MIRA
INFORM REPORT
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANDVIK ASIA PRIVATE LIMITED (w.e.f. 15.03.2010) |
|
|
|
|
Formerly known as : |
SANDVIK ASIA LIMITED |
|
|
|
|
Registered Office : |
Mumbai – |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
08.07.1960 |
|
|
|
|
Com. Reg. No.: |
11-11751 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299PN1960PLC011751 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNES00125G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCS6638K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Cutting Tools, Drilling Equipments, Machine Tools, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 1670756 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track. There appears some losses incurred by the company in the current year i.e. 2008-09. However the networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.
The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Vijay Kambekar |
|
Designation : |
H.R. Department |
|
Contact No.: |
91-20-27104660 |
|
Date : |
05.04.2011 |
LOCATIONS
|
Registered/Head Office/Factory : |
Mumbai – |
|
Tel. No.: |
91-20-27104660 |
|
Fax No.: |
91-20-27145339 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
D-27/1,
MIDC, Lote Parshuram, Tal. Khed, Dist. Ratnagiri, |
|
|
|
|
Factory 3 : |
Village Rajpur - 382740, Kadi, Mehsana |
|
|
|
|
Factory 4 : |
49 49-B, Sipcot Industrial Complex, Hosur – 635 126, |
|
|
|
|
Factory 5 : |
34/35,
K M |
|
|
|
|
Factory 6 : |
Plot
No. 1174, Ahmedabad, |
|
|
|
|
Branches : |
Located at :-
·
Ahmedabad, ·
·
·
Kolkata, ·
· Chennai, Tamilnadu ·
·
·
·
·
Mumbai, ·
Pune, |
|
|
|
|
Overseas Office : |
|
|
Tel. No.: |
91-462-6260000 |
|
|
|
DIRECTORS
As on : 15.09.2010
|
Name : |
Mr. Peter Gossas |
|
Designation : |
Chairman |
|
Address : |
Skillinggtan 5
784 54 Borlange |
|
Date of Birth/Age : |
16.06.1949 |
|
Date of Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Anders Gosta Thelin |
|
Designation : |
Director |
|
Address : |
AB Sandvik
Coromant 811 81 Sandviken |
|
Date of Birth/Age : |
11.11.1950 |
|
Date of Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Hakan Kingstedt |
|
Designation : |
Managing Director and President
|
|
Address : |
|
|
Date of Birth/Age : |
14.11.1950 |
|
Date of Appointment : |
01.10.2004 |
|
|
|
|
Name : |
Mr. Suresh Narsappa Talwar |
|
Designation : |
Director |
|
Address : |
10, Shiv Shanti Bhuvan, 146, Maharashi Karve Road, Churchgate
Reclamation, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
21.11.1937 |
|
Date of Appointment : |
23.09.2008 |
|
|
|
|
Name : |
Mr. Karl Llakan Solve |
|
Designation : |
Director |
|
Date of Birth/Age : |
11.11.1950 |
|
Date of Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Ajitkumar Jadhav |
|
Designation : |
Director |
|
Address : |
409 Shakala Maharashi karve Road, Mumbai – 400021, |
|
Date of Birth/Age : |
20.02.1947 |
|
Date of Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Kirankumar Acharya |
|
Designation : |
Director |
|
Address : |
2, |
|
Date of Birth/Age : |
22.02.1961 |
|
Date of Appointment : |
25.05.2009 |
KEY EXECUTIVES
|
Name : |
Mr. N P Achuthan |
|
Designation : |
Vice President,
Finance and Company Secretary |
|
|
|
|
Name : |
Mr. Vijay Kambekar |
|
Designation : |
H.R. Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 15.09.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
|
|
1801241 |
|
|
|
125000 |
|
Sandvik Far East Limited AB, |
|
1 |
|
|
|
1 |
|
Sandvik Invest AB, |
|
1 |
|
Setp Invest AB, |
|
1 |
|
AB |
|
1 |
|
|
|
|
|
Total |
|
1926246 |
|
Names of
Shareholders (Preference Shares ) |
|
No.
