MIRA
INFORM REPORT
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Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TYCO ELECTRONICS CORPORATION INDIA PRIVATE LIMITED |
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Formerly Known As : |
AMP INDIA LIMITED |
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Registered Office : |
“Te Park”, 22B Doddenakundi, 2nd Phase, Whitefield Road,
Bangalore-560048, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07-12-1993 |
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Com. Reg. No.: |
08-15007 |
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Cin. No.: |
U31909KA1993PTC015007 |
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TAN No.: (Tax Deduction & Collection Account No.) |
BLRT02262B |
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PAN No.: (Permanent Account No.) |
AABCT7374C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importers and Exporters of Wire and Cable for
Networking, Communication, Household Appliances, Power Transmission and Distribution
Materials, Automotive Wiring Systems, Electrical and Electronic Components,
Accessories, Assemblies, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 11600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. However the company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered /Head Office : |
“Te Park”, 22B Doddenakundi, 2nd Phase, Whitefield Road,
Bangalore-560048, Karnataka, India |
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Tel. No.: |
91-80-40115000/401/28540800/28412433/ 28540800 |
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Fax No.: |
91-80-40115001/401/28540820 |
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Email : |
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Area : |
3000 Sq. ft |
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Location : |
Leased |
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Factory : |
No. 4, Maruthi Industrial Estate, Hoody Rajapalya, Whitefield Main Road,
Mahadevapura, Bangalore – 560 048, Karnataka |
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Tel. No.: |
91-80-2645 3014 / 2841 0200 |
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Fax No.: |
91-80-2845 3038 / 2841 0210 |
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Branch Office : |
1st Floor, No-5, Shalimar House Comm, Center Saket-110017,
Delhi |
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Tel. No.: |
91-11-26864107 |
DIRECTORS
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Name : |
Mr. Samir Inamdar |
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Designation : |
Managing Director |
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Name : |
Mr. Markos V. |
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Designation : |
Director |
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Name : |
Mr. Mahesh Devaiah |
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Designation : |
Director |
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Address : |
1, Ferndale Apartments, 3 Artillery Road, Bangalore-560017, Karnataka,
India |
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Date of Birth/Age : |
23.10.1950 |
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Date of Appointment : |
24.09.1999 |
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Name : |
Mrs. Revathy Ashok |
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Designation : |
Director – Business Development and Finance
Controller |
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Name : |
Mr. Prince Mathew |
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Designation : |
Industry Manager |
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Name : |
Mr. K. U. Subbaiah |
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Designation : |
Managing Director |
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Address : |
No. 1330 13th Cross, 1st Floor, Indira Nagar, 2nd
Stage, Bangalore, Karnataka – 560038 |
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Date of Birth/Age : |
21.06.1959 |
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Date of Appointment : |
01.12.2002 |
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Name : |
Mr. KK Shetty |
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Designation : |
Industry Manager |
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Name : |
Mr. Juerg Frischknecht |
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Designation : |
Director |
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Address : |
W. Wolfensberger Stresses 14, 9424, Reinbeck, Switzerland |
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Date of Birth/Age : |
09.06.1959 |
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Date of Appointment : |
06.08.2003 |
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Name : |
Mr. Srinivasan K |
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Designation : |
Director |
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Address : |
1987, Newthppasandra, Hal 3rd Stage, Bangalore – 560075,
Karnataka, India |
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Date of Birth/Age : |
09.08.0955 |
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Date of Appointment : |
15.04.2005 |
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Name : |
Mr. Srinivasan Varadarajan |
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Designation : |
Director |
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Address : |
40, Kuppu, 14th cross, Vignana Nagar, New Thippasandra
Bangalore – 560075, Karnataka, India |
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Date of Birth/Age : |
01.07.1958 |
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Date of Appointment : |
11.05.2006 |
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Name : |
