MIRA
INFORM REPORT
|
Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
SOMANY FOAM LIMITED |
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Registered Office : |
2, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.08.2001 |
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Com. Reg. No.: |
21-111449 |
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CIN No.: [Company
Identification No.] |
U25209WB2001PLC11449 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS25405C |
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PAN No.: [Permanent
Account No.] |
AAICS3624F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacture and Exporter of all kinds of Foam Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Unknown |
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Comments : |
Subject is a company having moderate track records. Financial position
is poor. Payments are reported as slow and delayed. The company can be considered for small to mediocre business dealings
on safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
2, |
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E-Mail : |
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Factory 1 : |
13-15 Sector-4, IIE Bhel Industrial Area, Haridwar-249403, |
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Tel. No.: |
91-1334-327883 |
DIRECTORS
|
Name : |
Mr. Chandra Kumar Somany |
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Designation : |
Director |
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Address : |
2, Iron Side Road, Kolkata-100019, West |
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Date of Birth/Age : |
25.06.1933 |
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Date of Appointment : |
30.08.2001 |
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Name : |
Mr. Sanjay Somany |
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Designation : |
Director |
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Address : |
W-27, Greater Kailash, Part II, New Delhi-110048, |
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Date of Birth/Age : |
28.07.1958 |
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Date of Appointment : |
30.08.2001 |
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Name : |
Mr. Mukul Somany |
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Designation : |
Director |
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Address : |
2, Iron Side Road, Kolkata-100019, West |
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Date of Birth/Age : |
15.10.1965 |
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Date of Appointment : |
30.08.2001 |
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Name : |
Mr. Jagdishg Prasad Kasera |
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Designation : |
Director |
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Address : |
HNG Industries Limited, District Jhajjar, P.O. Bahandurgarh,
Bhandurgarh-124507, |
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Date of Birth/Age : |
17.08.1947 |
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Date of Appointment : |
22.03.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish Prasad Kasera |
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Designation : |
Manager |
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Address : |
C/Ohng Industries Limited, Bahadurgarh, Jhajjar-124507, |
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Date of Birth/Age : |
17.08.1947 |
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Date of Appointment : |
22.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Chandra Kumar Somany |
|
13200 |
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Mukul Somany |
|
12500 |
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Sanjay Somany |
|
12500 |
|
Sudha Somany |
|
10000 |
|
Rashmi Soamny |
|
10000 |
|
Amita Somany |
|
10000 |
|
Rungamatee Trexim Private Limited |
|
980000 |
|
Spotme Tarcon Private Limited |
|
980000 |
|
Topaz Commerce Limited |
|
430000 |
|
Noble Enclave and Towers Private Limited |
|
1422000 |
|
Dipak Kumar Kapoor |
|
200 |
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Sourav Contractors Private Limited |
|
879800 |
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Khanzana Marketing Private Limited |
|
879800 |
|
Noble Enclave and Towers Private Limited |
|
100 |
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Sourav Contractors Private Limited |
|
11025 |
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Khazana Marketing Private Limited |
|
11025 |
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Ceramic Decorators Limited |
|
9420 |
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Microwave Merchants Private Limited |
|
46050 |
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Amazon Sales Private Limited |
|
19580 |
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Total |
|
5737200 |
As on 23.03.2007
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List of Allottees |
|
No. of Shares Allotted |
|
Rungamattee Trexim Private Limited |
|
480000 |
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Spotme Tracon Private Limitedf |
|
480000 |
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Noble Enclave and Towers PrivateLimited |
|
732000 |
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Saurav Contractors Private Limited |
|
879800 |
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Khazana Marketing Private Limited |
|
879800 |
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Total |
|
3451600 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies Corporate (not mentioned above) |
|
1.37 |
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Other top fifty (50) shareholders (other than listed above) |
|
98.63 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of all kinds of Foam Products |
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Products: |
·
Coir Foam ·
Quiltfoam ·
Rubber Foam ·
Polyurethane Foam ·
Polyether Foam ·
Polyeter Foam ·
Latex ·
Rubber foam Products ·
Polyfill Products ·
Moulded Seat |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Singhi and Company Chartered Accountant |
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Address : |
402, Pragati House, 47-48, |
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Name : |
Manoj Sarda and Associates Chartered Accountant |
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Address : |
WZ-339, 2nd Floor, Street No. 19, Santgarh,
Keshopur-110018, |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
97200 |
Preference Shares |
Rs.1000/- each |
Rs. 97.200 Millions |
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|
Total |
|
Rs. 147.200
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
||
|
97200 |
Preference Shares |
Rs.1000/- each |
Rs. 97.200 Millions |
||
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Total |
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Rs. 147.200 Millions |
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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 |
147.200 |
15.484 |
