MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRATYANKARA ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
Plot No. 60, Siddhartha Nagar, Hyderabad – 500 038, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.07.1999 |
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Com. Reg. No.: |
01-32197 |
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CIN No.: [Company
Identification No.] |
U31909AP1999PTC032197 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDP01077G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Trading activity in Consumer Electronics. |
RATING &
COMMENTS
|
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 42500 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having the trade. Trade
records are fair. Payments are correct and as per commitment. The company can be considered good for any normal business dealings as
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 60, Siddhartha Nagar, Hyderabad – 500 038, India. |
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Tel. No.: |
91-40-23816295 / 23816298 |
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Fax No.: |
91-40-23816295 |
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Email Id.: |
Madhucs1@gmail.com |
DIRECTORS
|
Name : |
Mrs. P Rajeshwari |
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Designation : |
Director |
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Address : |
Plot No. 60, Siddhartha Nagar, Hyderabad 500 038, Andhra Pradesh |
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Date of Birth/Age : |
02.02.1942 |
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Date of Appointment : |
28.07.1999 |
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Name : |
Mrs. A Sunanda Raju |
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Designation : |
Executive Director |
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Address : |
Plot No. 60, Siddhartha Nagar, Hyderabad 500 038, Andhra Pradesh |
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Date of Birth/Age : |
02.01.1963 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. A Mahesh Raju |
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Designation : |
Chairman and Managing Director |
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Address : |
Plot No. 60, Siddhartha Nagar, Hyderabad 500 038, Andhra Pradesh |
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Date of Birth/Age : |
02.08.1960 |
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Date of Appointment : |
31.10.2003 |
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Name : |
Mr. J Arun Kumar |
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Designation : |
Executive Director |
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Address : |
Flat No. 302, 2-2-1130/22, New Nallakunta, Hyderabad 500 044, Andhra
Pradesh |
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Date of Birth/Age : |
25.07.1962 |
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Date of Appointment : |
31.10.2003 |
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Name : |
Mr. Rahul Dinesh Shah |
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Designation : |
Director |
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Date of Birth/Age : |
26.03.1963 |
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Date of Appointment : |
12.12.2006 |
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Name : |
Shahzaad dalal |
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Designation : |
Director |
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Date of Birth/Age : |
01.12.1968 |
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Date of Appointment : |
12.12.2006 |
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KEY EXECUTIVES
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Name : |
Mr. M Sunil Kumar |
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Designation : |
Company Secretary |
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Address : |
6-3-788/A/9, 1st Floor, Lakshmi Prasanna Nilayam, Durga
Nagar Colony, Ameerpet, Hyderabad 500 016, |
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Name : |
Mr. Gonugunta Madhusudhan Rao |
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Designation : |
Secretary |
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Date of Birth/Age : |
01.06.1977 |
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Date of Appointment : |
22.03.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
As on 22.09.2005 |
|
|
Names of Shareholders |
No. of Shares |
|
Mrs. P Rajeshwari |
69 |
|
Mrs. A Sunanda Raju |
12597 |
|
Mr. A Mahesh Raju |
918687 |
|
Srikara Marketing Services Limited |
313974 |
|
Srikara Electronics Limited |
1253724 |
|
A Kartik Raju |
12498 |
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Total |
2511549 |
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As on 30.11.2007 |
|
|
Equity Share
breakup (percentage of total equity) |
|
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Directors or relatives of directors |
98.82 |
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Others |
1.18 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading activity in Consumer Electronics. |
GENERAL
INFORMATION
|
Bankers : |
6-3-879/B, Greenlands Road, Begumpet,
Hyderabad 500 016, Andhra Pradesh
9-1-125/3-1, 4th Floor,
Siddartha Plaza, 44, Sarojini Devi Road, Secunderabad – 500 003, Andhra
Pradesh, India
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
D. P. R. Datla