Mr. Markos Vellapally |
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Designation : |
Director |
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Address : |
1, Ferndale Apartment, 3, Artillery Road, Bangalore 560017, Karnataka,
India |
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Date of Birth/Age : |
23.10.1950 |
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Date of Appointment : |
24.09.1999 |
KEY EXECUTIVES
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Name : |
Mr. Anandswaroop Upadhayay |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. P. Sunil |
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Designation : |
Company Secretary |
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Address : |
785, 1st Block, 1st Cross 3rd Main,
Hal 3rd Stage, Bangalore-560075, Karnataka |
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Date of Birth/Age : |
07.04.1971 |
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Date of Appointment : |
24.07.2000 |
MAJOR SHAREHOLDERS
As on 29.09.2007
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Names
of Shareholders (Equity Shares) |
No. of Shares |
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Tyco Electronics Corporation, U.S.A. |
44742391 |
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Raychem International
Manufacturing Corporation |
3 |
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Total |
44742394 |
As on 29.09.2007
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Names
of Shareholders (Preference Shares) |
No. of Shares |
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Tyco Electronics Corporation, U.S.A. |
273393065 |
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Total |
273393065 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers and Exporters of Wire and Cable for
Networking, Communication, Household Appliances, Power Transmission and
Distribution Materials, Automotive Wiring Systems, Electrical and Electronic
Components, Accessories, Assemblies, etc. |
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Products : |
· Amplifiers · Antennas · Application Tooling · Batteries · Cable Identification · Circuit Protection Devices · Coax Accessories · Connectors and Interconnection Products · Contractors · Energy, Power, Industrial and Utility Products, Cable Accessories · Connectors and Fittings · Identification Systems · Mixers and Modulators · Molded Parts · Networking and Premises Products · Passive Components · Power Modules · Printed Circuit Boards and Assemblies · Protection Products · Relays · Semiconductors · Environmental Sealing · Fibre Optic Products · Filters · Gel Products · GPS · Harnessing · Heat-Shrinkable Tubing · Heat Sinks · Hybrids
Foundry
Services · Materials · Electrical Equipment · Insulation and Protection
RF and
Microwave · Sensors · Services · Solenoids · Switches, Shunts and Attenuates · Telecom Products · Touchsreen Products · Timers · Transformer · Voltage Control Oscillators and Synthesizers · Wire, Cable and Cable Assemblies |
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Brand Names : |
· Agastat · Alcoswitch · Area Lighting Research · AMP · Ditel · Dorman Smith · Dulmison · Mondragon · Oeg · Onesource Building Techologies · Pinacl · AMP Netconnect · ASG · Axicom · B and HDFC Bank Limited · Elastometric Technologies · Elcon Products · Elo Touchsystems · Fayser Racks · Pinacl Solution · Poter and Brumfield · Power Systems · Precision Interconnect · Rangestar Wireless · Bowthorpe EMP · Buchanan · Chip Coolers · CII · Fisk · Greenpar · Guro · Hellstern · Raychem · Corcom · Hartman · Kilovac · HTS neyday idento · Jackmoon · Schrack · Simel · Stappard Howes · Tdi Batteries · Tyco electronics · Coev magnetics · Comacc · Critchley · Crompton Instruments · m/a-com · Madison cable · Microdot connectors · Dek · Molded Interconnect Device · West hyde enclosures |
PRODUCTION STATUS As on 31.03.2007
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
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Connectors |
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Nos. |
379435800 |
187953522 |
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Cable Assembly |
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Nos. |
26389164 |
22975669 |
GENERAL
INFORMATION
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Suppliers : |
· Nova Opto International Company Limited, China · Best Media Group Limited, China · Meilin Industrial (Hong Kong) Limited, Hong Kong SAR |
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Customers : |
Samsung |
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No. of Employees : |
About 150 |
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Bankers : |
· Corporation Bank Industrial Finance Branch, Queens Road, Bangalore – 560 001, Karnataka
· Societe Generale Magarath Road, Bangalore – 560 001, Karnataka, India
· Standard Chartered Grindlays Bank Limited M.G. Road, Bangalore, Karnataka, India
· Hong Kong and Shanghai Banking Corporation Bangalore 560 001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore-560025,
Karnataka, India |
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Tel No.: |
91-80-55276000 |
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Fax No.: |
91-80-55276011 |
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Holding Company : |
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Associates : |
Within India :
· TEI Technologies Private Limited · Tyco Electronic Tools India Private Limited · Automotive Wiring Systems Private Limited · Tyco Fire and Security Private Limited · Precision Inteconnect India Private Limited · Raychem RPG Limited
Outside India :
