# 10, AG’s Colony, Anand Nagar, Bangalore – 560 024,
Karnataka, India |
|
Tel
No.: |
91 – 80-23332584, 23330084 |
|
E-Mail: |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Akzo Nobel
Coatings International BV. |
765625 |
|
Mr. S
Ishwar |
30 |
|
Total |
765655 |
|
|
|
|
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 : |
Manufacturers of
Paints, Varnishes, Sealants and Resins. |
|
|
|
|
Brand
Names : |
“International” |
|
|
|
|
Imports
from : |
UK, Germany, Europe, USA and China |
|
|
|
|
Exports
to : |
Germany and Holland |
|
|
|
|
Terms
: |
|
|
Selling : |
Cash & Credit 45-Days maximum |
|
|
|
|
Purchasing : |
L/c. Cash & Credit 60-Days maximum |
GENERAL INFORMATION
|
No. of
Employees : |
550 |
|
|
|
|
Bankers
: |
·
Deutsche
Bank AG, Bangalore Branch, Raheja Towers, M G Road, Bangalore, Karnataka,
India ·
Deutsche
Bank, Hazarimal Somani Marg, Fort, P. O. Box 1142, Mumbai - 400 001,
Maharashtra, India ·
Hong
Kong and Shanghai Banking Corporation Limited, Manipal Centre, Dickenson
Road, Bangalore - 560042, Karnataka ·
Deutsche
Bank, Colombo, Sri Lanka ·
ABN
Amro Bank ·
Bank
of Baroda ·
State
Bank of India ·
Hatton
National Bank, Sri Lanka |
|
|
|
|
Facilities : |
Secured Loans are from Banks: Rs.0.125
millions |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
BSR and
Company Chartered
Accountants |
|
Address : |
Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road,
Koramangala-560071, Karnataka, India |
|
Tel No.:
|
91 – 80- 41766000 |
|
Fax No.:
|
91 – 80- 41766999 |
|
|
|
|
Associates/Subsidiaries
: |
v Turkey v Greece v Mexico v Spain v Singapore v Japan v Belgium v New Zealand/Australia v Holland v Hong Kong v Others Akzo Nobel Car Refinishes, India Akzo Nobel Chang Cheng Limited,
Taiwan Akzo Nobel Coatings Limited,
Brazil Akzo Nobel Coatings SPA, Italy Akzo Nobel Powder Coatings UK Akzo Nobel Powder Coatings Limited,
France Akzo Nobel Rep Off Bv, Russia Akzo Nobel, Singapore International Paint Gulf, Gulf International Paint Inc., USA International Paint Limited,
Cyprus International Paint Limited,
Ukraine Private International Coatings,
Indonesia |
|
|
|
|
Ultimate
Parent Company : |
Akzo Nobel NV, Netherlands |
|
|
|
|
Holding
Company: |
Akzo Nobel Coatings
International Holdings BV |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
42000000 |
Equity Shares |
Rs. 10/- each |
Rs. 420.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
765655 |
Equity Shares |
Rs. 10/- each |
Rs. 7.657 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 |
7.657 |
7.657 |
7.657 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
306.958 |
94.620 |
0.000 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
(13.907) |
|
NETWORTH
|
314.615 |
102.277 |
(6.250) |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
58.000 |
0.000 |
0.000 |
|
|
2]
Unsecured Loans |
610.113 |
605.297 |
702.539 |
|
TOTAL
BORROWING
|
668.113 |
605.297 |
702.539 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
982.728 |
707.574 |
696.289 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
291.324 |
294.362 |
314.381 |
|
Capital work-in-progress
|
38.527 |
1.887 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.005 |
0.005 |
0.005 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
362.575 |
205.875 |
323.905 |
|
|
Sundry Debtors
|
630.045 |
365.209 |
302.517 |
|
|
Cash & Bank Balances
|
35.148 |
18.190 |
31.327 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
85.719 |
55.313 |
40.927 |
Total Current Assets
|
1113.487 |
644.587 |
698.676 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
448.794 |
227.885 |
307.372 |
|
|
Provisions
|
11.821 |
5.382 |
9.401 |
Total Current Liabilities
|
460.615 |
233.267 |
316.773 |
|
Net
Current Assets
|
652.872 |
411.320 |
381.903 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
982.728 |
707.574 |
696.289 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
||
|
Sales
Turnover |
2232.243 |
1479.291 |
1167.945 |
||
|
Other Income |
-- |
14.293 |
9.915 |
||
|
Total
Income |
2232.243 |
1493.584 |
1177.860 |
||
|
|
|
|
|
||
|
Profit/(Loss) Before Tax |
242.461 |
124.584 |
3.228 |
||
|
Provision for Taxation |
30.123 |
16.057 |
4.938 |
||
|
Profit/(Loss) After Tax |
212.338 |
108.527 |
