MIRA
INFORM REPORT
|
Report Date : |
27.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
T S TECH SUN INDIA LIMITED |
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Registered Office : |
J – 286, Saket, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.11.1996 |
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Com. Reg. No.: |
55-83402 |
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CIN No.: [Company
Identification No.] |
U45202DL1996PLC083402 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT04296F |
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Legal Form : |
A closely held
Public Limited Liability Company |
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Line of Business : |
Manufacturers of Seats and Door Trim for Automobiles and Seats for
Motorcycles. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 3500000 |
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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 Joint Venture of T S Tech Company Limited. Japan having a
fine track records. Financial position of the company appears to be sound.
Trade relations are fair. Business is active. Payments are reported to be
regular and as per commitments. The company can be considered normal for good 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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office : |
J – 286, Saket, |
|
Tel. No.: |
91-11-26963192 /
26563309 |
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Fax No.: |
91-11-26563309 |
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E-mail : |
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Website : |
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Area : |
1500 sq. ft. |
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Location : |
Owned
(Commercial) |
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Factory 1: |
Plot No. A-6 and
A-7, Sector 81, Phase II, Noida, |
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Tel No.: |
91-120-2568631 |
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Fax No.: |
91-120-2568581 |
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Factory 2: |
Plot No. A-627, Sector
–81, Phase-II, Noida - 201 305, |
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Tel. No.: |
91-120-2568631 /
2568632 |
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Fax No.: |
91-120-2568581 |
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Factory 3 : |
Plot No. 11, Sector –6 IMT
Manesar, Gurgaon - 122 050, |
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Tel. No.: |
91-124-2291084 |
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Fax No.: |
91-124-2291086 |
DIRECTORS
As on : 03.07.2010
|
Name : |
Mr. Tadashi
Oshida |
|
Designation : |
Managing Director |
|
Address : |
B-45, Defence
Colony, New Delhi-110024, |
|
Date of
Birth/Age : |
07.12.1953 |
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Date of
Appointment : |
01.04.2009 |
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|
Name : |
Mr. Subhash Sathe
|
|
Designation : |
Director |
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Address : |
Flat No. 74, SFS
DDA Gautam Nagar, |
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Date of
Birth/Age : |
21.04.1955 |
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Date of
Appointment : |
13.07.2002 |
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Name : |
Mr. Takuo Arai |
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Designation : |
Additional
Director |
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Address : |
1-152-42 Sagami
Cho, Koshgaya Chi Saita 3430823, |
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Date of
Birth/Age : |
23.11.1953 |
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Date of
Appointment : |
22.09.2006 |
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Name : |
Mr. Satoru Katagiri |
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Designation : |
Whole Time Director |
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Address : |
E-243, First Floor, Greater Kailash- II, New Delhi-110048, |
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Date of Birth/Age : |
15.04.1961 |
|
Date of Appointment : |
05.04.2008 |
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Name : |
Mr. Isamu
Nishiguchi |
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Designation : |
Whole Time
Director (Foreigner) |
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Address : |
S – 352, Greater
Kailash – II, |
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Date of
Birth/Age : |
26.05.1964 |
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Date of
Appointment : |
08.12.2000 |
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|
Name : |
Mr. Hideki Suzuki |
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Designation : |
Whole Time
Director |
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Address : |
E – 421, Greater
Kailash – II, |
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Date of