· AMP Deutschland Gmbh · AMP Manufacturing Korea Limited · AMP Shanghai Limited · AMP Singapore Pte. Limited · AMP Trading B. V. · AMP – Simel · Fai Technology Limited · M/A Com Inc · Pinacle Communication Systems Limited · PT Tyco Electronics Indonesia · Shenzhen Original Electric Company · Shunde Tyco Electronics Limited · Tyco Electronic Brasil LTA · Tyco Electronic Raychem, Belgium · Tyco Electronic HK Limited · Tyco Electronic Malaysia SD · Tyco Electronic Schweiz AG · Tyco Electronic AMP Espana SA · Tyco Electronic AMP Gmbh · Tyco Electronic AMP Italia SPA · Tyco Electronic AMP K K · Tyco Electronic Amp Shanghai Limited · Tyco Electronic Argentina S A · Tyco Electronic Canada Limited · Tyco Electronic Czech SRO AMP De France · Tyco Electronic da Amaznia · Tyco Electronic ec Gmbh and Company · Tyco Electronic France SAS · Tyco Electronic HK Limited · Tyco Electronic Hungary KFT · Tyco Electronic Logistics AG · Tyco Electronic Mexico SA · Tyco Electronic Middle East FZE · Tyco Electronic Nederland BV · Tyco Electronic New Zealand Limited · Tyco Electronic Polska SPZ · Tyco Electronic Pty Limited · Tyco Electronic Raychem Gmbh · Tyco Electronic Raychem NV · Tyco Electronic Raychem, SA · Tyco Electronic SA Private Limited · Tyco Electronic Shanghai CLT · Tyco Electronic UK Limited · Tyco Electronic Dingguan Limited · Tyco Electro- Electronic Limited · Tyco Holding Bermuda Limited · Whitekar Corporation · Precision Interconnect USA · AMP Shunde Connector Limited · AMP Thailand Limited · AMP Holland BV · Tyco Electronic Augat AG · Tyco Electronic Austria GMBH · Tyco Electronic Exports SARL · Tyco Electronic Columbia Limited · Tyco Electronic Export · Tyco Electromechanical Components · AMP Services · Tyco Electronic UK Limited (Cromton IN) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
|
28000000 |
Preference Shares |
Rs.10/- each |
Rs.280.000 Millions |
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Total |
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Rs.730.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
44742394 |
Equity Shares |
Rs.10/- each |
Rs.447.424 millions |
|
273393065 |
Preference Shares |
Rs.1/- each |
Rs.273.393 millions |
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Total |
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Rs.720.817 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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1] Share Capital |
720.817 |
447.424 |
447.424 |
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2] Share Application Money |
0.000 |
273.393 |
0.000 |
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3] Reserves & Surplus |
1612.900 |
1409.490 |
1280.603 |
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NETWORTH
|
2333.717 |
2130.307 |
1728.027 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
300.834 |
144.688 |
0.000 |
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TOTAL
BORROWING
|
300.834 |
144.688 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
2634.551 |
2274.995 |
1728.027 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
717.628 |
479.482 |
230.614 |
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Capital work-in-progress
|
92.310 |
181.436 |
111.230 |
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INVESTMENT
|
227.783 |
227.783 |
85.064 |
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DEFERREX TAX ASSETS |
123.625 |
86.392 |
36.664 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
|
1412.571 |
1379.910 |
899.453 |
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Sundry Debtors
|
1164.638 |
1178.400 |
618.871 |
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Cash & Bank Balances
|
109.962 |
311.514 |
114.653 |
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Loans & Advances
|
452.947 |
312.837 |
327.402 |
Total
Current Assets
|
3140.118 |
3182.661 |
1960.379 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
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Current Liabilities |
1568.364
|
1802.009
|
674.488
|
|
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Provisions |
98.549
|
80.750
|
21.436
|
Total
Current Liabilities
|
1666.913 |
1882.759 |
695.924 |
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Net Current Assets
|
1473.205 |
1299.902 |
1264.455 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
2634.551 |
2274.995 |
1728.027 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
Sales Turnover [including other
income]
|
6616.000 |
4476.770 |
3120.740 |
Total Income
|
6616.000 |
4476.770 |
3120.740 |
|
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Profit/(Loss) Before Tax
|
344.000 |
213.660 |
370.150 |
Provision for Taxation
|
141.000 |
84.770 |
79.200 |
Profit/(Loss) After Tax
|
203.000 |
128.890 |
290.950 |
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Export Value |
2890.881 |
1704.010 |
1172.870 |
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Import Value |
3815.012 |
2525.210 |
2047.690 |
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Expenditure:
|
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Depreciation
|
231.000 |
140.740 |
77.160 |
Other Expenditure
|
6041.000 |
4122.370 |
2673.430 |
Total Expenditure
|
6272.000 |
4263.110 |
2750.590 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
3.07 |
2.88 |
9.32 |
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Net Profit Margin
(PBT/Sales) |
(%) |
5.20 |
4.77 |
12.61 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
8.23 |
5.25 |
15.51 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.15 |
0.10 |
0.21 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.84 |
0.95 |
0.40 |
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Current Ratio
(Current Asset/Current Liability) |
|
1.88 |
1.69 |
2.82 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject was incorporated on 7th December, 1993 at Bangalore
in Karnataka having Company Registration Number 15007.
