MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
L AND T KOMATSU LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai - 400 001, |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
29.07.1997 |
|
|
|
|
Com. Reg. No.: |
11-109700 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1200.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29119MH1997PLC109700 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRL01259G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacture and sale of construction equipment. |
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|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 11346000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a Joint Venture between Larsen and Toubro Limited and
Komatsu Limited of 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 |
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai - 400 001, |
|
Tel. No.: |
91-22-22618181/ 22685656/ 67525656/ 67525617 |
|
Fax No.: |
91-22-22618181/ 22620223/ 22685893/ 67525858 |
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E-Mail : |
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|
Website : |
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|
Factory : |
|
|
Tel. No.: |
91-80-23333301/
22165100 |
|
Fax No.: |
91-80-23334319/
23636065 |
DIRECTORS
As on 16.08.2010
|
Name : |
Mr. Jagdish Pandurang Nayak |
|
Designation : |
Director |
|
Address : |
Gilder House, 67-F, |
|
Date of Birth/Age : |
13.11.1943 |
|
Date of Appointment : |
29.07.1997 |
|
DIN No.: |
00001644 |
|
|
|
|
Name : |
Mr. Raghavan Sadagopan |
|
Designation : |
Director |
|
Address : |
Flat No.302, Emerald Green Apartments, 108, 6th Main, 8th
Cross, Malleswaram, |
|
Date of Birth/Age : |
25.03.1946 |
|
Date of Appointment : |
12.05.2006 |
|
DIN No.: |
00002647 |
|
|
|
|
Name : |
Mr. Sunil Kumar Mittra |
|
Designation : |
Director |
|
Address : |
A003/A004, Victorian Haven, 139/27, Patel Rama Reddy Road, Domlur
Layout, |
|
Date of Birth/Age : |
01.10.1949 |
|
Date of Appointment : |
30.03.2009 |
|
DIN No.: |
02347945 |
|
|
|
|
Name : |
Tetsuji Ohashi |
|
Designation : |
Director |
|
Address : |
2-9-5 Akazutsumi Setagaya- KU, |
|
Date of Birth/Age : |
23.03.1954 |
|
Date of Appointment : |
28.03.2008 |
|
DIN No.: |
02104881 |
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|
|
|
Name : |
Koji Yamada |
|
Designation : |
Director |
|
Address : |
4-6-8-3304 Konan, Minato-Ku, |
|
Date of Birth/Age : |
21.06.1954 |
|
Date of Appointment : |
16.08.2010 |
|
DIN No.: |
02555994 |
|
|
|
|
Name : |
Noboru Sato |
|
Designation : |
Director |
|
Address : |
5-26-40, Kamiasou Asou Ku, |
|
Date of Birth/Age : |
09.06.1954 |
|
Date of Appointment : |
02.04.2010 |
|
DIN No.: |
02885133 |
|
|
|
|
Name : |
Mr. Taizo Kayata |
|
Designation : |
Director |
|
Address : |
4-9-3 Karabe Narita-Shi, |
|
Date of Birth/Age : |
02.05.1949 |
|
Date of Appointment : |
27.07.2009 |
|
Date of Ceasing : |
01.04.2010 |
|
DIN No.: |
01074727 |
KEY EXECUTIVES
|
Name : |
Mr. Gopal Subramaniam |
|
Designation : |
Manager |
|
Address : |
B1, 202 Terra Green Leaf Apartment, 13th Cross, 6th
Main, Malleshwaram, |
|
Date of Birth/Age : |
02.11.1955 |
|
Date of Appointment : |
01.01.2011 |
|
PAN No.: |
ABPPG1406L |
|
|
|
|
Name : |
Naveenan Ramamurthy |
|
Designation : |
Secretary |
|
Address : |
798E, |
|
Date of Birth/Age : |
22.12.1955 |
|
Date of Appointment : |
29.09.2008 |
|
PAN No.: |
AABPN1192K |
|
|
|
|
Name : |
Kottabomman M. |
|
Designation : |
Assistant General Manager |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
M. Tech (Mechanical) |
|
Experience : |
27 Years |
|
Date of Appointment : |
06.07.1981 |
|
|
|
|
Name : |
Prabhakaran K. |
|
Designation : |
Manager – Support Service |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B.E. Mechanical |
|
Experience : |
25 Years |
|
Date of Appointment : |
02.07.1985 |
|
|
|
|
Name : |
Mr. Subramanian Ramakrishnan Subramanian |
|
Designation : |
Manager |
|
Address : |
1074, |
|
Date of Birth/Age : |
05.10.1954 |
|
Date of Appointment : |
02.05.2006 |
|
Date of Ceasing : |
31.12.2010 |
|
PAN No.: |
AANPS2552E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2010
