1. Summary Information
|
|
|
Country |
|
|
Company Name |
MAGNETI MARELLI
MOTHERSON AUTO SYSTEM LIMITED |
Principal Name 1 |
Mr. Ashok Tandon |
|
Status |
Moderate |
Principal Name 2 |
Mr. Vivek Chaand Sehgal |
|
|
|
Registration # |
55-174123 |
|
Street Address |
2nd Floor, F-7, Block B-1, Mohan Co-operative Industrial
Estate, Mathura Road, New Delhi-110 044, |
||
|
Established Date |
15.02.2008 |
SIC Code |
-- |
|
Telephone# |
91-11-40555940 |
Business Style 1 |
Manufacturer |
|
Fax # |
-- |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
Pedal Box Assembly |
|
# of employees |
270 Approximately |
Product Name 2 |
Air Intake Manifold |
|
Paid up capital |
Rs.380,000,000/- |
Product Name 3 |
Lamps |
|
Shareholders |
Foreign Holdings (100.00%) |
Banking |
Axis Bank
Limited |
|
Public Limited Corp. |
NO |
Business Period |
3 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (26) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
Magneti Marelli Motherson |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
287,551,000 |
Current Liabilities |
298,605,000 |
|
Inventories |
89,779,000 |
Long-term Liabilities |
433,343,000 |
|
Fixed Assets |
445,472,000 |
Other Liabilities |
969,000 |
|
Deferred Assets |
000 |
Total Liabilities |
732,917,000 |
|
Invest& other Assets |
46,074,000 |
Retained Earnings |
54,000,000 |
|
|
|
Net Worth |
135,959,000 |
|
Total Assets |
868,876,000 |
Total Liab. & Equity |
868,876,000 |
|
Total Assets (Previous Year) |
809,450,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
778,848,000 |
Net Profit |
[200,314,000] |
|
Sales(Previous yr) |
120,814,000 |
Net Profit(Prev.yr) |
[97,727,000] |
MIRA
INFORM REPORT
|
Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED |
|
|
|
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-operative Industrial
Estate, Mathura Road, New Delhi-110 044 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.02.2008 |
|
|
|
|
Com. Reg. No.: |
55-174123 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.380.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31500DL2008PLC174123 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Head Lamps and Tail Lamps. |
|
|
|
|
No. of Employees : |
270 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 540000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Magneti Marelli Motherson India Holding
B.V. It is a company having moderate track records. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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. Hitesh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9673007665 |
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-operative Industrial
Estate, Mathura Road, New Delhi-110 044, |
|
Tel No.: |
91-11-40555940 |
|
Mobile No.: |
91-9673007665 (Mr. Hitesh) |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Gat No.148-150, Village Ambethan, Taluka Khed, Near |
|
Tel. No.: |
91-2135-675800 / 675824 |
|
|
|
|
Factory 2 : |
Plot No.195-196, Sector 1, IMT Manesar, Gurgaon-122 050, |
DIRECTORS
As on 12.05.2011
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director |
|
Address : |
H1A-141, |
|
Date of Birth/Age : |
20.02.1951 |
|
Date of Appointment: |
15.02.2008 |
|
DIN No.: |
00032733 |
|
|
|
|
Name : |
Mr. Vivek Chaand Sehgal |
|
Designation : |
Director |
|
Address : |
22, |
|
Date of Birth/Age : |
28.09.1956 |
|
Date of Appointment : |
16.04.2008 |
|
DIN No.: |
00291126 |
|
|
|
|
Name : |
Mr. Bimal Dhar |
|
Designation : |
Director |
|
Address : |
Flat No. 507, Almuhatta (Alqasima) BU Daneq, Sharjah 135, |
|
Date of Birth/Age : |
14.06.1953 |
|
Date of Appointment : |
16.04.2008 |
|
|
