MIRA
INFORM REPORT
|
Report Date : |
22.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
METZELER AUTOMOTIVE PROFILES INDIA PRIVATE LIMITED |
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Formerly Known As : |
METZELER AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered Office : |
301-302, Tolstoy House, 15, Tolstoy Marg, New Delhi – 110
001 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
04.09.1963 |
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Com. Reg. No.: |
55-004019 |
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CIN No.: [Company
Identification No.] |
U34102DL1963PTC004019 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08055F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Rubber Sealing Parts for Automobiles. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 1214312 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Joint Venture between Toyoda Gosei Company Limited, Japan
and Automotive Sealing Systems SA, Luxembourg. The company is passing through
difficult times. It has huge accumulated losses. Payments are however reported
as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions in view of strong promoters. |
LOCATIONS
|
Registered Office : |
301-302, Tolstoy House, 15, Tolstoy Marg, New Delhi – 110
001, INDIA. |
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Tel. No.: |
91-11-23712804 |
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Fax No.: |
91-11-23357097 |
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E-Mail : |
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Website : |
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Factory : |
Plot No-24A, Link Road, Site – IV, Industrial Area,
Sahibabad, Ghaziabad – 201 010, Uttar Pradesh |
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Tel. No.: |
91-120-24771995 / 24771996 / 24771629 / 24772180 / 2896393
/ 2896404 |
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Fax No.: |
91-120-24771045 / 2896405 / 2896406 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Ravi Shankar Gupta |
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Designation : |
Managing Director |
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Address : |
A 73/3, SFS Flats, Saket, New Delhi |
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Date of Birth/Age : |
25.04.1956 |
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Date of Appointment : |
05.07.1999 |
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Name : |
Mr. Ermanno Fugazza, Foreigner |
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Designation : |
Director |
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Address : |
Via Beato, Angelico 2311, Milan, Italy |
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Date of Birth/Age : |
26.09.1943 |
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Date of Appointment : |
22.10.2002 |
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|
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Name : |
Mr. Alessandro d’ Arcano, Foreigner |
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Designation : |
Director |
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Address : |
V. Giusti Li, 10121, Torino, Italy |
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Date of Birth/Age : |
21.05.1961 |
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Date of Appointment : |
29.06.2005 |
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|
Name : |
Mr. Bal Raj Sachdeva |
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Designation : |
Alternate Director |
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Address : |
46/6, LGF, Community Centre, East of Kailash, New Delhi |
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Date of Birth/Age : |
18.06.1963 |
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Date of Appointment : |
27.06.2005 |
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Name : |
Mr. P. K. Sengupta |
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Designation : |
Director |
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Address : |
B – 153 Sector 14, Noida 201301, UP |
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Date of Birth/Age : |
01.06.1944 |
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Date of Appointment : |
27.06.2005 |
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Name : |
Mr. Nobutaka Ito |
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Designation : |
Director |
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Address : |
367, Umakai, Sobuecho, Inzawa City, Aichi-Pref, Japan |
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Date of Birth/Age : |
26.02.1950 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. Hisaki Tomida, Foreigner |
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Designation : |
Director |
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Address : |
3D, Thomas Manor Apartments, 88, Richmond Road, Bangalore |
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Date of Birth/Age : |
28.08.1952 |
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Date of Appointment : |
27.09.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Siddartha Rastogi |
|
Designation : |
Company Secretary |
|
Address : |
109, Siddharth Niketan, Kaushambi, Sector 14, Ghaziabad, UP |
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Date of Birth/Age : |
25.10.1979 |
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Date of Appointment : |
15.10.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
Toyoda Gosei Company Limited |
586421 |
26.00 |
|
Automotive Sealing Systems S. A. |
1669046 |
74.00 |
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|
|
|
|
Total |
2255467 |
100.00
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|
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
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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 : |
Manufacturer of Rubber Sealing Parts for Automobiles. |
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Products : |