(1.710) |
||
|
|
|
|
|
||
|
Earnings
in Foreign Currency : |
|
|
|
||
|
|
Export Earnings |
|
210.648 |
177.914 |
|
|
|
Commission Earnings |
|
1.065 |
0.000 |
|
|
Total
Earnings |
336.085 |
211.713 |
177.914 |
||
|
|
|
|
|
||
|
Imports
: |
|
|
|
||
|
|
Raw materials |
|
262.179 |
389.587 |
|
|
|
Capital Goods |
535.568 |
3.801 |
0.092 |
|
|
|
Traded Goods |
|
142.230 |
152.193 |
|
|
|
Stores and Spares |
|
0.055 |
0.097 |
|
|
Total
Imports |
535.568 |
408.265 |
541.969 |
||
|
|
|
|
|
||
|
Expenditures : |
|
|
|
||
|
|
Cost of goods sold |
|
1001.166 |
797.481 |
|
|
|
Employee Costs |
|
103.774 |
92.126 |
|
|
|
Operating Expenses |
1945.276 |
182.492 |
168.624 |
|
|
|
Financial Charges |
|
37.019 |
35.788 |
|
|
|
Prior period Item |
|
0.000 |
59.183 |
|
|
|
Depreciation |
44.506 |
44.549 |
21.430 |
|
|
Total
Expenditure |
1989.782 |
1369.000 |
1174.632 |
||
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
9.51 |
7.27 |
(0.15) |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
10.86 |
8.42 |
0.28 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
17.26 |
13.27 |
0.32 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.77 |
1.22 |
(0.52) |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
3.59 |
8.20 |
(163.09) |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.42 |
2.76 |
2.20 |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY
Subject was incorporated on
30.05.1994 as “Courtaulds Coatings and Sealants (India) Limited”
The name of the company was
changed to Akzo Nobel Coatings India Private Limited on 11.12.1998 following a
worldwide acquisition of the Courtaulds group by the Akzo Nobel group.
The subject company is engaged in business
of manufacturing protective and specialist coatings for the shipping oil, gas
and chemical industries (under the brand Name ‘International’)
The subject is also manufacturing
powder coatings (under the brand name ‘Interpon’) for domestic appliances,
automotive components, architectural extrusions, internal and external lacquers
for metal cans and closures and other industrial products, coatings and sealant
for the aerospace industry.
COMPANY INFORMATION
1989 : first entry into non-stick coatings market in Italy
1997 : Akzo Nobel, Largest supplier of non-stick coating in
Italy exporting globally
1998 : Akzo Nobel acquires Lambda fully integrating
non-stick production activities with commercial sales division
1777 : the beginning of Akzo
1994 : Akzo and Nobel merge creating Akzo Nobel
1983 : Company focuses 100 % on non-stick coating
1997 : Chief Executive – 2nd largest supplier of
non-stick coating in USA exporting to 25 countries worldwide
1946 : CCC formed
1996 : Constructs facility in India to support far East
business
1998 : Moves to larger facility in Des Plaines IL
COMPANY INFORMATION
Akzo Nobel Non-Stick Coatings is one
of the top 3 global non-stick manufacturers with facilities in the USA, Italy,
India, China, and Brazil.
By
combining the dynamic entrepreneurial style of an independent strategic sub
business unit with the formidable resources of a global Fortune 500 entity,
Akzo Nobel Non-Stick Coatings is well positioned to fully meet the changing
needs of a global economy. Our focus is to provide Non-Stick/High heat coatings
solutions for the House wares industry (cookware, bake ware, and electrical
appliances) and for a wide range of industrial applications (such as automotive
pistons, gaskets, mufflers, copier rollers, tubes and electrical conduits.
Custom Solutions
Subject will always manufacture a coating system to fit the specific needs. You
will never have to sacrifice the requirements to fit a defined list of
products, as is the case with the other non-stick coatings suppliers. They will
tailor our technology to fit the exact needs.
All of our coatings are produced under a series of process
and quality controls which monitor key product characteristics throughout
manufacturing. In addition, our research and development scientists are
constantly forging ahead with new product innovations to ensure that our
customers remain on the cutting edge of technology. Each member of our
technical staff shares this commitment as part of Akzo Nobel's focus on total
product quality.