|
|
Name : |
Mr. Sergio Garue |
|
Designation : |
Director |
|
Address : |
Viale |
|
Date of Birth/Age : |
05.08.1950 |
|
Date of Appointment : |
14.08.2009 |
|
Date of Ceasing : |
29.03.2010 |
|
DIN No.: |
02065755 |
|
|
|
|
Name : |
Mr. Saju Mookken |
|
Designation : |
Director |
|
Address : |
6411, F - 6, Alok Vihar 2, Sector 50, Noida - 201 303, |
|
Date of Birth/Age : |
20.05.1969 |
|
Date of Appointment : |
14.08.2009 |
|
DIN No.: |
01644940 |
|
|
|
|
Name : |
Mr. Khalid Qalam |
|
Designation : |
Director |
|
Address : |
Avenue Hamoir 44/1, |
|
Date of Birth/Age : |
25.12.1963 |
|
Date of Appointment : |
29.03.2010 |
|
DIN No.: |
03063311 |
|
|
|
|
Name : |
Mr. Manoj Maheshwari |
|
Designation : |
Director |
|
Address : |
A-5/B-129, A5-B, SFS Flats, Near Avatar Encalve, Paschim Vihar, New
Delhi-110063, |
|
Date of Birth/Age : |
13.11.1971 |
|
DIN No.: |
00517503 |
|
|
|
|
Name : |
Mr. Rohitash Gupta |
|
Designation : |
Director |
|
Address : |
46-D, Pocket-I, DDA MIG Flat, New Kandli, Mayur Vihar-III, New
Delhi-110096, |
|
Date of Birth/Age : |
03.10.1966 |
|
DIN No.: |
01049454 |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Swaruphyam Kabadi |
|
Designation : |
Manager |
|
Address : |
3, Swarup, 260/1, |
|
Date of Birth/Age : |
26.12.1978 |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABIPK5285A |
|
|
|
|
Name : |
Mrs. Shelly Chawla |
|
Designation : |
Secretary |
|
Address : |
C-40, Sector-30, Noida-201303, |
|
Date of Birth/Age : |
01.08.1977 |
|
Date of Appointment : |
01.08.2008 |
|
PAN No.: |
AJPPC4073K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.05.2011
|
Names of Equity Shareholders |
|
No. of Equity Shares |
|
Magneti Marelli Motherson |
|
3799994 |
|
Ashok Tandon |
|
1 |
|
Eugenio Razelli |
|
1 |
|
Sergio Garue |
|
1 |
|
Mookken Saju |
|
1 |
|
Bimal Dhar |
|
1 |
|
Vivek Chaand Sehgal |
|
1 |
|
Total |
|
3800000 |
|
Names of Preference Shareholders |
|
No. of Preference
Shares |
|
Magneti Marelli Motherson |
|
34200000 |
|
Magneti Marelli S.P.A., |
|
23500000 |
|
Samvardhana Motherson Finance Limited, |
|
23500000 |
|
Total |
|
81200000 |
Equity Share Breakup (Percentage of Total Equity)
As on 12.05.2011
|
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 of Head Lamps and Tail Lamps. |
||||||||
|
|
|
||||||||
|
Products : |
AUTOMOTIVE LIGHTING
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity** of |
Actual
Production |
|
Automotive Lamps |
Nos |
1000000 |
194727 |
|
Plastic Air Intake Manifold |
Nos |
600000 |
226985 |
|
Pedal Box Assembly |
Nos |
150000 |
26174 |
|
Tools |
Sets |
* |
136 |
NOTE
* Tools are manufactured predominantly by third
parties on behalf of the company and very few finishing activities are carried
out by the company.
** On three shift basis, as certified by the
management and relied upon by the management and relied upon by the auditors,
this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
270 Approximately |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Axis Bank Limited, Pimpri Chinchwad Branch, Pune-411033, |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE The company has provided the following security in respect of these
loans to the bank: Term Loan: first charge on
all the fixed assets of the company-Second charge on all the current assets
of the company. Working Capital:
first
charge on all the current assets of the company, i.e. receivables and
inventory and second charge on the fixed assets of the company. In addition Magneti Marelli Holding S.p.A and Samvardhana Motherson
Finance Limited have provided the bank with a letter of Comfort against the
above borrowings.
