MIRA
INFORM REPORT
|
Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
EMRALD RESILIENT TYRE MANUFACTURERS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
EMRALD RIMS PRIVATE LIMITED (w.e.f. 24.04.2009) SOLIDMATIC TYRE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
K R V House, No.3, 9th Lane, Shastri Nagar, Adyar ,
Chennai
- 600020, Tamil Nadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
27.03.2002 |
|
|
|
|
Com. Reg. No.: |
18-048665 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.94.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25111TN2002PTC048665 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEE03011B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Tyres and Tubes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 620000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 / Corporate Office / Marketing Office: |
K R V House, No.3, 9th Lane, Shastri Nagar, Adyar ,
Chennai
- 600020, Tamil |
|
Tel. No.: |
91-44-24460580 / 0630 |
|
Fax No.: |
91-44-24460550 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.79 , Exports Promotional Industrial Park , Sipcot Industrial Complex, |
|
Tel. No.: |
91-44-27921554 / 55 |
|
Fax No.: |
91-44-27921205 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Thirupathi Venkatachalam |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
16.09.1948 |
|
Date of Appointment : |
04.11.2005 |
|
DIN No.: |
00024627 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U36999TN1998PTC041533 |
Mosq Industrial
Rubber Products Private Limited |
Managing
director |
4/12/1998 |
4/12/1998 |
- |
Active |
NO |
|
2 |
U01135TN2002PTC049344 |
Emrald Herbs And
Plants Private Limited |
Managing
director |
31/07/2002 |
31/07/2002 |
- |
Active |
NO |
|
3 |
U24129TN2002PTC050116 |
Emrald
Biofertilizers Private Limited |
Director |
30/12/2002 |
30/12/2002 |
- |
Active |
NO |
|
4 |
L25209TN1983PLC010438 |
Hydro S & S
Industries Limited |
Director |
24/03/2003 |
24/03/2003 |
- |
Active |
NO |
|
5 |
U51909TN2004PTC052279 |
V9 Impex Private
Limited |
Director |
7/1/2004 |
7/1/2004 |
- |
Active |
NO |
|
6 |
L15421TN1954PLC002915 |
Thiru Arooran
Sugars Limited |
Director |
25/03/2005 |
25/03/2005 |
- |
Active |
NO |
|
7 |
U15421TN1988PLC015660 |
Shree Ambika
Sugars Limited |
Director |
25/03/2005 |
25/03/2005 |
- |
Active |
NO |
|
8 |
U25111TN2002PTC048665 |
Emrald Resilient
Tyre Manufacturers Private Limited |
Director |
4/11/2005 |
4/11/2005 |
- |
Active |
NO |
|
9 |
U40105TN1995PLC030420 |
Terra Energy
Limited |
Director |
30/12/2008 |
17/11/2008 |
- |
Active |
NO |
|
Name : |
Mr. Eswarakrishnan Dharmarajan |
|
Designation : |
Director |
|
Address : |
M-10-C, |
|
Date of Birth/Age : |
04.04.1970 |
|
Date of Appointment : |
27.03.2002 |
|
DIN No.: |
01739106 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25111TN2002PTC048665 |
Emrald Resilient
Tyre Manufacturers Private Limited |
Director |
27/03/2002 |
27/03/2002 |
- |
Active |
NO |
|
2 |
U25119TN2003PTC051987 |
Emrald Rims
Private Limited |
Director |
19/11/2003 |
19/11/2003 |
- |
Active |
NO |
|
Name : |
Mr. Krishnaram Varadarajan |
|
Designation : |
Director |
|
Address : |
Flat No.A, Shankara Guru Krupa 131, |
|
Date of Birth/Age : |
02.12.1960 |
|
Date of Appointment : |
27.03.2002 |
|
DIN No.: |
01739216 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25111TN2002PTC048665 |
Emrald Resilient
Tyre Manufacturers Private Limited |
Director |
27/03/2002 |
27/03/2002 |
- |
Active |
NO |
|
2 |
U25119TN2003PTC051987 |
Emrald Rims
Private Limited |
Managing
director |
29/11/2007 |
19/11/2003 |
- |
Active |
NO |
|
3 |
U36999TN1998PTC041533 |
Mosq Industrial
Rubber Products Private Limited |
Director |
5/12/2005 |
5/12/2005 |
- |
Active |
NO |
|
Name : |
Mr. Chandhra Sekharan Venkatachalam Thirupathi |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
26.03.1975 |
|
Date of Appointment : |
04.11.2005 |
|
DIN No.: |
01930524 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U01135TN2002PTC049344 |
Emrald Herbs And
Plants Private Limited |
Director |
31/07/2002 |
31/07/2002 |
- |
Active |
NO |
|
2 |
U24129TN2002PTC050116 |
Emrald
Biofertilizers Private Limited |
Director |
30/12/2002 |
30/12/2002 |
- |
Active |
NO |
|
3 |
U51909TN2004PTC052279 |
V9 Impex Private
Limited |
Director |
7/1/2004 |
7/1/2004 |
- |
Active |
NO |
|
4 |
U36999TN1998PTC041533 |
Mosq Industrial
Rubber Products Private Limited |
Director |
8/7/2005 |
8/7/2005 |
- |
Active |
NO |
|
5 |
U25111TN2002PTC048665 |
Emrald Resilient
Tyre Manufacturers Private Limited |
Director |
4/11/2005 |
4/11/2005 |
- |
Active |
NO |
|
6 |
U25119TN2003PTC051987 |
Emrald Rims
Private Limited |
Director |
30/11/2007 |
30/11/2007 |
- |
Active |
NO |
|
Name : |
Mr. Subramanian Ramanujam |
|
Designation : |
Director |
|
Address : |
1595, J Block, Ankul Apartments, Anna Nagar, Chennai, Tamil |
|
Date of Birth/Age : |
23.01.1958 |
|
Date of Appointment : |