Birth/Age : |
16.10.1953 |
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Date of
Appointment : |
06.05.2005 |
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|
Name : |
Mr. Toshiyuki
Hayashi |
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Designation : |
Director ( |
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Address : |
3 – 7 – 27,
Sakae-Cho, Asaka-shi, |
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Date of
Birth/Age : |
09.11.1950 |
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Date of
Appointment : |
28.06.2001 |
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Name : |
Mr. Satoru Tanaka |
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Designation : |
Whole Time
Director |
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Address : |
W – 119, Greater Kailash
– I, |
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Date of
Appointment : |
01.05.1998 |
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PAN No. : |
00953174 |
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|
|
Name : |
Mr. Kamal Deep
Tandon |
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Designation : |
Secretary |
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Address : |
RZ-T-93, Shukar
Bazar, Uttam Nagar – 110059, Delhi, India |
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Date of
Birth/Age : |
08.03.1979 |
|
Date of
Appointment : |
10.03.2010 |
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|
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|
Name : |
Mr. Shekhar
Tridev |
|
Designation : |
Secretary |
|
Address : |
C, 3/211, Sector
31, Noida, Gautam Baudh Nagar, Uttar Pradesh – 201301, India |
|
Date of
Birth/Age : |
28.08.1973 |
|
Date of
Appointment : |
16.07.2008 |
|
Date of
Ceasing : |
01.02.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay
Virmani |
|
Designation : |
Financial
Controller and Company Secretary |
|
Address : |
189 Sector 15A, |
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Date of
Birth/Age : |
07.04.1970 |
|
Date of
Appointment : |
15.11.1999 |
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Email: |
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|
PAN No.: |
AAFPV5288G |
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|
|
Name : |
Mr. Shekhar Trivedy |
|
Designation : |
Secretary |
|
Address : |
C-3/211, Sector-31, Noida, Gautam Budh Nagar-201301, |
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Date of Birth/Age : |
28.08.1973 |
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Date of Appointment : |
16.07.2008 |
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Name : |
Mrs. Chandra Gupta |
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Designation : |
Secretary |
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Address : |
17E / 630, Vasundhra, |
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Date of Birth/Age : |
20.07.1976 |
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Date of Appointment : |
05.07.2007 |
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Mobile No.: |
91-9891147043 |
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Email: |
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PAN No.: |
ACHPV5936D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 03.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Subhash Sathe |
|
300 |
|
Indrani Sathe |
|
300 |
|
Sun Vacuum Formers Private Limited, Delhi |
|
4024170 |
|
T S Tech Company Limited, Japan
|
|
11454600 |
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TS Tech Trim Philip Inc, Philippines
|
|
300 |
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TS Tech (Hongkong) Company Limited, Hongkong |
|
300 |
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Budhiraja Ish |
|
30 |
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Total
|
15480000 |
Equity Share Breakup (Percentage of Total Equity)
As on : 03.07.2010
|
Category |
Percentage |
|
|
|
|
Foreign holdings (Foreign
institutional investors ) foreign companies foreign financial institutions ,
non residents or Overseas corporate bodies or others |
74.00 |
|
Bodies Corporate
(not mentioned above) |
26.00 |
|
|
|
|
Total |
100.00
|
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers of Seats and Door Trim for Automobiles and Seats for Motorcycles. |
|
|
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|
Products : |
v
Automotive Components It’s
product range includes :- v
Door Lining v
Seats v
Roof Lining v
Boot Change Lever v
Lid Component Console v
Console Rear Assembly v
Pillow Head Rest v
Scooter Seats Trading
v
Furnishing Fabric Pipe for
Pillar Head Rest v
Head Rest Frame v
Nut v
Panel |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Seats |
Sets |
|
75000 |
65642 |
|
Foot Comp Rear Seat |
Nos. |
|
75000 |
45993 |
|
Door Linings |
Sets |
|
75000 |
55420 |
|
Boot Change Lever |
Nos. |
|
75000 |
-- |
|
Scooter Seat |
Nos. |
|
1600000 |
1273694 |
GENERAL INFORMATION
|
Customers : |
·
Honda Shell Cars ·
Honda Motor Cycle and Scooter
India Limited |
