MIRA
INFORM REPORT
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Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRESSCOM PRODUCTS
PRIVATE LIMITED |
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Registered Office : |
Plot No. 69-B,
SIPCOT Industrial Complex, II Phase, Moranapalli, Hosur, Krihnagiri District
Tamilnadu – 635109 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.12.1998 |
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Com. Reg. No.: |
181-8665 |
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CIN No.: [Company
Identification No.] |
U29199TZ1995PTC008665 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHP02439D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Automobile Components |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 78000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well
established and reputed company having satisfactory track records. Directors are reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are reported as usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
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LOCATIONS
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Registered Office : |
Plot No. 69-B,
SIPCOT Industrial Complex, II Phase, Moranapalli, Hosur, Krihnagiri District
Tamilnadu – 635109, India |
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Tel. No.: |
91-4344-260064-63
/ 260607 |
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Fax No.: |
91-4344-260607 |
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E-Mail : |
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Factory : |
No. 6, 3rd Cross, 4th main, Industrial Town,
Rajajinagar, Bangalore 560044, Karnataka, India |
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Tel. No.: |
91-80-23354741 / 23404208 / 41287840 / 41287842 |
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Fax No.: |
91-80-23354741 |
DIRECTORS
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Name : |
Mr. Natesan
Sampath |
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Designation : |
Managing Director |
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Address : |
No. – 81, 2nd
Cross, Basyam Nagar, Sri Rampuram, Bangalore– 560029, Karnataka |
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Mobile No. : |
91-9900571043 /
9448273510 |
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Date of Birth/Age : |
03.03.1960 |
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Date of Appointment : |
03.06.1995 |
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Name : |
Mr. Natesan Vadi
Velu |
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Designation : |
Director |
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Address : |
No. – 309, 2nd
Cross, 3rd main, Block, 3rd Stage, Basneswara Nagar,
Bangalore– 560079, Karnataka |
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Date of Birth/Age : |
20.04.1948 |
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Date of Appointment : |
15.05.1995 |
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Name : |
Mr. Natesan
Manohar |
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Designation : |
Director |
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Address : |
242-C, MRCR Extn,
19th Cross Behind Marathi Mandira, Vijayanagar, Bangalore –
560040, Karnataka |
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Date of Birth/Age : |
14.09.1953 |
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Date of Appointment : |
14.08.1998 |
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Name : |
Mr. R. Mohan |
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Designation : |
Director |
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Address : |
AS-5, Salma Royal
Residency, 48/1, Muthu Kumarad, Pan Street, Saligramam, Chennai 600098 |
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Date of Appointment : |
01.04.2003 |
KEY EXECUTIVE
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Name : |
B Prabakar and
Company |
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Designation : |
Company Secretary
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Address : |
11/6,
Thiruvengadam Street, West Mambalam, Chennai – 600033, Tamilnadu, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. N. Sampath |
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61970 |
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Mr. N. Vadivelu |
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1325 |
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Mr. V. Ramanan |
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9730 |
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Others |
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10500 |
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Total |
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83525 |
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Equity share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Automobile Components |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