WORLDWIDE LEADERSHIP
By pursuing an
ideal combination of these principles they can assure our clients that they
will always get the best product for their needs.
Akzo Nobel welcomes the opportunity to show you how over a century years of
coatings experience can lead to increased cost savings and success for the
company.
Akzo Nobel Non-Stick
Coatings Limited-
An International and
Multinational Private company
Jetpura, Kadi, Mehsana
- Gujarat, India.
Line of Business: Manufacturing:
Production of industrial coatings.
Non-Stick Coatings
Non-Stick Coating is a
business segment of powder coatings have facility in North Gujarat, Jetpura –
28KM from Ahmedabad. The Non Stick Coatings have five plants in world scattered
the business in whole world, India, China, Brazil, Italy and USA. USA is the
head quarters for Non Stick BU and the R&D centre. The non-stick division
customizes PTEF base and silicone to non-sick products for cookware, bake-ware
as well as for Electrical appliances. And specialized in Heat resistance
coatings for mufflers and automotive components coatings for engineering parts,
Fastness, Rubber parts and as per needs.
Akzo Nobel Non-Stick supplies many world prestigious manufacturing of
cook-ware and it is No. 2 non-stick coating manufacturer in world.
About Akzo Nobel Group
Subject’s long history of growth owes its success to the
careful integration of a large diversity of companies, incorporating their
specific cultures and technical excellence into ever- larger entities. The oldest are Det Holmbladske Selskab in
Denmark, which was founded in 1777 and Sikkens and Bemberg (Germany), both
established in 1792. In Sweden, Alfred Nobel,
the famous scientist founded many thriving businesses some of which are still
part of the company today.
Akzo’s roots go back a long way: to Ketjen (1835), Noury and
Van der lande (1838), Vereinigte Glanzstoff Fabriken (1899), Nederlandse
Kunstzijdefabriek Enka (1911)
In 1929, Vereinigte Glanzstoff Fabriken and Enka amalgamated
to form Algemene Kunstzijde Unie (AKU). Koninkiijke Zout-Ketjen and Koninklijke
Zwanenberg Organon amalgamated to form Koninklijke Zout Organon in 1967 and in
1969, Akzo was formed as a result of a merger of Koninklijke Zout Organon and AKU.
Nobel Industries was founded in 1984 through the merger of
KemaNobel (established in 1871) and Bofors, which was founded in 1646 but is no
longer part of the company. After the merger, other companieswere acquired and
in 1991, a major financial reconstruction took place with state-owned Securum
becoming the principal shareholder.
Early in 1994, Akzo Nobel was formed through subject’s
acquisition of the Nobel shares owned by Securum and through a successful bid
for the remaining shares.
In July 1998, subject acquired Courtaulds, the international
chemical company which had leading positions in high-tech industrial coatings
and man-made fibers.
Courtaulds which was founded in 1816 as a silk weaving
company, pioneered the global man-made fiber industry at the beginning pf the
20th century. In the 1960s,
Courtaulds acquired International paint and Pinchin Johnson. Together with fibers, these formed the basis
of the acquired company, which dates from the demerger of Courtaulds Textiles
in 1990. In 1999, subject sold its
fibers business, to CVC Capital Partners and the veterinary business unit
Intervet acquired Hoechst Roussel Vet. In 2001 Pharma business units Chefaro and
the diagnostics business of Organon Teknika were divested.
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
AKZO NOBEL COATINGS INDIA PRIVATE LIMITED |
|
Presented By |
DEUTSCHE BANK AG, BANGALORE BRANCH, RAHEJA TOWERS, M G
ROAD, BANGALORE-560001 |
|
1) Date
and description of instrument creating the change |
20.12.1997 Deed and hypothecation of stocks and book debts |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.710.000 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 |
Hypothecation of the whole of the present and future stock
in trade consisting of raw materials, goods in process, semi finished and finished
goods, stores, spares parts and all book debts, outstanding, monies,
receivable, claims, bills etc. belonging to the company. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Interest and margin as applicable from time to time Repayable on demand. |
|
5) Name
and Address and description of the person entitled to the charge. |
Deutsche Bank AG Bangalore Branch, Raheja Towers No.26-27, M G Road,
Bangalore-560001 |
|
6)
Date and brief description of
instrument modifying the charge |
04.01.2002 First supplemental deed of hypothecation of stocks and
book debts |
|
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. |
Limit reduved from Rs.710.000 millions to Rs.350.000
millions All other terms and conditions to continue. |
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 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.39.98 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.59.20 |
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 |
|