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Brand Names : |
‘ METZELER’ |
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Exports : |
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Countries : |
·
U.A.E ·
Damman |
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Imports : |
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Countries : |
·
Singapore ·
Germany ·
France ·
Switzerland |
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Terms : |
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Selling : |
Credit (45 days) terms |
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|
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Purchasing : |
Credit (45 days) terms |
GENERAL
INFORMATION
|
Suppliers : |
·
Continental Carbon (India) Limited A-14, Industrial Area, No.1,
South Side of G.T. Road, Ghaziabad – 201 001, Uttar
Pradesh ·
DSM Elastormers Asia 152, Beach Road, No. 10-10/01,
Gateway East, Singapore – 189 721 ·
Herdillia Unimers Limited 2/2A, TTC Industrial Area,
D-Block, MIDC, Thane-Belapur Road, Turbhey, Navi Mumbai – 400 705,
Maharashtra ·
Huhoco GMBH Postfach – 260 146-42243,
Wuppertol, Germany ·
K. J. Quinn 14/16,
Boulevard DN Docteur, Pointer-BP, 175-81304, Graulhet, France ·
Metzeler Automotive Profiles GmbH, Germany ·
Metzeler Automotive Profile Systems S. P. A., Italy ·
Schlegel Lreland Limited, Ireland ·
Metzeler Automotive Profile Systems, France ·
Toyoda Gosei Company Limited, Japan |
|
|
|
|
Customers : |
·
Fiat India Automobiles Limited LBS, Marg Kurla, Mumbai – 400
070, Maharashtra ·
Ford India Limited VIA S. P. Koli Post,
Chengalpattu - 603 204, Tamilnadu ·
General Motors India Limited Chandrapura Industrial Estate, Halol – 389 350, District Panchmahal,
Gujarat ·
International Rubber Company LLC P.O. Box No. 27140, Dubai, UAE ·
Mahindra and Mahindra Limited Escorts Manu Operation Plant, 89, MIDC
Satpur, Nashik – 422 007, Maharashtra ·
TATA Motors |
|
|
|
|
No. of Employees : |
625 |
|
|
|
|
Bankers : |
·
Union Bank of India Industrial
Finance Branch, G-39, Connaught Circus, New Delhi – 110 001. ·
Standard Chartered
Grindlays Bank 17,
Parliament Street, New Delhi – 110 001. ·
ICICI Bank Limited A-9, Phelps Building,
Connaught Place, New Delhi – 110 001 |
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|
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Banking
Relations : |
Satisfactory |
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|
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Price Water House Coopers, Buildging 8, Tower B, 8th Floor,
DLF Cyber City, Gurgaon – 122022, Haryana, India |
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|
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Parent Company : |
Schlegel Corporation 900, East Whitcomb, Madison Heights, Michigan, USA (Business under the style of Metzeler Automotive Profile
Systems” (Maps) ) |
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|
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|
Holding Company : |
Automotive Sealing Systems SA, Luxembourg |
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Group Company : |
·
Metzeler Automotive Profiles GmbH, Germany ·
Metzeler Automotive Profile Systems S. P. A., Italy ·
Metzeler Automotive Profile Systems, France ·
Metzeler Automotive Profile Systems, Spain ·
Schlegel Lreland Limited, Ireland |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2400000 |
Equity Shares |
Rs.100/- each |
Rs.240.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2255467 |
Equity Shares |
Rs.100/- each |
Rs.225.547 millions |
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|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2006 |
31.12.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
225.547 |
225.547 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
616.805 |
617.117 |
|
|
4] (Accumulated Losses) |
|
(538.774) |
(608.781) |
|
|
NETWORTH |
|
303.578 |
233.883 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
34.127 |
49.262 |
|
|
2] Unsecured Loans |
|
1.990 |
1.990 |
|
|
TOTAL BORROWING |
|
36.117 |
51.252 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
339.695 |
285.135 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
198.140 |
191.637 |
|
|
Capital work-in-progress |
|
40.100 |
10.399 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
80.963 |
75.422 |
|
|
Sundry Debtors |
|
168.040 |
115.625 |
|
|
Cash & Bank Balances |
|
65.695 |
53.475 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
33.381 |
32.876 |
|
Total
Current Assets |
|
348.079 |
277.398 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
234.990 |
185.371 |
|
|
Provisions |
|
11.634 |
8.928 |
|
Total
Current Liabilities |
|
246.624 |
194.299 |
|
|
Net Current Assets |
|
101.455 |
83.099 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
339.695 |
285.135 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
|
Sales Turnover |
|
1010.719 |
745.538 |
|
Other Income |
|
22.348 |
30.265 |
|
Total Income |
|
1033.067 |
775.803 |
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
71.570 |
46.443 |
|
Provision for Taxation |
|
1.562 |
0.992 |
|
Profit/(Loss) After Tax |
|
70.008 |
45.451 |
|
|
|
|
|
|
Export Value |
|
43.237 |
36.749 |
|
|
|
|
|
|
Imports : |
|
|
|
|
Raw Materials |
|
136.342 |
11.343 |
|
Stores & Spares |
|
5.686 |
12.554 |
|
Capital Goods |
|
8.179 |
3.837 |
|
Others |
|
0.000 |
0.000 |
|
Total Imports |
|
150.207 |
27.734 |
|
|
|
|
|
|
Expenditures : |
|
|
|
|
Financial Charges |
|
1.958 |
1.660 |
|
Depreciation & Amortization |
|
33.507 |
31.672 |
|
Other Expenditure |
|
890.567 |
662.696 |
|
Total Expenditure |
|
926.032 |
696.028 |
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2006 |
31.12.2005 |
|
PAT / Total Income |
(%) |
|
6.78 |
5.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.08 |
6.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
13.10 |
9.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.93 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.41 |
1.43 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 4th September, 1963 at
New Delhi in India having Company Registration Number 55-4019.