¶
Balaji
Industrial Camp ¶
Dhanalakshmi
Metal Finishers. |
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. A. Suryanarayanan and Company Chartered Accountants |
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Address : |
2/3, Bakthavatsalam Nagar, 4th street, Adyar, Chennai
600020, Tamilnadu, India |
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Memberships : |
ISO 9001-2000, TS 16946 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 100/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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83525 |
Equity Shares |
Rs. 100/-
each |
Rs. 8.352
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.352 |
7.302 |
7.302 |
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2] Share Application Money |
0.000 |
1.050 |
0.000 |
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3] Reserves & Surplus |
11.192 |
9.013 |
6.003 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.544 |
17.365 |
13.305 |
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LOAN FUNDS |
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1] Secured Loans |
36.585 |
31.872 |
12.154 |
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2] Unsecured Loans |
0.703 |
1.849 |
2.257 |
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TOTAL BORROWING |
37.288 |
33.721 |
14.411 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
56.832 |
51.086 |
27.716 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.971 |
16.142 |
16.429 |
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Capital work-in-progress |
0.000 |
0.078 |
0.089 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
63.768 |
47.654 |
29.299 |
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Sundry Debtors |
5.867 |
16.844 |
7.712 |
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Cash & Bank Balances |
1.170 |
1.690 |
0.082 |
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Other Current Assets |
2.234 |
1.580 |
0.838 |
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Loans & Advances |
0.000 |
0.774 |
0.000 |
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Total
Current Assets |
73.039 |
68.542 |
37.931
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
42.254 |
33.762 |
26.829 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
42.254 |
33.762 |
26.829
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Net Current Assets |
30.785 |
34.780 |
11.102
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MISCELLANEOUS EXPENSES |
0.076 |
0.086 |
0.096 |
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TOTAL |
56.832 |
51.086 |
27.716 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
130.877 |
136.453 |
74.396 |
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Other Income |
0.005 |
0.008 |
0.000 |
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Total Income |
130.882 |
136.461 |
74.396 |
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Profit/(Loss) Before Tax |
3.022 |
4.289 |
2.760 |
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Provision for Taxation |
0.842 |
1.280 |
0.249 |
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Profit/(Loss) After Tax |
2.180 |
3.009 |
2.511 |
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Expenditures : |
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Interest |
3.169 |
2.611 |
2.058 |
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Depreciation & Amortization |
1.171 |
1.025 |
0.000 |
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Other Expenditure |
123.520 |
128.536 |
69.578 |
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Total Expenditure |
127.860 |
132.172 |
71.636 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
1.67
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2.21 |
3.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.31
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3.14 |
3.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.05
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5.06 |
5.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.25 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.06 |
3.88 |
3.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.72 |
2.03 |
1.41 |
LOCAL AGENCY
FURTHER INFORMATION
Business
Manufacturer and
supplier of Washer, Parts and
Accessories of the Vehicle, Hubs, Wheels, Sprocket Wheels, Spring Case, Support
Brackets. Etc. Parts and Accessories of
the Vehicle, Seats
Fixed Assets
Ř
Lease hold
land plot69B
Ř
Lease hold
land plot68
Ř
Land
Development & Leveling
Ř
Compound wall
new land
Ř
Factory
Building
Ř
Plant &
Machinery
Ř
Storage
Equipments
Ř
Electric.
Installations
Ř
Measuring
Instruments
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Office
Equipments
Ř
Computers
Ř
Furniture
& Fittings
Ř
Vehicles
Form 8
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U29199TZ1995PTC008665 |
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Name of the
company |
PRESSCOM PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 69-B,