NOTE ** The unsecured loan received from M/s Maruti Suzuki India Limited is
in the nature of tooling advance. This will be repaid in the form of
amortization over the piece price and is subject to actual volumes on a
yearly basis. Due to this, the exact amount repayable over one year is not
ascertainable. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Tower, International Convention
Center, Senapati Bapat Road, Pune-411016, Maharashtra, India |
|
Tel. No.: |
91-20-66244600 |
|
Fax No.: |
91-20-66244605 |
|
|
|
|
Holding Company : |
Magneti Marelli Motherson |
|
|
|
|
Associates : |
·
Motherson Auto Limited [MAL] ·
Motherson Auto Solutions Private Limited [MASL] ·
Motherson Consultancy Private Limited [MCPL] ·
Motherson Air Travel Agencies Limited [MATA] ·
Motherson Sumi Systems Limited [MSSL] ·
Motherson Sumi Infotech and Designs Limited
[MIND] ·
Motoman Motherson Robotics Limited [MMRL] ·
Motherson Moulds and Diecasting Limited [MMDL] ·
MSSL Polymers GmbH [MSSL GMBH] ·
Sumi Motherson Innovative Engineering Limited
[SMIE] ·
Anest Iwata Motherson Limited [AIML] ·
Woco Motherson Elastomer Limited [WMEL] ·
Automotive Lighting Gmbh ( ·
Automotive Lighting ·
Motherson Automotive Technologies and Engg [MATE] ·
Magneti Marelli Holding SPA [MMH SPA] ·
Magneti Marelli Powertrain SPA [MMP SPA] ·
Automotive Lighting Rear Lamps Italia SPA [ALRI] ·
Automotive Lighting ·
Magneti Marelli Automotive Components ( ·
Magneti Marelli Sist ·
MAKO Electric Sanayi Ve Ticarat A.s. [MAKO] ·
Sistcmi Comandi Mecanici [SCM] ·
CTM India Limited [CTM] ·
Systematic Conscom Limited [SCCL] ·
Samvardhana Motherson Finance Limited [SMFL] ·
Calsonic Kansei Motherson Auto Products Limited
[CKM] |
CAPITAL STRUCTURE
As on 12.05.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3800000 |
Equity Share |
Rs.10/- Each |
Rs.38.000 millions |
|
81200000 |
Preference Share |
Rs.10/- Each |
Rs.812.000 millions |
|
|
Total |
|
Rs.850.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3800000 |
Equity Share |
Rs.10/- Each |
Rs.38.000 millions |
|
81200000 |
Preference Share |
Rs.10/- Each |
Rs.812.000 millions |
|
|
Total |
|
Rs.850.000
millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Share |
Rs.10/- Each |
Rs.50.000 millions |
|
45000000 |
Preference Share |
Rs.10/- Each |
Rs.450.000 Millions |
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3800000 |
Equity Share |
Rs.10/- Each |
Rs.38.000 Millions |
|
34200000 |
Preference Share |
Rs.10/- Each |
Rs.342.000 Millions |
|
|
Total |
|
Rs.380.000
Millions |
NOTE
·
Of the 3799994 equity
shares are held by Magneti Marelli Motherson India Holding B.V., the holding company and
the balance 6 equity shares are held by the directors of the company as
nominees of the Holding company
·
Of the above 34200000 preference shares are held by
M/s Magneti Marelli Motherson India Holding B.V., the holding company. The
preference shares are 0% compulsory convertible at par value of Rs.10 and are
compulsorily convertible into equity shares of Magneti Marelli Motherson Auto
System Limited any time after the expiry of twenty years from the date of issue
of these shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
380.000 |
250.000 |
|
|
2] Share Application Money |
|
54.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(298.041) |
(97.727) |
|
|
NETWORTH |
|
135.959 |
152.273 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
364.875 |
298.766 |
|
|
2] Unsecured Loans |
|
68.468 |
13.611 |
|
|
TOTAL BORROWING |
|
433.343 |
312.377 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
569.302 |
464.650 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
445.472 |
324.805 |
|
|
Capital work-in-progress |
|
24.665 |
40.425 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
21.409 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
89.779 |
190.871 |
|
|
Sundry Debtors |
|
104.883 |
37.484 |
|
|
Cash & Bank Balances |
|
1.014 |
45.060 |
|
|
Other Current Assets |
|
0.027 |
0.014 |
|
|
Loans & Advances |
|
181.627 |
170.791 |
|
Total
Current Assets |
|
377.330 |
444.220 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
282.698 |
165.178 |
|
|
Other Current Liabilities |
|
15.907 |
178.792 |
|
|
Provisions |
|
0.969 |
0.830 |
|
Total
Current Liabilities |
|
299.574 |
344.800 |
|
|
Net Current Assets |
|
77.756 |
99.420 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
569.302 |
464.650 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
778.848 |
120.814 |
|
|
|
Income form Service Rendered |
|
0.000 |
0.456 |
|
|
|
Other Income |
|
13.061 |
3.897 |
|
|
|
TOTAL (A) |
|
791.909 |
125.167 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials, Tooling and Components |
|
606.548 |
290.904 |
|
|
|
Employee Cost |
|
49.600 |
24.741 |
|
|
|
Other Expenses |
|
94.039 |
62.075 |
|
|
|
(Increase) / Decrease in finished goods and work-in-progress |
|
149.871 |
(173.642) |