Subject was registered under the style of Aldecor Private
Limited on 4th September, 1963. Name was changed to Wadco Schlegel
Automotives Limited on 8th February, 1993 and to BTR Wadco Automotive
Limited on 3rd June, 1997.
The company had changed it name from “ BTR Wadco Automotive
Private Limited ” to Metzeler
Automotive India Private Limited with effect from 16th August, 2001
and again it changed its name to the present.
The company had changed its status from a deemed public
Limited company to a private limited Company under section 43A (2A) of the act
w.e.f. 6th June 2001. Thereafter, the company applied for a change
of the name from BTR Wadco Automotive Private Limited to Metzeler Automotive
Private Limited under section 21 of the Act, and and Application was filed with
company registry to change name of the
subject to heading style on 10th August, 2001 which has been
approved by the company registry w.e.f 16th August, 2001.
Company shifted its registered office from 1103, Akashdeep
Building, Barakhamba Road, New Delhi – 110 001 ( Tel. 91-11-3312231/3312232,
Fax. 91-11-3320913 to heading address w.e.f .31st March, 2000.
Bankers Charges
Report as per Registry
|
Name of the company |
WADCOSCHLEGEL
AUTOMOTIVE INDIA PRIVATE LIMITED |
|
Presented By |
WADCOSCHLEGEL
AUTOMOTIVE INDIA PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
27th September,
1996. No instrument was executed. A mortgage by deposit of title deeds was
created. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Interest Free
Trade Tax Loan of Rs.60.697 Millions sanctioned by PICUP |
|
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 |
Company’s all
immovable properties together with the building and other structures, fixed
plant and machinery, fixtures and fittings, constructed / erected or
installed thereon. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The second charge
on the security listed above |
|
5) Name and Address and description of the person entitled to the charge. |
The Pradeshiya
Industrial and Investment Corporation of UP PICUP, Bhawani,
Gomti Nagar, Lucknow – 226010, UP |
|
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 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80021798 |
|
Corporate
identity number of the company |
U34102DL1963PTC004019 |
|
Name of the
company |
METZELER AUTOMOTIVE PROFILES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
301-302, Tolstoy House, 15, Tolstoy Marg, New Delhi – 110
001, INDIA. |
|
Type of charge |
·
Book Debts ·
Movable
Property |
|
Particular of
charge holder |
Union Bank of
India Connaught Place, New Delhi –
110001, India |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation deed |
|
Date of
instrument Creating the charge |
09.01.2007 |
|
Amount secured by
the charge |
Rs.20.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest [GDA] 18
% p.a. SOD 19.5 % p.a. Terms of
repayment : As per agreement Margin : Stock : 25 % Extent and
operation of the charge : Extent and
Operation 100 % Others : As per agreement |
|
Short particulars
of the property charged |
Stocks of raw materials,
stock in process, finished goods, consumable stores and spares present and
future and all book debts present and future. |
|
Particulars of
the present modification |
Bank’s first
charge over all present and future goods. All tangible movable machineries
and book debts of the company increased from Rs.75 Millions to Rs.85 Millions
Rate of interest
@ BPLR + 1 % p.a. |
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.39.38 |
|
UK Pound |
1 |
Rs.76.90 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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 |
|