The company was incorporated as a Private Limited company and became Deemed
Public Limited company under section 43A (2) w.e.f. 30th June, 1998.
The parent company AMP Inc. USA has been taken over by TYCO Group of USA
and the name changed to Tyco Electronic Corporation Inc., USA with effect from
2nd April, 1999. Consequent
to the holding company’s take over and change of management, the subject
company also changed its name as “Tyco Electronic Corporation Ltd”, with effect
from 24th February, 2000.
The Company manufactures electrical and electronic connectors, wire harnesses,
cables and fibre optic interconnection systems and applications tools at its
facilities in Bangalore, Pune and Kochi.
The facility in Bangalore manufactures connectors and other
interconnection systems and value-added assemblies catering to the end user
segments of networking, automotive, telecom, power, consumer electronics,
household appliances, industrial instrumentation, defence, aerospace and
business and retail automation. This
facility is also ISO 9000 and QS 9000 certified.
During the year 1997-98, the company has set up a manufacturing facility
near Pune for manufacturing harness wires in automobile industry, which
commenced commercial production on 29th June, 1997.
The company has been converted as private limited company.
Subject is a wholly-owned subsidiary of the US-based Tyco Electronic
Corporation, a 50:50 joint venture with Elentec Co of Korea.
The joint venture, subject would involve an investment of $2 million and
has a manufacturing facility at Noida, company officials said here.
Subject is one of the leading manufacturers of high precision electronic
components in Korea.
It manufactures and markets electrical and electronic connectors, wire
harness and other electro-mechanical/electronic components from its facilities
in Bangalore, Pune and Kochi.
The new venture would cater to the component requirements of consumer
electronics, household appliances and the computer industry.
The facility at Noida has a built-up area of 16,000 sq. ft. Initially, the
focus would be on the production of remote control units, CRT sockets, DG coils
and wire harnesses.
The joint venture had already got Samsung as its first customer.
State of Affairs:
The company clocked yet another year of excellent growth with the year
ended 31.03.2007 reaching Rs.6616 millions, which constitutes a growth of over
47% over the previous year. The net profit after tax also increased from
Rs.128.88 millions to Rs.203.41 millions on account of improved profitability.
The company has reserves of over Rs.1612.9 millions. During the year,
the company has made capital expenditure of Rs.481 millions towards various new
projects.
The directors do not recommend any dividend.
There have been no material changes or commitments which have accrued
between the end of the financial year of the company to which the balance sheet
relates and the date of this report.
Subsidiary
Company:
The Company’s wholly owned subsidiary viz. M/s Automotive Wiring Systems
Private Limited carried on its operations during the year. It earned revenues
from treasury operations and rental income.
Networking:
The market observed a growth of approximately 20% which mostly from B
and C class cities, Major growth areas were BPO, Call Centers, Software
Companies, Banking and Finance, and Infocom Sectors.
The company continues to follow an aggressive distribution policy with
national distributors and a network of over 120 System Integrators and
Stockists across the country. The company also has a unique training program –
AMPACT that has placed over 800 trained engineers in the market place. This
aspect of the business alone has played a significant role in expanding the
company’s business with continued increase in market share.
Automotive:
The company continues to increase the sales in this segment very
rapidly. The major customers in this sector are TATA Motors, Valeo, Behr, Ashok
Leyland and Visteon. The company continues to supply end to end cable assembly
for Indica and its variants like CNG, Euro 2 and Euro 3. During the year, the
company has bagged orders for cable assembly for Indigo and its variants.
Fixed Assets:
· Leasehold Improvements
· Plant and Machinery
· Office Equipments
· Data Processing Equipments
· Furniture and Fixture
· Motor Vehicles
It is in trade
terms with :-
· Weifore Cables Private Limited
· Paras Wires Private Limited
· Conor Metalloys Private Limited
· Ajit Industries Private Limited
· Terminal Technologies Private Limited
· M/A Com Inc
· Pinacl Communication Systems
· Shanshan Original Electrical Company
· Raychem Shanghai Cable Access
· Raychem RPG Limited
The company divided the market in three segments. The upper segment
includes the OEMs or total solution providers like CMC, Datacraft, Compaq and
Wipro. The middle layer comprises regional system integrators who are involved
in structured cabling projects for 50-200 node networks worth Rs. 3-4 millions. The lower segment includes resellers,
stockists and small system integrators who take structured cabling for small
networks involving up to 50 nodes.