15.484 |
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2] Share Application Money |
0.000 |
97.500 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[24.243] |
0.000 |
0.000 |
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NETWORTH |
122.957 |
112.984 |
15.484 |
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|
LOAN FUNDS |
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1] Secured Loans |
171.257 |
126.763 |
0.000 |
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2] Unsecured Loans |
77.208 |
13.700 |
23.300 |
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TOTAL BORROWING |
248.465 |
140.463 |
23.300 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
371.422 |
253.447 |
38.784 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
291.546 |
27.718 |
26.692 |
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Capital work-in-progress |
21.355 |
210.894 |
8.138 |
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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 |
42.645
|
0.995 |
0.027 |
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Sundry Debtors |
9.344
|
0.000 |
0.000 |
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Cash & Bank Balances |
2.149
|
2.177 |
4.729 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
26.261
|
15.734 |
0.358 |
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Total
Current Assets |
80.399
|
18.906 |
5.114 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
22.081
|
4.348 |
1.437 |
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Provisions |
0.046
|
0.000 |
0.000 |
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Total
Current Liabilities |
22.127
|
4.348 |
1.437 |
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Net Current Assets |
58.272
|
14.558 |
3.677 |
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MISCELLANEOUS EXPENSES |
0.249 |
0.277 |
0.277 |
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TOTAL |
371.422 |
253.447 |
38.784 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
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Sales Turnover |
|
|
27.239 |
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Other Income |
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|
0.737 |
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Total Income |
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|
27.976 |
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Profit/(Loss) Before Tax |
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|
[64.547] |
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Provision for Taxation |
|
|
0.101 |
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Profit/(Loss) After Tax |
|
|
[64.446] |
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Expenditures : |
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Raw Material Consumed |
|
|
33.571 |
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Consumption of stores and spares parts |
|
|
3.370 |
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Increase/(Decrease) in Finished Goods |
|
|
20.203 |
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Salaries, Wages, Bonus, etc. |
|
|
1.575 |
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Payment to Auditors |
|
|
0.140 |
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Interest |
|
|
12.092 |
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Insurance Expenses |
|
|
0.670 |
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Power & Fuel |
|
|
0.846 |
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Depreciation & Amortization |
|
|
6.492 |
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Other Expenditure |
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|
13.564 |
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Total Expenditure |
|
|
92.523 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[230.36]
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
[236.97]
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[17.35]
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.52]
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
220.07
|
1.28 |
1.60 |
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Current Ratio (Current Asset/Current Liability) |
|
3.63
|
4.35 |
3.56 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90044785 |
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Corporate
identity number of the company |
U25209WB2001PLC11449 |
|
Name of the
company |
SOMANY FOAM LIMITED |
|
Address of the
registered office or of the principal place of business in |
2, |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Supplement Agreement
of Hypothecation of Goods and Assets for decrease in overall limit (Form
C-2A) Letter regarding
the grant of Individual Limits within the Overall Limit ( Form C-5) |
|
Date of
instrument Creating the charge |
22.08.2008 |
|
Amount secured by
the charge |
Rs. 187.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For T.L. (1)-
Interest @1% below SBAR, present effective rate 11.75% p.a. at monthly rests. For T.L. (2)- Interest
@ SBAR, presently 12.75%, Payable monthly subject to changes as per
directives from RBI/ Bank For C.C-
Interest@ 1% above SBAR, presently 14.75%, Payable monthly subject to changes
as per the directives form RBI/ Bank For Letter of
Credit % Bank Guarantee : As per FEDAI rules and IBA/Banks guidelines from
time to time. Terms of
Repayment Term Loan (1) of
Rs. 143.500 Millions in 21 quarterly installments and Term Loan (2) of Rs.
70.000 Millions in 20 quarterly installments. Cash credit on
Demand. Margin For Raw Material
: Domestic/ Import -25% For SIP : Nil For Finished
Goods: 25% For Consumables
Stores : 25% For Receivables
(Cover 90 Days) : 25% For Letter of
Credit : 10% Cash Margin Bank Guarantee :
10% Cash Margin Extent and
Operation of the charge The Charge is for
a total limit of Rs. 187.800 Millions and is applicable on all the current
assets including receivables, movable plant and machinery, furniture and
fixtures, and immovable property and the fixed assets appertaining thereto
situate at sector 4, Industrial Area, IIE, BHEL, Ranipur, Haridwar, Tehsil
and District – Haridwar. Others All Other items
and conditions to remain as before in full force and effect. |
|
Short particulars
of the property charged |
All Present and future
goods book debts and all other movable assets of the borrower and land
measuring 40800 sq.mt together with building and erections thereon, both
present and future, situated at sector 4, Industrial Area, IIE, BHEL,.
Ranipur, Haridwar, Tehsil and District Haridwar. |
|
Date of latest
modification prior to the present modification |
04.10.2006 |
Fixed Assets:
·
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office and Other
Equipments
·
Vehicles
·
Trade Marks
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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] 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.50.03 |
|
|
1 |
Rs.74.42 |
|
Euro |
1 |
Rs.67.71 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
24 |
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 |
|