of Shares |
|
Sandvik Heating |
|
3144565 |
|
|
|
14229000 |
|
|
|
73558700 |
|
|
|
|
|
Total |
|
90932265 |
As on : 15.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cutting Tools, Drilling Equipments, Machine Tools, etc. |
||||||||
|
|
|
||||||||
|
Products |
|
||||||||
|
|
|
PRODUCTION STATUS (AS ON 31.03.2008)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tungsten carbide products
including integral rock drill steels, bits, detachable bits, extension drill
steel equipments, inserts, tips, dies, Nibs and other applications |
Tonnes Nos. in millions |
258 |
258 |
12.68 |
|
|
|
|
|
|
|
Sandvik Coromant tools,
wear resisting parts and similar products, mining and construction tools |
Nos. in millions |
1.48 |
1.48 |
1.31 |
|
|
|
|
|
|
|
Taps and Solid
Carbide Drills |
Nos. in millions |
0.54 |
0.54 |
0.17 |
|
|
|
|
|
|
|
Specialised
Tools such as precision Work holding and Tool holding devices |
Nos. in millions |
10 |
10 |
-- |
|
|
|
|
|
|
|
Hydrogen
gas |
Cu mtrs |
700000 |
700000 |
-- |
|
|
|
|
|
|
|
Cobalt
Metal and Compounds |
Tonnes |
70 |
70 |
67.2 |
|
|
|
|
|
|
|
Thermostatic
bimetal/strip |
Tonnes |
100 |
-- |
39.4 |
|
|
|
|
|
|
|
High
resistance electrical wires, strips and ribbons |
Tonnes |
600 |
200 |
217.3 |
|
|
|
|
|
|
|
Bimetal
components, Heating elements and terminal rods |
Nos |
@ |
@ |
1047321 |
|
|
|
|
|
|
|
Hot
extruded steel pipes |
Tonnes |
-- |
7000 |
6014 |
|
|
|
|
|
|
|
Recycling
of inserts |
Tonnes |
750 |
750 |
392 |
@ There is no separate licensed and installed capacity
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1790 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Juzer Miyajiwala Chartered Accountant |
|
Address: |
BSR and 70 Godraj Castlemaine, Next to Ruby Hall Clinic, Bund Garden
Road, Pune – 411001, Maharashtra, India |
|
|
|
|
Memberships : |
Confederation of Indian Industry |
|
|
|
|
Holding
Company : |
SE-81181, |
|
Tel. No.: |
46-26260000 |
|
Fax No.: |
46-26261022 |
|
E-Mail : |
|
|
|
|
|
Subsidiary
Company : |
Sandvik Mining and Construction Tools India Limited (formerly Sandvik Smith Asia Limited) |
|
|
|
|
Affiliates /
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
shares |
Rs.100/-each |
Rs.200.000 millions |
|
87788000 |
2% redeemable cumulative
preference shares |
Rs.10/-each |
Rs.877.880 millions |
|
3145000 |
2% redeemable
cumulative preference shares |
Rs.25/-each |
Rs.78.625 millions |
|
1232000 |
9% redeemable
cumulative preference shares |
Rs.25/-each |
Rs.30.800 millions |
|
|
|
|
|
|
|
Total |
|
Rs.1187.305
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1979929 |
Equity shares |
Rs.100/-each |
Rs.197.993
millions |
|
87787700 |
2% redeemable cumulative
preference shares (Redeemable at par after completion of
fifteen years from the date of issue. The Company will have an option to call
for an early redemption of the said shares, wholly or partly, after
completion of 5 years from the date of issue.) |
Rs.10/-each |
Rs.877.877
millions |
|
3144565 |
2% redeemable
cumulative preference shares (Redeemable at par after completion of fifteen years from the date of issue.
The Company will have an option to call for an early redemption of the said
shares, wholly or partly, after completion of 5 years from the date of
issue.) |
Rs.25/-each |
Rs.78.614
millions |
|
|
Total |
|
Rs.1154.484 millions |
Issued,
subscribed and paid-up includes
Equity
Shares:
36000 (2007: 36000) equity shares of
Rs.100/- each (alloted as fully paid-up for consideration received other than
in cash.)
125000 (2007: 125000) equity shares of
Rs.100/- each fully paid-up (alloted to
1734869 (2007: 1734869) equity shares of
Rs.100 each (allotted as fully paid-up bonus shares by capitalisation of the
General reserve.)
1801246 (2007: 1801246) equity shares of
Rs.100 each fully paid-up held by
Preference
Shares:
87787700 (2007: 87787700) 2% redeemable
cumulative preference shares of Rs.10/- each, 3144565 (2007: 3144565) 2% redeemable
cumulative preference shares of Rs.25/- each (were alloted pursuant to the
scheme of amalgamation of erstwhile Sandvik Steel Asia Private Limited and
erstwhile Kanthal India Limited with the Company).