Sipcot II phase, Moranapalli, Hosur, 635109, Tamilnadu 635109, India |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Description of
the property charged |
Ř
Stock in
trade Ř
Book Debts Ř
Plant and
Machinery Ř
Others Ř
Other
movable fixed assets |
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Particulars of
the property charged |
Present and
future goods, book debts, movables and other assets etc of the borrower by
the way of first charge |
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Charge
identification number of the charge to be modified |
90001693 |
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Brief description
of the instrument modifying the charge under section 135 |
Agreement of loan
cum hypothecation, link letter extension of equitable mortgage by deposit of
title deeds enclosed |
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Date of
instrument modifying the charge |
22.03.2006 |
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Particulars of
the present modification |
The amount secure
by the charge stands reduced from Rs. 5.000 Millions to Rs. 2.700 Millions
security of stocks goods, other movables assets and E. M of the company will
cover to the extent of Rs. 2.700 Millions |
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Name of the company |
PRESSCOM PRODUCTS PRIVATE LIMITED |
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Presented By |
State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044 |
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1) Date and description of instrument creating the change |
Dated 26.11.1998
Agreement for the grant of small industrial advances and hypothecation of
movables, book debts and other assets. [W C Finance] Ancillary agreements –
1,3 and 6, take delivery letter [All pertain to the same charge] |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 5.500
Millions [CC –
hypothecation – Rs. 1.500 Millions , CC – Rec – Rs. 2.500 Millions, DD
Purchase – Rs. 0.500 Millions, LC Rs. 1.000 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 present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower wherever lying stored and kept and whether in possession of the borrower or of the bank or of any third party whether in India or elsewhere throughout world [inducing all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery] by way of first charge.. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rte of Interest: - At 2.75% above SBAR: 15.75% per annum with periodical rates & or at such rate/s and rests as may be specified by the Bank from time to time. (Presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin: As specified by the bank from time to time. Repayment: on Demand |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044 [A Banking Company] |
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6) Date and brief description
of instrument modifying the charge |
13.05.2005 (13th May, 2005) Supplemental General agreement of the grant of small Industrial Advances and Hypothecation of Movables, Book debts, & other Assets.(w c Finance and 2) Extension of Equitable Mortgaged by Deposit of Title Deeds – Letter conforming Deposit of Title Deeds – Form B enclosed.( Both pertained to the same charged ) |
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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. |
By the above the amount secured by the charge stands INCREASED from Rs. 5.500 Millions to Rs. 7.700 Millions Rate of interest: At 1.5% above SBAR : Effective rate 11.75% per annum periodical rates and / or at such rates /rests as may be advised by the Bank from time to time. Penal Interest: As stipulated in sectioned better margin : As advised by the Bank from time to time. Repayment : On Demand The securities already obtained like current assets – stocks, goods raw materials , semi finished and finished goods, stores, spares etc., book debts, receivable etc. other assets , fixed movable assets and immovable properties situated at plot no. 69B , SIPCOT phase II, Moornapalli, Hosur measuring an extant of 1 Acre bounded on the East by plot no. 68, west by 12.20 Mtrs Road, North by plot no. 70C & 71 & south by plot no. 69A to cover the entire credit facilities of Rs. 7.700 Millions by way of FIRST CHARGE. [All other terms and conditions remain unchanged] |
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U29199TZ1995PTC008665 |
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Name of the company |
PRESSCOM PRODUCTS PRIVATE LIMITED |
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Address |
Plot No. 69-B, Sipcot II phase, Moranapalli, Hosur, 635109, Tamilnadu – 635109. India. |
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This Form is for |
Modification of charge |
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Particular of the charge holder |
1 |
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Type of Charge |
Hypothecation Equitable mortgage or mortgage of property by depositing the titles deeds |
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Description of the property charge whether it is a charge on |