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No. of
Employees : |
Non-Consolidated
Basis – 1520, Consolidated Basis – 13164 (Approximately) |
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Bankers : |
v Sumitomo Mitsui Banking Corporation v Central Bank of v Standard Chartered Bank v The Bank of Tokyo – Mitsubishi UFJ Limited, Jeevan Vihar, 3,
Parliament Street, New Delhi – 110001, India |
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Facilities: |
Notes: 1. Overdraft and Short Term Loans from Bank of Tokyo- Mitsubishi, UFJ Limited is secured by a first charge on inventories, book debts and plant and machinery, both present and future. Amount due within one year Rs. 121.004 Millions (Previous year Rs. Nil) |
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Banking Relations : |
Good |
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Auditors : |
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Name: |
Deloitte, Haskins
and Sells Chartered
Accountants, |
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Address: |
7th
Floor, Building 10, Tower B, |
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Tel. No. : |
91-124-6792000 |
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Fax No. : |
91-124-6792012 |
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E-Mail : |
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Associates : |
·
Sun Vaccum Formers Private
Limited Plot No. 4, Maruti Industrial Area, Sector 18, Gurgaon, Haryana Tel. 91-124-2340015 / 18 ·
Sun Steering Wheels Private
Limited Plot No. 35, Huda Industrial Area, Sector 18, Gurgaon, Haryana Tel. 91-124-2343001 / 1 ·
T. S. Tech Thailand Company
Limited |
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Subsidiaries : |
·
Kyusyu TS Company Limited Line of Business -- Motorcycle Seats and Resins Parts. ·
TS Logistics Company Limited Line of Business -- Logistics and Non life insurance agency business ·
Honda Primo TS Company
Limited Line of Business -- Sales and repair of cars and car parts. ·
TS Tech North America, Inc, Line of Business -- Development, Sales, quality assurance and general
administration. ·
TS Techs U.S.A. Corporation, Line of Business -- Vehicle seats and seat frames (welded) ·
Tri-Con Industries Limited, Line of Business -- Motorcycle seats, door trim, golf cart seats,
water sports vehicle seats and leisure goods ·
TS Trim Industries, Inc., Line of Business -- Door and roof trim ·
TS Tech Line of Business -- Vehicle seas and seat frames (welded) ·
TS Tech Canada Inc., Line of Business -- Vehicle Seat, door trim and seat frames (welded) ·
Trimont Manufacturing Inc., Line of Business -- Trim Covers (Cutting and Sewn) ·
Industrias Tris-Con De Line of Business -- Trim Covers (sewn) ·
TS Tech Do Brasil Limited, Line of Business -- Vehicle Seats, door trim and seat frames (welded) ·
TS Tech Trim Philippines,
Inc., Line of Business --Trim Covers (Sewn), roof trim and pillar trim ·
TS Tech Line of Business -- Vehicle Seats, door trim, roof trim, motorcycle
seats, pillar trim and bumpers. ·
PT TS Tech Line of Business -- Manufacturing equipment for four wheel vehicles. ·
TS Tech U.K. Limited, Line of Business -- Manufacturers of Vehicle Seats. ·
Line of Business -- Manufacturer of Vehicle Seats ·
Tianjin TS Plastic Products
Company Limited, Line of Business -- Manufacturers of Motorcycle seats, plastic parts
and precision molded parts for CD-Roms and PCs ·
Chongoing TS Plastic Products
Company Limited, Line of Business -- Motor Seats, plastic parts and resin partsmers
electronics |
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|
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Fellow Subsidiaries
: |
·
TS Tech (HongKong) Company, Line of Business
-- Trade administration ·
TS
Tech ( Line of Business -- Trim Covers (Sewn), roof trim, steering wheels and trim covers (sewn) |
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Joint Venture : |
TS Tech Sun Rajasthan Private Limited |
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|
Holding
Company : |
T. S. Tech
Company Limited, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity shares |
Rs. 10/- each |
Rs. 160.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15480000 |
Equity Shares |
Rs. 10/-
each |
Rs.154.800
millions |
|
|
|
|
|
Notes: Of the above Equity Shares 10320000 Equity Shares of Rs.10/- each
were allotted as fully paid bonus shares by capitalization of reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
154.800 |
154.800 |
154.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
732.524 |
504.191 |
427.923 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
887.324 |
658.991 |
582.723 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
121.004 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
121.004 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
7.812 |
4.835 |
|
|
|
|
|
|
|
|
TOTAL |
887.324 |
787.807 |
587.558 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
382.648 |
437.235 |
275.712 |
|
|
Capital work-in-progress |
1.493 |