|
|
|
TOTAL (B) |
|
900.058 |
204.078 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(108.149) |
(78.912) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
45.904 |
12.231 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(154.053) |
(91.143) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
46.261 |
5.906 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(200.314) |
(97.049) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(200.314) |
(97.727) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(97.727) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(298.041) |
(97.727) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
17.181 |
23.308 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
221.233 |
33.908 |
|
|
|
Capital Goods |
|
81.539 |
248.522 |
|
|
TOTAL IMPORTS |
|
302.772 |
282.430 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(56.76) |
(46.80) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(25.30) |
(78.08) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(25.72) |
(80.33) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(24.35) |
(12.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.47) |
(0.64) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.39 |
4.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.26 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered Office
of the company has been shifted from 3rd Floor, 43, Community
Centre, Bhageria House, New Friends Colony, New Delhi-110025,
BACKGROUND
Magneti Marelli Motherson Auto System Limited (hereinafter referred to
as "MMM
The Company is established as a 100% subsidiary of Magneti Marelli
Motherson India Holding B.V., a Joint Venture Company [hereinafter referred to
as "MMMM" or "JVC"] between Magneti Marelli Holding S.p.A.
(
MMM
The information provided herewith in respect of the Income Statement
covers the period from IS' April 2009 to 31st March 2010 for the current year and the
period from 15"' February 2008 to 3IS' March 2009 for the previous year.
OPERATIONAL PERFORMANCE
During the year, the Company kick-started its operations at the plant in
Pune and achieved localisation of all the FIAT lamps and the FIRE 1,2 Air
Intake Manifold. However, the losses are higher due to the delayed localisation
of lamps for FIAT. The Company also made significant progress in addition of
the following new customers during the year, - General Motors India, Maruti
Suzuki India Limited and FORD India Private Limited. The Company is well placed
to make a significant inroads within it’s product line for the forthcoming
years. Necessary investments are being planned in 2010-11 to ensure that the
Company is well placed to gather required market share for its product lines.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2010 Rs. in Millions |
|
Bank Guarantee furnished by the company to
Haryana VAT authorities |
0.200 |
Bankers Charges Report as per Registry
|
Corporate
identity number of the company |
U31500DL2008PLC174123 |
|
Name of the
company |
MAGNETI MARELLI
MOTHERSON AUTO SYSTEM LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate,
Mathura Road, New Delhi-11004, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10135986 |
|
Type of charge |
·
Book
Debts ·
Movable
Property |
|
Particular of
charge holder |
Axis Bank Limited, Pimpri Chinchwad Branch, Pune-411033, Email ID: iut@eth.net |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation dated 2nd December 2010 for enhancing the credit
limit from Rs.400.000 millions to Rs.450.000 millions (Additional Cash Credit
: Rs.50.000 Millions (Bank Guarantee Rs.10.000 Millions, a sub limit of Cash
credit facility) |
|
Date of
instrument Creating the charge |
02.12.2010 |
|
Amount secured by
the charge |
Rs.450.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Principal Deed
of Hypothecation read with this Supplemental Deed of Hypothecation. Terms of
Repayment As per Principal
Deed of Hypothecation read with this Supplemental Deed of Hypothecation. Margin As per Principal
Deed of Hypothecation read with this Supplemental Deed of Hypothecation. Extent and
Operation of the charge As per Principal
Deed of Hypothecation read with this Supplemental Deed of Hypothecation. |
|
Short particular
of the property or asset(s) charged |
As per Principal
Deed of Hypothecation read with this Supplemental Deed of Hypothecation |
|
Date of latest
modification prior to the present modification |
11.12.2009 |
|
Particulars of
the present modification |
As per
supplemental deed of hypothecation dated 2nd December 2010 |
FIXED ASSETS
·
Plant and machinery
·
Electrical Installation /
Instruments
·
Tools and Dies
·
Factory Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Computers
·
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.45.77 |
|
|
1 |
Rs.75.58 |
|
Euro |
1 |
Rs.65.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.