Present and future Goods, Movable and other Assets ect of the borrower by the way of first charge |
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Modification charge Charge identification number of the charge to be modified |
90001693 |
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Date of instrument modifying the charge |
22/03/2006 |
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Particulars of the present modification |
The amount secured by the charge stands reduced from Rs. 5.000 Millions to 2.700 Millions security of stock goods, other movable assets and E.M of the company will cover to the extent of the Rs. 2.700 Millions. |
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Date and description of the instrument creating the charge |
26.11.1998 (26th
November, 1998). General Agreement for the
grant of small Industrial Advances and Hypothecation of Movables, Book debts
& other Assets. (W C Finance) Ancillary Agreements – 1, 3
and 6 ; Take Delivery Letter |
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Amount secured by the charge / amount owing on security of the charge |
Rs. 5.500 Millions (Rupees Five point Five Hundred Millions only) |
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Short particular of the property charged. If the property acquired is subject to charge, date of acquisition of property should be given. |
All present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower or of the Bank or of any third party whether in India or elsewhere throughout world (including all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery ) by way of FIRST CHARGE. |
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Gist of the terms and conditions and extant & operation of the charge. |
Rate of Interest: - At 2.75% above SBAR: 15.75% per annum with periodical rates & or at such rate/s as may be specified by the Bank from time to time. (Presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin: As specified by the bank from time to time. Repayment: on Demand |
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Name ,Address and description of the persons entitled to the charged |
State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044 |
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Date and brief description of instrument modifying the charge |
13.05.2005 (13th May, 2005) General agreement of the grant of small Industrial Advances and Hypothecation of Movables, Book debts, & other Assets.(w c Finance and 2) Extension of Equitable Mortgaged by Deposit of Title Deeds – Letter conforming Deposit of Title Deeds – Form B enclosed.( Both pertained to the same charged ) |
|
Particular of modification specifying the terms and conditions or the extent of operation of the charged in which modification is made and details of the modification. |
By the above the amount secured by the charge stands INCREASED from Rs. 5.500 Millions to Rs. 7.700 Millions (Rupees seven point seven Hundred millions only) Rate of interest: At 1.5% above SBAR : Effective rate 11.75% per annum periodical rates and / or at such rates /rates as may be advised by the Bank from time to time. Panal Interest: As stipulated in sectioned better margin : As advised by the Bank from time to time Repayment : On Demand The security already obtained like current assets – stocks, goods raw materials , semi finished and finished goods, stores, spares etc., book debts, receivable etc. other assets , fixed movable assets and immovable properties situated at plot no. 69B , SIPCOT phase II, Moornapalli, Hosur measuring an extant of 1 Acre bounded on the East by plot no. 68, west by 12.20 Mtrs Road, North by plot no. 70C & 71 & south by plot no. 69A to cover the entire credit facilities of Rs. 7.700 Millions by way of FIRST CHARGE. |
|
Date and description of the instrument creating the charge |
26.11.1998 (26th
November, 1998). General Agreement for the
grant of small Industrial Advances and Hypothecation of Movables, Book debts
& other Assets. (W C Finance) Ancillary Agreements – 1, 3
and 6 ; Take Delivery Letter |
|
Amount secured by the charge / amount owing on security of the charge |
Rs. 5.500 Millions (Rupees Five point Five Hundred Millions only) |
|
Short particular of the property charged. If the property acquired is subject to charge, date of acquisition of property should be given. |
All present & Future Goods, Book debts, Movables & other Assets of the Borrower including Documents of Title to Goods and other Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices, Documents & Securities, Contracts, Engagements, Investments, Rights & the existing Machinery and all future Machinery belonging to or in possession of or under the control of the Borrower or of the Bank or of any third party whether in India or elsewhere throughout world (including all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery ) by way of FIRST CHARGE. |
|
Gist of the terms and conditions and extant & operation of the charge. |