0.180 |
71.977 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.000 |
25.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
16.809 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
189.983
|
252.515
|
286.318
|
|
|
Sundry Debtors |
321.078
|
347.133
|
295.759
|
|
|
Cash & Bank Balances |
345.481
|
8.357
|
36.964
|
|
|
Other Current Assets |
0.109
|
0.007
|
0.003
|
|
|
Loans & Advances |
78.116
|
77.648
|
70.188
|
|
Total
Current Assets |
934.767
|
685.660
|
689.232
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
424.369
|
326.910
|
420.231
|
|
|
Provisions |
49.024
|
33.358
|
29.233
|
|
Total
Current Liabilities |
473.393
|
360.268
|
449.464
|
|
|
Net Current Assets |
461.374
|
325.392
|
239.768
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
887.324 |
787.807 |
587.458 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2893.661 |
2188.745 |
2130.141 |
|
|
|
Other Income |
27.653 |
18.908 |
4.859 |
|
|
|
TOTAL (A) |
2921.314 |
2207.653 |
2135.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
1918.788 |
1625.278 |
1570.929 |
|
|
|
Manufacturing Expenses |
102.240 |
57.918 |
57.181 |
|
|
|
Employees Remuneration and Benefits
|
150.900 |
111.100 |
91.810 |
|
|
|
Administrative and other Expenses |
222.988 |
173.780 |
112.994 |
|
|
|
Selling and Distribution expenses |
13.107 |
8.310 |
10.765 |
|
|
|
TOTAL (B) |
2408.023 |
1976.386 |
1843.679 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
513.291 |
231.267 |
291.321 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.023 |
8.894 |
0.977 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
510.268 |
222.373 |
290.344 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
136.233 |
73.297 |
53.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
374.035 |
149.076 |
236.374 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
127.651 |
54.698 |
88.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
246.384 |
94.378 |
148.290 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
4.745 |
7.414 |
|
|
|
Dividend |
15.480 |
15.480 |
15.480 |
|
|
|
Tax on Dividend |
2.571 |
2.630 |
2.630 |
|
|
BALANCE CARRIED
TO THE B/S |
228.333 |
71.522 |
122.765 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
0.579 |
0.456 |
1.921 |
|
|
|
Reimbursement of Expenses |
0.046 |
0.425 |
0.671 |
|
|
|
Other Income |
0.000 |
0.000 |
1.189 |
|
|
TOTAL EARNINGS |
0.625 |
0.881 |
3.781 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
550.408 |
533.477 |
553.031 |
|
|
|
Stores & Spares |
17.223 |
7.101 |
1.221 |
|
|
|
Capital Goods |
5.778 |
85.854 |
45.544 |
|
|
|
Molded, Dies and Tools |
3.862 |
67.113 |
2.054 |
|
|
TOTAL IMPORTS |
577.271 |
693.545 |
601.850 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.92 |
6.10 |
9.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.43 |
4.28 |
6.95
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.92 |
6.81 |
11.10
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.39 |
13.28 |
24.50
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.23 |
0.41
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.53 |
0.73 |
0.77
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97 |
1.90 |
1.53
|
LOCAL AGENCY FURTHER INFORMATION
NOTE :
The registered office address of the company has been shifted from J-286,
Saket, New Delhi – 110017, Delhi, India to present address w.e.f. 27.08.2010.
BACKGROUND
T S Tech Sun
(India) Limited ('the Company') was incorporated in India on November 21, 1996
and commenced business October 25, 1997. The business activities of the Company
include manufacture, assembly and sale of automobile components to car and
scooter manufacturers in India. The registered office of the Company is
situated at Saket, New Delhi and the manufacturing facilities are situated at
Noida, U.P. and Gurgaon. The Company is a closely held company with 11,455,200
shares being held by TS Tech Company Limited, Japan aid their associate
companies and the balance 4,024,800 shares being held by Sun Vacuum Formers
Private Limited, New Delhi and their nominees. The accompanying financial
statements reflect the results of the activities undertaken by the Company
during the year ended March 31, 2010.
History:
The company was
promoted by T. S. Tech Company Limited,
Subject is
partially owned by Tokyo Seat Limited (Japanese Company).
Performance:
The company has achieved an income, comprising of sales turnover and
other income of Rs. 2921.310 Millions as compared to Rs. 2207.650 Millions of the previous year.
The profit before tax was Rs. 374.030 Millions for the current year as
against a profit of Rs. 149.080 Millions of the previous year.
FUTURE PROSPECTS
The Indian
automobile industry has been witnessing rapid escalating growth in view of the
prevailing industry trend and new launches. The Company is also anticipating
stability and growth in the automobile industry in near future. Besides, the
outlook of India’ s automobile sec tor seems to be highly promising and hence
the sec tor is likely to witness the elevated and increasing demands in near
future.