14229000 (2007: 14229000) 2% redeemable
cumulative preference shares of Rs.10/- each held by Sandvik AB Sweden, the
holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
17000.000 |
|
|
|
|
|
Expected Sales (2010-2011) : Rs.20000.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
||
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1154.484 |
1154.484 |
1154.484 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3022.406 |
3159.393 |
2662.017 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4176.890 |
4313.877 |
3816.501 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
850.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2694.252 |
1305.946 |
210.465 |
|
|
TOTAL BORROWING |
3544.252 |
1305.946 |
210.465 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7721.142 |
5619.823 |
4026.966 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3493.625 |
2878.238 |
1987.040 |
|
|
Capital work-in-progress |
466.160 |
586.745 |
563.977 |
|
|
|
|
|
|
|
|
INVESTMENT |
105.250 |
20.250 |
20.264 |
|
|
DEFERREX TAX ASSETS |
212.803 |
125.852 |
66.228 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2958.310
|
3007.890
|
1780.025
|
|
|
Contracts in progress |
123.001
|
7.850
|
17.029
|
|
|
Unbilled revenue |
6.249
|
10.484
|
0.000
|
|
|
Sundry Debtors |
2136.876
|
2111.401
|
2167.741
|
|
|
Cash & Bank Balances |
429.903
|
246.288
|
205.727
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1344.402
|
1086.431
|
530.021
|
|
Total
Current Assets |
6998.741
|
6470.344
|
4700.543
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3227.569
|
4000.705
|
3013.960 |
|
|
Provisions |
327.868
|
460.901
|
297.126
|
|
Total
Current Liabilities |
3555.437
|
4461.606
|
3311.086
|
|
|
Net Current Assets |
3443.304 |
2008.738 |
1389.457
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7721.142 |
5619.823 |
4026.966 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12827.794 |
11191.842 |
9339.112 |
|
|
|
Services Income |
184.150 |
174.137 |
0.000 |
|
|
|
Other Income |
827.787 |
915.163 |
824.425 |
|
|
|
TOTAL (A) |
13839.731 |
12281.142 |
10163.537 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
13053.016 |
10712.704 |
8103.520 |
|
|
|
TOTAL (B) |
13053.016 |
10712.704 |
8103.520 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
786.715 |
1568.438 |
2060.017 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
215.184 |
53.631 |
16.864 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
571.531 |
1514.807 |
2043.153 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
750.997 |
602.009 |
510.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(179.466) |
912.798 |
1532.451 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(64.860) |
277.220 |
511.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(114.606) |
635.578 |
1021.111 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at FOB Value |
5946.066 |
5957.614 |
4509.051 |
|
|
|
Recovery of Freight Insurance, etc. on exports |
2.803 |
3.928 |
7.310 |
|
|
|
Commission |
372.037 |
306.790 |
215.610 |
|
|
TOTAL EARNINGS |
6320.906 |
6268.332 |
4731.971 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3941.191 |
4123.691 |
2533.552 |
|
|
|
Stores & Spares |
263.064 |
306.895 |
59.278 |
|
|
|
Capital Goods |
525.119 |
804.082 |
386.788 |
|
|
|
Others |
2398.777 |
1833.898 |
1709.055 |
|
|
TOTAL IMPORTS |
7128.151 |
7068.566 |
4688.673 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(69.20) |
309.70 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(0.83) |
5.17
|
10.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.40) |
8.16
|
16.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.71) |
9.76
|
22.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.21
|
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.70 |
1.34
|
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97 |
1.45
|
1.42 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
GENERAL MARKET
SITUATION :
of 5-6%, in view of on going global financial crisis. In
order to combat the slow down in the economy, the recent budget has stressed
expenditure in rural sector and infrastructure resulting in a large fiscal
deficit of 6.8% of GDP. While the liquidity in the market is adequate,
wholesale price inflation is currently in the negative because of high base
effect of last year and sharp drop in oil prices. However, the consumer price
index continues to be high, close to 10%.
This may cause further distress with a poor monsoon. Industrial
Production Index and Manufacturing has been continuously declining since mid
2007 and went into negative regime in September 2008-March 2009 period, but is
seeing revival in recent times, particularly in July 2009. Construction sector
had retained its growth at +7% but both capital investments and basic industries
like steel and power had seen a dip in the above period. Industries important
for Sandvik like automotive and general engineering had fared poorly in last
fiscal, but are showing signs of turn around-assisted by fiscal incentives.