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Larsen and Toubro
Limited, |
59999699 |
49.9997492 |
|
Komatsu Asia and
Pacific Pte Limited, |
59999700 |
49.99975 |
|
Ohashi Tetsuji
and Komatsu Asia and Pacific Pte Limited, |
100 |
0.0000833 |
|
Noboru Sato and
Komatsu Asia and Pacific Pte Limited, |
100 |
0.0000833 |
|
Yamada Koji and
Komatsu Asia and Pacific Pte Limited, |
100 |
0.0000833 |
|
Nayak Pandurang
Jagdish and Larsen and Toubro Limited, |
100 |
0.0000833 |
|
K. Venkataramanan
and Larsen and Toubro Limited, |
1 |
0.0000008 |
|
Mittra Sunil
Kumar and Larsen and Toubro Limited, |
100 |
0.0000833 |
|
Sadagopan
Raghavan and Larsen and Toubro Limited, |
100 |
0.0000833 |
|
Total |
120000000 |
100.00 |
As on 16.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and sale of construction equipment. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed/
Installed Capacity |
Actual
Production |
|
Earth Moving Machinery including Self Propelled Bull Dozers, Angle
Dozers, Graders Levellers, Scrappers, Mechanical Shovels, Excavators Shovel,
Loaders Tamping Machines and Road Rollers. |
Nos. |
5000 |
2639 |
|
Hydraulic and Pneumatic Equipment |
Nos. |
52100 |
16434 |
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
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Bankers : |
v
Corporation Bank, Industrial Finance Branch,
No.1, v
State Bank of v
The Hong Kong and Shanghai Banking Corporation
Limited, No.7, v
The Bank of Tokyo-Mitsubishi UFJ Limited,
Venkataramana Centre, 563/2, 6th Floor, Anna Salai, Teynampet,
Chennai – 600 018, v
BNP Paribas, 20 Collyer Quay, No.01-01 Tung
Centre, Singapore-049319, v State Bank of India, Corporation Accounts Group Branch, Kilick House, Charanjit Rai Marg, Mumbai – 400 001, Maharashtra, India |
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Facilities :
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sharp and Tannan Chartered
Accountants |
|
Address : |
103, Midford
House, 1, |
|
Tel. No.: |
91-80-25550987/ 25320173 |
|
Fax No.: |
91-80-25550989 |
|
E-Mail : |
|
|
PAN No.: |
AAAFS2512D |
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|
|
|
Joint Venture
partner : |
v
Larsen and Toubro Limited v
Komatsu Asia Pacific Pte. Limited (KAP) |
|
|
|
|
Holding Company
of KAP : |
v
Komatsu Limited |
|
|
|
|
Intermediaries of the JV Partners : |
v
L and T-Case Equipment Private Limited v
Tractor Engineers Limited v
Audco India Limited v
L and T-Infotech Limited v
L and T-Plastics Machinery Limited v
L and T-Finance Limited v
Komatsu Engineering Corporation v
Komatsu Logistics Corporation v
Komatsu Shantui Construction Machinery Company Limited v
Komatsu Hanomag Aktiengesellschaft v
PT Komatsu v
PT Hanken |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
1200.000 |
1200.000 |
1200.000 |
1200.000 |
|
|
2] Advance for Share Capital |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1636.478 |
1316.866 |
1225.262 |
568.792 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2836.478 |
2516.866 |
2425.262 |
1768.792 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
131.350 |
1939.423 |
669.469 |
382.054 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
131.350 |
1939.423 |
669.469 |
382.054 |
|
|
DEFERRED TAX LIABILITIES |
69.635 |
66.588 |
56.244 |
69.580 |
|
|
|
|
|
|
|
|
|
TOTAL |
3037.463 |
4522.877 |
3150.975 |
2220.426 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
968.793 |
996.945 |
913.436 |
782.723 |
|
|
Capital work-in-progress |
61.329 |
64.307 |
28.020 |
16.554 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
3.122 |
14.810 |
7.861 |
8.818 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
2450.297
|
2898.542
|
2484.994 |
1449.738
|
|
|
Sundry Debtors |
1839.987
|
1273.173
|
2070.038 |
1316.794
|
|
|
Cash & Bank Balances |
313.111
|
1.513
|
102.160 |
101.274
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
680.473
|
621.868
|
1344.521 |
658.857
|
|
Total
Current Assets |
5283.868
|
4795.096 |
6001.713 |
3526.663 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
2458.815
|
1031.427 |
2158.021 |
1459.233 |
|
|
Other Current Liabilities |
99.088
|
68.110 |
217.402 |