Form : 8
Bankers Charges
Report as per Registry
|
Name of the
company |
TS TECH SUN [ |
|
Presented
By |
Sanjay Virmani, Company Secretary |
|
1) Date and
description of instrument creating the change |
Agreement of
hypothecation dated 5th November, 2004 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
INR 50.000
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 |
All stocks of raw
materials, goods in progress, finished goods, stock in trade, consumable
stores, both present and future All present and
future book debts, outstanding monies, receivables, claims, bills, etc. All tangible
movable machineries and plant, both present and future |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The bank will extend the short term loan or overdraft facilities for a
term upto 1 year at a rate of interest of ‘Sub-BLR / Short Term Floating Rates’
or BPLR less 2% p.a. |
|
5) Name and
Address and description of the person entitled to the charge. |
The Bank of Jeevan Vihar, 3, |
|
6) Date and brief description of instrument modifying
the charge |
Not Applicable |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90336129 |
|
Corporate
identity number of the company |
U45202DL1996PLC083402 |
|
Name of the
company |
T S TECH SUN INDIA LIMITED |
|
Address of the registered
office or of the principal place of
business in |
J – 286, Saket, |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
The Bank of Tokyo Mitsubishi UFJ Limited. Mitsubishi Limited Jeevan Vihar, 3, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Agreement
of Hypothecation covering stocks, book debts and plant and machinery dt
12.02.2009 enhancing the exiting facilities of Rs. 180.000 Millions (executed
via Principal agreement of hypothecation covering stocks, book debts and P
and M dt 05.11.2004, supplement agreement of hypothecation covering stocks, book debts and P and M dt
:05.12.2005, 16.06.2008 & 22.09.2008) to Rs. 400.000 Millions. OD/STL – Rs.
400.000 Millions (STL max Rs. 400.000 Millions and max Od Rs. 50.000
Millions) LG – Rs. 10.000
Millions |
|
Date of
instrument Creating the charge |
12.02.2009 |
|
Amount secured by
the charge |
Rs. 410.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OD : PLR less 2% Short Term Loan :
Short Term Floating Rates Letter of
Guarantee : Min 1% Terms of
Repayment OD/Short Term
Loan : Maturity on 30.11.2009 (Term One Year) Letter of
Guarantee : Maturity on 30.11.2009 / Term Five Year Margin As per
Supplemental Agreement of Hypothecation covering stocks, book debts and plant
and machinery dt 12.02.2009 enhancing the exiting facilities of Rs. 180.000
Millions executed via Principal agreement of hypothecation covering stocks,
book debts and P and M dt 05.11.2004, supplement agreement of hypothecation
covering stocks, book debts and P and
M dt :05.12.2005, 16.06.2008 & 22.09.2008 to Rs. 400.000 Millions. Extent and
Operation of the charge Additional
Security under Supplemental Agreement of Hypothecation covering stocks, book
debts and plant and machinery dt 12.02.2009 enhancing the exiting facilities
of Rs. 180.000 Millions executed via Principal agreement of hypothecation
covering stocks, book debts and P and M dt 05.11.2004, supplement agreement
of hypothecation covering stocks, book
debts and P and M dt :05.12.2005, 16.06.2008 and 22.09.2008 to secure the
exiting as well as enhanced facilities aggregating to Rs. 410.000 Millions. |
|
Short particulars
of the property charged |
Raw Material, Stocks
in process, semi-finished and finished goods, consumable stores and spares,
both present and future. All present and
future book-debts, outstanding monies, receivables, claims, etc. All fixed assets
including P and M accessories embedded to earth or not and/or lying loose in
borrower’s premises and godowns. Location of above assets : Either situated
at borrower’s factories, premises and
godowns at Plot No. A-6 and
A-7, Sector 81, Phase II, Noida, Uttar Pradesh, India or wherever else |
|
Date of latest
modification prior to the present modification |
22.09.2008 |
Fixed Assets:
·
·
Building
·
Leasehold Improvements
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixture
·
Technical Know how Fees
·
Vehicles
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. 44.59 |
|
|
1 |
Rs. 73.43 |
|
Euro |
1 |
Rs. 64.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.