Rte of Interest : - At 2.75% above SBAR: 15.75% per annum with periodical rates & or at such rate/s as may be specified by the Bank from time to time. (presently at quarterly rests) plus interest tax. Effective rate 16.06% Margin : As specified by the bank from time to time. Repayment: on Demand |
|
Name ,Address and description of the persons entitled to the charged |
State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044 |
|
Date and brief description of instrument modifying the charge |
13.05.2005 (13th May, 2005) General agreement of the grant of small Industrial Advances and Hypothecation of Movables, Book debts, & other Assets.(w c Finance and 2) Extension of Equitable Mortgaged by Deposit of Title Deeds – Letter conforming Deposit of Title Deeds – Form B enclosed.( Both pertained to the same charged ) |
|
Particular of modification specifying the terms and conditions or the extent of operation of the charged in which modification is made and details of the modification . |
By the above the amount secured by the charge stands INCREASED from Rs. 5.500 Millions to Rs. 7.700 Millions (Rupees seven point seven Hundred millions only) Rate of interest: At 1.5% above SBAR : Effective rate 11.75% per annum periodical rates and / or at such rates /rates as may be advised by the Bank from time to time. Panal Interest: As stipulated in sectioned better margin : As advised by the Bank from time to time Repayment : On Demand The security already obtained like current assets – stocks, goods raw materials , semi finished and finished goods, stores, spares etc., book debts, receivable etc. other assets , fixed movable assets and immovable properties situated at plot no. 69B , SIPCOT phase II, Moornapalli, Hosur measuring an extant of 1 Acre bounded on the East by plot no. 68, west by 12.20 Mtrs Road, North by plot no. 70C & 71 & south by plot no. 69A to cover the entire credit facilities of Rs. 7.700 Millions by way of FIRST CHARGE. |
|
Date and description of the instrument creating the charge |
06.09.2004 (6th September, 1998). General Agreement for the grant of Medium term Advances to Small scale Industries and
Hypothecation of Movables, Book debts & other Assets. |
|
Amount secured by the charge / amount owing on security of
the charge |
Rs. 5.000 Millions
(Rupees Five Millions only) |
|
Short particular of the property charged. If the property
acquired is subject to charge, date of acquisition of property should be
given. |
All present & Future Goods, Book debts, Movables &
other Assets of the Borrower including Documents of Title to Goods and other
Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices,
Documents & Securities, Contracts, Engagements, Investments, Rights &
the existing Machinery and all future Machinery belonging to or in possession
of or under the control of the Borrower or of the Bank or of any third party
whether in India or elsewhere throughout world (including all such goods,
machineries, movables and other assets as may be in course of shipment,
transit or delivery ) by way of FIRST CHARGE. |
|
Gist of the terms and conditions and extant &
operation of the charge. |
Rate of Interest : -MTL- At 1.5% above SBAR: 11.75% per
annum with periodical rates & or at such rate/s as may be specified by
the Bank from time to time. (presently at quarterly rests) plus interest tax.
Effective rate 16.06% Margin : As specified by the bank from time to time.
Repayment: MTL – In 8 Monthly Installments of Rs. 0.200/- each commencing
from October , 2004 and next 34 Installments of Rs.0.100/- each . Final
Maturity – 31.03.2008. |
|
Name ,Address and description of the persons entitled to
the charged |
State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044 |
|
Date and brief description of instrument modifying the
charge. |
Date
09.11.2004(09th November ,2004) Equitable
Mortgage by deposit of Title deeds – Letter conforming deposit of Titale
deeds – Form A enclosed. |
|
Particular of modification specifying the terms and conditions or the extent of operation of the charged in which modification is made and details of the modification . |
By the above the
company has provided the security of its Immovable properties situated at
plot no. 69B , SIPCOT phase II, Moornapalli, Hosur measuring an extant of 1
Acre bounded on the east by plot no. 68, west by 12.20 Mtrs Road, North by
plot no. 70C &71 & south by plot no. 69A to cover the entire credit
facilities of Rs. 5.000 Million by way of FIRST CHARGE. |
|
Corporation identity number or foreign company registrations number of the company |
U29199TZ1995PTC008665 |
|
Name of the company |
PRESSCOM PRODUCTS PRIVATE LIMITED |
|
Address |
Plot No. 69-B, Sipcot II phase, Moranapalli, Hosur, 635109, Tamilnadu – 635109. India. |
|
This Form is for |
Modification of charge |
|
Type of charge |
Hypothecation |
|
Particular of the charge holder |
1 |
|
Nature or
description of the instrument creating charge |
General Agreement
for grant of small Industrial Advances and Hypothecation of Movables, Book
debts & other Assts |
|
Amount Secure by the charge |
Rs.5.500 (Rs.Five