192.895 |
|
|
Provisions |
721.746
|
248.744
|
1424.632 |
464.597
|
|
Total
Current Liabilities |
3279.649
|
1348.281 |
3800.055 |
2116.725 |
|
|
Net Current Assets |
2004.219
|
3446.815
|
2201.658 |
1409.938 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
2.393 |
|
|
|
|
|
|
|
|
|
TOTAL |
3037.463 |
4522.877 |
3150.975 |
2220.426 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
||
|
|
SALES |
|
|
|
|
||
|
|
|
Sales |
11101.414 |
10739.967 |
12933.741 |
8028.785 |
|
|
|
|
Other Income |
139.018 |
47.609 |
45.783 |
31.784 |
|
|
|
|
TOTAL (A) |
11240.432 |
10787.576 |
12979.524 |
8060.569 |
|
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
|
||
|
|
|
Manufacturing and operating Expenses |
8307.411 |
7649.341 |
8072.753 |
5311.870 |
|
|
|
|
Staff Expenses |
367.101 |
378.573 |
400.935 |
352.584 |
|
|
|
|
Sales and Administration and Other Expenses |
1378.158 |
2273.258 |
2345.192 |
1355.658 |
|
|
|
|
TOTAL (B) |
10052.670 |
10301.172 |
10818.880 |
7020.112 |
|
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
1187.762 |
486.404 |
2160.644 |
1040.457 |
||
|
|
|
|
|
|
|
||
|
Less |
INTEREST (D) |
99.364 |
105.542 |
18.544 |
22.755 |
||
|
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1088.398 |
380.862 |
2142.100 |
1017.702 |
||
|
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
OBSOLESCENCE (F) |
74.143 |
79.577 |
122.538 |
115.682 |
||
|
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1014.255 |
301.285 |
2019.562 |
902.020 |
||
|
|
|
|
|
|
|
||
|
Less |
TAX (H) |
358.809 |
111.405 |
689.201 |
318.117 |
||
|
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-H) (I) |
655.446 |
189.880 |
1330.361 |
583.903 |
||
|
|
|
|
|
|
|
||
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1108.363 |
1016.759 |
493.325 |
257.293 |
||
|
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
|
||
|
|
|
Transferred to General Reserve |
65.545 |
0.000 |
133.036 |
58.390 |
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
0.000 |
180.000 |
|
|
|
|
Proposed Dividend |
288.000 |
84.000 |
576.000 |
72.000 |
|
|
|
|
Additional Tax on Dividend |
47.833 |
14.276 |
97.891 |
37.481 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1362.431 |
1108.363 |
1016.759 |
493.325 |
||
|
|
|
|
|
|
|
||
|
|
EXPORT VALUE |
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
||
|
|
|
F.O.B. Value of Exports |
39.449 |
10.947 |
18.382 |
43.653 |
|
|
|
TOTAL EARNINGS |
39.449 |
10.947 |
18.382 |
43.653 |
||
|
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
|
||
|
|
|
Raw Materials |
90.294 |
211.325 |
36.310 |
157.723 |
|
|
|
|
Components |
3954.875 |
3656.920 |
4218.444 |
2323.090 |
|
|
|
|
Spares |
25.286 |
23.928 |
168.412 |
22.795 |
|
|
|
|
Capital Goods |
0.751 |
63.715 |
65.391 |
24.997 |
|
|
|
TOTAL IMPORTS |
4071.206 |
3955.888 |
4488.557 |
2528.605 |
||
|
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
5.46 |
1.58 |
11.09 |
4.87 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total
Income |
(%) |
5.83
|
1.76 |
10.25 |
7.24 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.14
|
2.80 |
15.61 |
11.23 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.22
|
5.20 |
29.20 |
21.12 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.12 |
0.83 |
0.51 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
0.53 |
1.57 |
1.41 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
3.56 |
1.58 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The effect of
global recession faced by the Indian economy continued even during the current
year. The construction equipment segment was largely still under the grip of
the recession though there were signs of revival in the 2nd half of
the year 2009-10. The Company sold 2640 machines during the year as against
2525 machines in the previous year with
a marginal growth of less than 5%. The first half sales had a drop
of 36% in number of units over the previous year whereas the second half showed
improvement of 87% over the previous year. The volumes of PC71 and PC130 showed
significant increases close to 48% over the previous year and the combined line
produced 5 units a shift during the last two months thus rising to the demand.