INVESTMENTS :
The Company's upgradation and expansion activities in all
business areas slowed down in comparison to earlier
years. The total investments in fixed assets during the year
were Rs. 1,164 Million compared to 1,539 Million during 2007-08.
PROFITABILITY :
Sandvik Asia continues to be a significant source of high
quality products for the Sandvik Group. During the year,
the Company's net sales amounted to Rs. 12,828 Million
compared to Rs. 11,192 Million in the year 2007-08. The
result before tax for the year 2008-09 was loss of Rs. 179
Million as against profit of Rs. 913 Million in the earlier year. The result before tax for the year was
impacted due to lower margins, particularly in the last two quarters of
the year The
company was also affected by negative currency fluctuation due to higher
imports.
DEVELOPMENTS :
New Compact Hydrogen plant was installed on 7 April 2008 at the new
location at Pune. The plant is equipped with latest technology for making the
operation safe, automated & providing the right quality product. Sandvik
MedTech, a rapidly growing product area within Sandvik Materials Technology has
commenced its business in the growing medical device market in
On 15 October 2008, Sandvik Mining and Construction,
ACHIEVEMENTS :
SANDVIK Mehsana Production Unit (PU: Mehsana) has been awarded the
“INDIAN ACHIEVERS AWARD FOR INDUSTRIAL DEVELOPMENT, promoted by All India
Achievers Foundation on 21 July 2008. SANDVIK (Mehsana) has been selected under
the Export Performance & statutory compliance category, chosen out of 300
performing companies in the country. Sandvik Asia has yet again emerged as the
FIRST amongst Fastest Growing Equipment Instrumentation Companies in
INAUGURATION OF
SHINING FACTORY AT MEHSANA
Production Unit, Mehsana has put strong efforts to enrich the roots of
growing Tube Mill by handing over shining
Factory to Sandvik constellation on 25 February 2009.
The objective behind the Shining factory
- Safe, clean
& better working ambient for shop floor employees
- To built up
Sandvik Standard operation and deliver consistent product
- Enhance the
capacity & productivity of machines
- Improve the
building aesthetics
- Add value to
customer by improved delivery performance
CROWN PRINCESS OF
Her Royal Highness, Crown Princess Victoria of
She was accompanied by the Swedish Ambassador to India H. E. Lars- Olof
Lindgren. Crown Princess was received with an enchanting traditional Bugul
welcome. She visited the shop floors of Soft Tools, HSS Taps and SMT R&D. A
memento symbolizing rich Indian heritage was presented to Crown Princess as a
token of remembrance of her visit to Sandvik
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2009 Rs. in Millions |
31.03.2008 Rs. in Millions |
|
Income Tax in respect of appeals decided in favour of the Company but disputed further by Income Tax Authorities |
265.242 |
217.623 |
|
Excise Duty and Services Tax |
28.123 |
26.480 |
|
Labour Law Matters |
1.607 |
1.457 |
|
Stamp Duty |
0.000 |
70.000 |
|
|
|
|
FIXED ASSETS
·
Land (freehold)
·
Land (leasehold)
·
Office and factory buildings
·
Plant and machinery
·
Furniture, fittings and office equipment
·
Vehicles
·
Technical know how
·
Brand Rhino
·
Brand Widia
·
Goodwill
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29299PN1960PLC011751 |
|
Name of the
company |
SANDVIK ASIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Mumbai – |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge
holder |
Citibank N A, 2413, Parmar House, East Street Camp, Pune – 411001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Joint Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
09.07.2008 |
|
Amount secured by
the charge |
Rs. 1000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As notified by
the bank in their sanction letters Terms of Repayment As notified by
the bank in their sanction letters Margin As notified by
the bank in their sanction letters Extent and Operation of the charge Pari passu first
charge on all the hypothecated assets of the company Others Charge created for
the fund based credit facilities provided by the banks |
|
Short particulars
of the property charged |
All the present
and future stocks of finished goods, raw materials and work in progress of
the borrower. All the present and future book debts, receivables, etc and
bills which are now due and owing and which may at any time hereafter during
the continuance of security become due and to the owing to the borrower in
the course of business. |
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] 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. 44.20 |
|
|
1 |
Rs. 72.25 |
|
Euro |
1 |
Rs. 63.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.