point Five Hundred Millions) |
|
Brief of the principle terms and conditions and extant operation off the charge |
Rate of Interest :
At 2.75% above SBAR: 15.75% per annum with periodical rates & or
at such rate/s as may be specified by the Bank from time to time. (presently
at quarterly rests) plus interest tax. Effective rate 16.06% Margin : As
specified by the bank from time to time. Repayment on Demand |
|
|
|
|
Description of the property charged |
Plant and
Machinery , Book Debts, others |
|
Particular of the property charged |
All present & Future Goods, Book debts, Movables &
other Assets of the Borrower including Documents of Title to Goods and other
Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices,
Documents & Securities, Contracts, Engagements, Investments, Rights &
the existing Machinery and all future Machinery belonging to or in possession
of or under the control of the Borrower or of the Bank or of any third party
whether in India or elsewhere throughout world (including all such goods,
machineries, movables and other assets as may be in course of shipment,
transit or delivery ) by way of FIRST CHARGE. |
|
Charge identification (ID) number of the charge to be modified |
Original charge on 26.11.1998.Regd on 01.12.1998 ID-900 0898 06.09.2004/06.10.2004D.40-Amount renewed at Rs. 5.500 Millions. 09.11.2004/10.06.2005D.46-AddlSecurity Immovable Property Obtd. 13.05.2005/10.06.2005D.54-Ammount increased to Rs. 7.700 Millions. |
|
Breif description of the instruments modifying the charge |
Agreement of Loan
Hypothecation of SME Link Letter. SME-12Extentionof the Equitable Mortgage by
Deposit of Title Deeds – Letter confirming Deposit of title Deeds
enclosed |
|
Particular of the present modification |
By the above the amount secured by the charge stands INCREASED from Rs. 7.700 Millions to Rs. 0.300 Millions (Rupees Three Hundred millions only) Rate of interest:CC-2 % above SBAR(SBAR=10.25%) : Effective rate 12.25% per annum periodical rates and / or at such rates /rates as may be advised by the Bank from time to time.& T.L-2.50%above SBAR(SBAR=10.25%)Effective rate 12.75% per annum periodical rates and / or at such rates /rates as may be advised by the Bank from time to time. Margin 25% on RM/SIP/FG/REC/LC/BG & T.L-29% Repayment : CC – On demand & T.L – Payable at 48 installments of which 47 installments of Rs. 0.156 Millions each and final installment of Rs. 0.168 Millions commencing from September, 2006. Securities like Stocks, Goods, Book debts, Receivables,
others Movable Assets, Plant & Machinery, ect. & the security of its
immovable properties situated at Plot no.69B, SIPCOT phase II, Moornapali,
HOSUR measuring an extant of 1 Acre
already obtained and now obtained both present & future are available for
the entire credit facilities of Rs. 0.300 Millions by way of FIRST CHARGE. |
|
Date and description of the instrument creating the charge |
06.09.2004 (6th September, 1998). General Agreement for the grant of Medium term Advances to Small scale Industries and
Hypothecation of Movables, Book debts & other Assets. |
|
Amount secured by the charge / amount owing on security of
the charge |
Rs. 5.000 Millions (Rupees Five Millions only) |
|
Short particular of the property charged. If the property acquired is subject to charge, date of acquisition of property should be given. |
All present & Future Goods, Book debts, Movables &
other Assets of the Borrower including Documents of Title to Goods and other
Assets such as outstanding Moneys, Receivables, Claims, Bills, Invoices,
Documents & Securities, Contracts, Engagements, Investments, Rights &
the existing Machinery and all future Machinery belonging to or in possession
of or under the control of the Borrower or of the Bank or of any third party
whether in India or elsewhere throughout world (including all such goods,
machineries, movables and other assets as may be in course of shipment,
transit or delivery ) by way of FIRST CHARGE. |
|
Gist of the terms and conditions and extant & operation of the charge. |
Rate of Interest: -MTL- At 1.5% above SBAR: 11.75% per
annum with periodical rates & or at such rate/s as may be specified by
the Bank from time to time. (presently at quarterly rests) plus interest tax.
Effective rate 16.06% Margin: As specified by the bank from time to time.
Repayment: MTL – In 8 Monthly Installments of Rs. 0.200/- each commencing
from October 2004 and next 34
Installments of Rs.0.100/- each . Final Maturity – 31.03.2008. |
|
Name ,Address and description of the persons entitled to
the charged |
State Bank of India , Commercial Branch, Rajajinagar, Bangalore – 560 044 |
|
Date and brief description of instrument modifying the
charge. |
NA |
|
Particulaer of modification specifying the terms and conditions or the extent of operation of the charged in which modification is made and details of the modification . |
NA |
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. 39.91 |
|
UK Pound |
1 |
Rs. 78.44 |
|
Euro |
1 |
Rs. 59.13 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|