The company continued its initiatives of efficiency building and cost
reduction, and during the year, the Company was able to contain its costs and
loss on account of foreign currency fluctuations by way of forward coverage to lower
levels. Under the challenging conditions the company recorded increase of about
246% in profit after tax even though the increase in sales was marginal.
AWARDS AND
RECOGNITIONS
The company
received an award from Construction world (Leading publishers of journals associated
with Construction and Equipments) as the second fastest growing construction equipment
manufacturing company in
CII Business
Excellence Award was also received for the third year in succession.
FUTURE PLAN OF
ACTION
v Implement PC210-8
Assembly moving line.
v Provide Towline
conveyor with PLC controlled for PC210-8 Rev Frame Assembly line.
v Conserve the
resources by reducing scrap content in counter weights of 13T, 30T and 45 T
machines
v Develop granite
sector application for 45 T machine
v Develop new type
of clamshell application for higher reliability and manufacturing ease
v Ripper tooth in
PC300
v Coal buckets 2cum
PC200-6
v Loader attachment
and tunneling attachment for PC200, PC130
v PC210LC-8 model
introduction
v Usage of High
strength material for high pressure cylinder. ,
v High torque in the
range of 400 kgm electric
nut runners will be introduced
v Development of
PC300 track motor and swing motor parts
FORM 8:
|
Name of the company |
L AND T KOMATSU LIMITED |
|
Presented By |
L AND T KOMATSU
LIMITED |
|
1) Date and
description of instrument creating the change |
Deed of
Hypothecation dated 29.04.2003 for creation of
charge over stocks and also present and future book debts. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 300.000
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 the company
stock in trade both present and future including stocks of raw materials,
work in progress, spares and stores and finished goods whether stored in the
company factory, godowns or premises of the company agents or representatives
or held in any bonded Godown or warehouse at Bangalore or wheresoever in the
republic of India and / or in transit by ship, rail or otherwise and all documents and / or instruments relating
thereto. And all the
company present and future book debts, outstanding monies, receivables,
claims due and owing or which may at any time become due and owing to the
company in the course of its business by any person, firm , company or body
corporate or by the government of India or any state government or Indian
Railway or any government department or office Municipal or local or Semi
governmental body or authority or any undertaking or project in the public
sector. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration of overdraft / Loan / Export / Import / Guarantee /
Bill Discounting Facility or any other banking facilities sanctioned / to be
sanctioned by the bank to the company, the Company has hypothecated and
charged to the Bank by way of first charge as a continuing security, the
assets mentioned in Item No. 3 above to secure the repayment of the advances
together with interest cost and all other charge. Interest at the rate of
HSBC Prime per cent per annum shall be payable by the company on the banking
facilities as per Bank tariff, subject however that the bank shall have the
right to the change the rate of inertest after giving notices to the company,
The company shall maintain such martging as may be specified by the bank from
time to time. In case the Company fails to fulfill its obligations under the
agreement the bank shall be entitled to take possession of the hypothecated
properties and sell them by public auction or private contract and utilize
the proceeds in full or part settlement of its claims. |
|
5) Name and
Address and description of the person entitled to the charge. |
The Hongkong and Shanghai Banking Corporation Limited Address : 7, |
|
6) Date and brief description of instrument
modifying the charge |
The first
supplemental Agreement dated 04.11.2005 made between the company and the bank
for Rs.365.000 millions |
|