& Company Chartered
Accountant 6-3-788/A, 1st
Floor, Lakshmi Prasanna Nilayam, Durganagar Colony, Ameerpet, Hyderabad – 500
016, India. 91-40-23408095 Sridhar and Santhanam Chartered
Accountant No. 98 A, IV Floor, Dr. Radhakrishnan Salai, Mylopore, Chennai – 600
004, Tamil Nadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs. 10/- each |
Rs. 55.000 millions |
|
4500000 |
Preference Shares |
Rs. 10/- each |
Rs. 45.000 millions |
|
|
Total |
|
Rs. 100.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5111732 |
Equity Shares |
Rs. 10/- each |
51.117
millions |
|
2497500 |
Preference Shares |
Rs. 10/- each |
24.975
millions |
|
|
Total |
|
76.092 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
76.092 |
51.017 |
25.115 |
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2] Share Application Money |
75.000 |
0.170 |
0.000 |
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3] Reserves & Surplus |
89.098 |
6.073 |
9.668 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
240.19 |
57.26 |
34.783 |
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|
LOAN FUNDS |
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1] Secured Loans |
255.673 |
131.506 |
78.723 |
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2] Unsecured Loans |
33.674 |
59.169 |
7.523 |
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TOTAL BORROWING |
289.347 |
190.675 |
86.246 |
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DEFERRED TAX LIABILITIES |
1.558 |
2.475 |
1.901 |
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TOTAL |
531.095 |
250.410 |
122.930 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
123.246 |
65.180 |
46.355 |
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Capital work-in-progress |
38.375 |
0.000 |
0.000 |
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INVESTMENT |
0.841 |
0.600 |
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 |
302.990
|
142.578 |
54.538 |
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Sundry Debtors |
17.353
|
36.510 |
26.112 |
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Cash & Bank Balances |
79.908
|
13.308 |
1.854 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
76.845
|
46.786 |
12.509 |
|
Total
Current Assets |
477.096
|
239.182 |
95.013 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
99.575
|
54.129 |
16.668 |
|
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Provisions |
8.888
|
1.032 |
2.988 |
|
Total
Current Liabilities |
108.463
|
55.161 |
19.656 |
|
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Net Current Assets |
368.633
|
184.021 |
75.357 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.609 |
1.218 |
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TOTAL |
531.095 |
250.410 |
122.930 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
998.900 |
853.020 |
|
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Other Income |
72.770 |
73.755 |
|
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Total Income |
1071.670 |
926.775 |
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|
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Profit/(Loss) Before Tax |
15.185 |
8.701 |
|
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Provision for Taxation |
7.085 |
3.925 |
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Profit/(Loss) After Tax |
8.100 |
4.776 |
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Expenditures : |
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Financial Charges |
23.587 |
13.372 |
|
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Depreciation & Amortization |
9.981 |
5.056 |
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Other expenditure |
1022.917 |
899.646 |
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Total Expenditure |
1056.485 |
918.074 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.76
|
0.52 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.52
|
1.02 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.53
|
2.86 |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.15 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
4.29 |
3.04 |
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Current Ratio (Current Asset/Current Liability) |
|
4.40
|
4.34 |
4.83 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
PRATYANKARA
ELECTRONICS PRIVATE LIMITED |
|
Presented By |
Sri A. Mahesh Raju, C and MD |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Cash Credit (Hypothecation) Primary security: First charge on
the entire Current Assets of the company (Present & Future) Collateral Security: First charge on
the entire Current Assets of the company (Present & Future) Equitable mortage
of landed property situated at 6-3-1099/1100, plot No. 2, Lake and Rock
Housing Schemes, Sy. No. 19/1, Somajiguda, Hyderabad, admeasuring 253.55 sq.
yards. 3181 sq. ft. standing in the name of Shri. A. Kartik Raju. Personal
Guarantees of the following: Shri A. Mahesh
Raju – Chairman and Managing Director Shri J. Arun Kumar – Director Shri A. Kartik
Raju – Third Party Guarantor. Demand Loan: Primary security: First charge on
the entire Current Assets of the company (Present & Future) Collateral Security: First charge on
the entire Current Assets of the company (Present & Future) Equitable mortage
of landed property situated at 6-3-1099/1100, plot No. 2, Lake and Rock
Housing Schemes, Sy. No. 19/1, Somajiguda, Hyderabad, admeasuring 253.55 sq.
yards. 3181 sq. ft. standing in the name of Shri. A. Kartik Raju. Personal
Guarantees of: ·
Shri A.