The company has three distributor - Tech Pacific, Compuage and Ramco
Systems. Ramco takes care of the project segment. Tech Pacific and Compuage
look after resellers and the lower segments.
The company’s actual business is in Delhi, Mumbai and Chennai. The
company’s also slowly getting into the cities like Ahmedabad, Vishakapatnam,
Nagpur, Nasik, Lucknow, Chandigarh and Bhubaneshwar.
Company Information
Over the past five years, Tyco Electronics has kept pace; rapidly
growing to become the world's largest passive component manufacturer. Based on
the interconnect technology leadership of AMP products, Tyco Electronics has
added a full complement of leading component brands -- including Raychem,
Elcon, P&B, M/A-COM, CII and many more - to offer customers an unparalleled
portfolio of connectors, relays and circuit breakers, active and passive
fiberoptic components, wireless products, power components, resistors and
inductors, motors and myriad others across 25 product segments.
Form
8:
|
Name of the company |
TYCO ELECTRONICS CORPORATION INDIA PRIVATE
LIMITED(Formerly Known as AMP India Limited ) |
|
Presented By |
SOCIETE GENERALE, Bangalore Branch, Magrath
Road, Bangalore- 560025 and TYCO
ELECTRONICS CORPORATION INDIA PRIVATE LIMITED (Formerly Known as AMP India
Limited ) |
|
1) Date and description of instrument creating the change |
Date : 03.03.1997 Registered 02.04.1997 Agreement of Hypothecation of Stock/ Goods LO/013 Agreement of Hypothecation of Book Debts LO/ 009 Letter from HSBC, Bangalore and Corporation Bank. (all the above pertain to same charge) |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 22.300 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 in favour of the Bank all the Goods namely Raw
Materials, Stocks in process, stocks goods in Transit, Finished goods and
stores and spares, consumable etc. including the stocks thereof for the time
being whether raw or manufactured or in the process of manufacture and all
articles manufactured therefrom including any such goods in the course of
transit or delivery and all movable
property of any kind of the Borrower which now or thereafter from time to
time during this security shall be brought in stored or be in or about the
premises, warehouses or godowns of
the borrower in Bangalore or wherever else the same may held by any party
anywhere to the order and disposition of the borrower hypothecation and
charge to the bank all the book debts. Outstanding money receivable claims
bills which are now due and owing or while may at any time hereafter during
continuance of this security become and to the borrower in the course of its
business by any of their creditors by way if First charges. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest : 18 % p.a. with quarterly rests. Margin : 25 % Repayment : on Demand Charge on the assets shall rank pari passu with other Banks, Hong Kong
and Shanghai banking Corporation, Bangalore and Corporation Bank, Industrial
finance Branch, Bangalore without any preference or priority of one over the
other. |
|
5) Name and Address and description of the person entitled to the
charge. |
Societe Generale Bangalore Branch, Magrath road, Bangalore – 560025 (A Banking Company) |
|
6) Date and brief description
of instrument modifying the charge |
Date: 21.1.2002 Supplementary Agreement of Hypothecation of Stocks
goods 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. |
By the above agreement the Borrower company can avail the credit
facility of Rs. 35.000 millions in any manner/ mode like cash credit /
packing credit / sales bills discounting / non coverable debenture/FCNR (B)
Loan bank guarantees/ letters of credit or in any other form of Banking
facility as may be desired by them and the securities already obtained will
continue for the present arrangement also. (All other terms and conditions remain unchanged) |
|
|
|
|
Name of the company |
AMP India Limited |
|
Presented By |
The Hongkong and Shanghai banking Corporation Limited, Bangalroe
Branch, Manipal centre, Dickenson Road, Bangalore- 560042 |
|
1) Date and description of instrument creating the change |
Date : 03.03.1997 Regd. As Doc 20/17.03.9 7 Hypothecation agreement |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 31.500 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 stocks and book
dents 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 Repayment : on Demand |
|
5) Name and Address and description of the person entitled to the
charge. |
The Hongkong
and Shanghai banking Corporation Limited Bangalroe Branch Manipal centre Dickenson Road Bangalore- 560042 |
|
6) Date and brief description
of instrument modifying the charge |
26.06.1999 Supplementary hypothecation Agreement |
|
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 enhanced to Rs. 72.500 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 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.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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/normal. |
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 |
|