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 first
supplemental Agreement at the request of the company, the Bank agreed to
increase the maximum drawing limit under the facilities from Rs.300.000 millions to Rs.365.000
millions and in consideration thereof the company agreed to extend the charge
to secure the additional facilities upto Rs.365.000 millions. The company
agreed to pay interest rate of HSBC Prime per cent per annum and agreed to
maintain margin over the assets as advised by the bank from time to time. All
other terms and conditions of the principal agreement of hypothecation dated
29.04.2003 shall remain unchanged. |
|
Corporation identity number or foreign company registrations number of
the company |
U29119MH1997PLC109700 |
|
Name of the company |
L AND T KOMATSU LIMITED |
|
Address |
L and T House,
Ballard Estate, Mumbai - 400 001, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Movable Property |
|
Particular of the charge holder
|
BNP
Paribas, 20 Collyer Quay, No.01-01 Tung Centre, |
|
Nature or description of the instrument creating charge |
Deed of hypothecation dated 05.07.2007 |
|
Date of the instrument creating charge |
05.07.2007 |
|
Amount Secure by the charge |
Rs.205.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: 6 months JPY LIBOR + 0.50% Terms
of Repayment: 3 equal annual installments i.e. on 31st October 2009, 31st
October 2010 and 31st October 2011 Margin 25% i.e. asset cover ratio of minimum 1.33 Extent
and Operation of the charge: Whole of the moveable properties of the borrower (excluding stock and book- debts) including its moveable plant and machinery, machinery spares, tools and accessories and other moveable both present and future. |
|
Short particulars of the Property charged |
First pari passu charge over all present and future movable fixed
assets of the company situated at its manufacturing facilities at |
|
Name of the company
|
L and T KOMATSU LIMITED |
|
Presented By |
The 52/60, |
|
1) Date and
description of instrument creating the change |
Deed of
Hypothecation dated 24.04.2003 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 538.500
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 |
Plant and
machineries as described in the schedule of the Deed of Hypothecation dated
24.04.2003 |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration
of Loan of Rs. 538.500 millions sanctioned, with interest and margin as
Applicable from time to time |
|
5) Name and
Address and description of the person entitled to the charge. |
The Hongkong and
Shanghai Banking Corporation Limited 7, |
|
6) Date and brief description of instrument
modifying the charge |
The Supplemental
Deed of Hypothecation dated 14.05.2004 for Rs. 588.500 millions |
|
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
Supplemental Deed of Hypothecation dated 14.05.2004. in consideration of Bank
agreeing to grant / granting an additional Term Loan of Rs. 50 millions the
company agreed to continue to Hypothecate the said machineries as described
in Schedule of Original Deed of Hypothecation dated 24.04.2003 over plant and
machineries and other moveable assets making thereby the total amount secured
for an aggregate sum of Rs. 588.500 millions |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs. in
millions) |
|
Denial of Cenvat
credit on service tax paid on sole selling agency commission for the period April
2005 to December 2008 |
614.478 |
|
Denial of
exemption and demand of central excise duty on clearance made to projects
funded by international organizations against 108/95 notification. |
119.762 |
|
Denial of
exemption and demand of central excise duty on clearance made to SEZ
developer without payment of duty. |
3.160 |
|
Demand of CST by
Karnataka sales tax authorities on disputed interstate sales |
13.276 |
|
|
|
FIXED
ASSETS
Tangible Assets
v Land
v Buildings
v Plant and Machinery
v Furniture and Fixtures
v Vehicles
Intangible Assets
v
Technical Know how fees
v
Specialised Software
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 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.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.