Mahesh Raju – Chairman and Managing Director ·
Shri J. Arun
Kumar – Director ·
Shri A.
Kartik Raju – Third Party Guarantor. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit (Hypothecation) Margin : Stocks
25% Rate of Interest
: 12.00% at monthly rests. Payable as when
debited. Demand Loan Rate of Interest
: PLR – 1.5% i.e., presently 10.5% p.a at monthly rests, payable as and when
debited. |
|
5) Name and Address and description of the person entitled to the charge. |
AXIS BANK LIMITED 6-3-879/B, Green
Lands Road, Begumpet, Hyderabad – 500 016. |
|
6) Date and brief description of instrument modifying the charge |
Dt: 18.01.2005 ·
Demand Loan
Agreement Rs. 32.500 millions ·
Letter of
Arrangement: Cash Credit Advances Rs. 15.000 millions ·
Agreement
for Hypothecation of Current Assets. ·
Deed of
Hypothecation of Machinery and Other Movable Fixed Assets |
|
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. |
The working capital
limits of the company were enhanced as under:
Primary: First charge on
the entire current assts (including credit card receivable), present and
future, of the company. Collateral: ·
First Charge
on the entire movable fixed assets present and future, of the company. ·
Equitable mortgage
of landed property situated at 6-3-1099/1100, plot No. 2. Sy, No. 19/1,
Somaji guda, Hyderabad, admeasuring 253.55 sq. yards, 3181 sq. ft. standing
in the name of Mr. A. Kartik Raju. ·
Equitable
mortgage of open land situated in Kodapur village, serillingampally mandal,
RR district, standing in the name of Mrs. P. Rajeshwari. ·
Second
charge on the immovable property standing in the name of the company situated
at Aparna Crest, Road No.2, Banjara Hills, Hyderabad.
Ř
Shri A. Mahesh
Raju – Chairman and Managing Director Ř
Shri J. Arun
Kumar – Director Ř
Ahri A.
Kartik Raju – Third Party guarantor Ř
Shri P.
Rajeshwari - Third Party guarantor
|
|
Corporate
identity number (CIN) Foreign company registration number |
U31909AP1999PTC032197 |
|
Name of the
Company |
PRATYANKARA ELECTRONICS PRIVATE LIMITED |
|
Address |
Plot No. 60, Siddhartha Nagar, Hyderabad – 500 038, Andhra Pradesh,
India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
|
|
Particulars of
the charge holder |
AXIS BANK LIMITED,
6-3-879/B, Greenlands Road, Begumpet, Hyderabad – 500 016, Andhra Pradesh,
India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Letter of Ceiding
Pari Passu charge |
|
Date of the instrument
creating or modifying the charge |
12.03.2008 |
|
Amount secured by
the charge |
Rs.
203.600millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of interest There is no change
in existing terms and conditions Terms of
repayment There is no
change in existing terms and conditions Margin There is no
change in existing terms and conditions Extent and
operation of the charge There is no
change in existing terms and conditions |
|
Short particulars
of the property charged (including location of the property) |
Charge on Pari
Passu basis on all current assets including, in particular, all stocks /
inventories of stores and consumable items / stocks in transit or wherever it
is situated and all receivables (Excluding credit card receivables) / Book
Debts / Bills / Monies present and future of the company. |
|
Particular of the
present modification |
There is no
change in existing limits. Limits are further secured by the ceiding Pari
Passu letter from ING Vysya bank Limited. |
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.43.15 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.68.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|