24.05.2002 |
|
DIN No.: |
02542571 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25111TN2002PTC048665 |
Emrald Resilient
Tyre Manufacturers Private Limited |
Director |
24/05/2002 |
24/05/2002 |
- |
Active |
NO |
|
2 |
U01135TN2002PTC049344 |
Emrald Herbs And
Plants Private Limited |
Director |
18/11/2002 |
18/11/2002 |
- |
Active |
NO |
|
3 |
U36999TN1998PTC041533 |
Mosq Industrial
Rubber Products Private Limited |
Director |
18/06/2005 |
18/06/2005 |
- |
Active |
NO |
|
Name : |
Mr. Srinivas Venkatachalam Thirupathi |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
01.10.1982 |
|
Date of Ceasing : |
27.09.2011 |
|
Date of Appointment : |
27.03.2002 |
|
DIN No.: |
01738978 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25111TN2002PTC048665 |
Emrald Resilient
Tyre Manufacturers Private Limited |
Director |
27/03/2002 |
27/03/2002 |
27/09/2011 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
|
|
Preference
Shares |
Equity Shares |
|
T Kannaki |
-- |
585000 |
|
V T Chandhrassekharan |
-- |
297500 |
|
V Thirupathi |
-- |
794500 |
|
|
-- |
115000 |
|
|
-- |
50000 |
|
C Kalidasan |
-- |
20000 |
|
K Suguanavalli |
-- |
20000 |
|
L Chittal |
-- |
50000 |
|
RM Theivarayan |
-- |
6000 |
|
D Eswarakrishnan |
-- |
25000 |
|
V T Srinivas |
-- |
187000 |
|
MosQ Industrial Rubber Products Private Limited, |
-- |
1150000 |
|
Kr Annamalai |
-- |
225000 |
|
Mustang Trading and Investment Private Limited, |
-- |
425000 |
|
V Krishnaram |
-- |
25000 |
|
Alrawas Development and Investment Company, L.L.C. Sultanate of |
25000 |
100000 |
|
Prakash Cement Industries Limited, |
20000 |
-- |
|
Super Auto Forge Private Limited |
500000 |
-- |
|
Total |
545000 |
4075000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
41.10 |
|
Directors or relatives of Directors |
58.90 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tyres and Tubes. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Industrial Tyres |
Tons |
Not Applicable |
10650 |
5308.41 |
|
Rubber Tubes |
Not Available |
Not Applicable |
400 |
Not Available |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note :
(A) Cash Credit -
Working Capital State Bank of (B) Current
Account Overdraft State Bank of India, Export Packing Credit State Bank of
India , Bill Discounting on Export LC State Bank of India , SIDBI Risk
Capital Assistance – Optionally Convertible Debt, SIDBI Risk Capital
Assistance -Optionally Convertible Subordinate Debt
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajni and Company Chartered Accountants |
|
Address : |
140, |
|
Tel. No.: |
91-44-43517491 / 25267559 |
|
PAN.: |
AAARF0622B |
|
|
|
|
Related Parties : |
Address
: P.O Tel
No.: +971 7 2433195 Fax
No.: +971 7 243318 E-Mail
:
info@emraldmiddleeast.com
Address :Onderzeel 6, 2920 Tel No.: +32 491613610 E-Mail : info@emraldtyres.com |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
|
500000 |
15% Non – Convertible Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
250000 |
9% Fully Convertible Redeemable Preference Shares |
Rs.80/- each |
Rs.20.000 Millions |
|
|
Total |
|
Rs.140.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4075000 |
Equity Shares |
Rs.10/- each |
Rs.40.750
Millions |
|
500000 |
15% Non – Convertible Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
45000 |
9% Fully Convertible Redeemable Preference Shares |
Rs.80/- each |
Rs.3.600
Millions |
|
|
Total |
|
Rs.94.350 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
94.350 |
44.350 |
44.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
59.595 |
55.628 |
48.981 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
153.945 |
99.978 |
93.331 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
460.768 |
323.099 |
292.787 |
|
|
2] Unsecured Loans |
2.676 |
4.973 |
2.175 |
|
|
TOTAL BORROWING |
463.444 |
328.072 |
294.962 |
|
|
DEFERRED TAX LIABILITIES |
11.564 |
9.229 |
7.785 |
|
|
|
|
|
|
|
|
TOTAL |
628.953 |
437.279 |
396.078 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
268.824 |
219.864 |
204.372 |
|
|
Capital work-in-progress |
15.960 |
0.000 |
9.626 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
219.803
|
109.607 |
73.695 |
|
|
Sundry Debtors |
127.996
|
88.853 |
73.205 |
|
|
Cash & Bank Balances |
5.563
|
14.755 |
3.601 |
|
|
Other Current Assets |
31.524
|
23.472 |
0.000 |
|
|
Loans & Advances |
50.019
|
35.998 |
80.374 |
|
Total
Current Assets |
434.905
|
272.685 |
230.875 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
86.563
|
46.736 |
42.111 |
|
|
Other Current Liabilities |
10.857
|
7.000 |
5.990 |
|
|
Provisions |
2.141
|
2.000 |
1.493 |
|
Total
Current Liabilities |
99.561
|
55.736 |
49.594 |
|
|
Net Current Assets |
335.344
|
216.949 |
181.281 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
8.825 |
0.466 |
0.799 |
|
|
|
|
|
|
|
|
TOTAL |
628.953 |
437.279 |
396.078 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
571.659 |
394.396 |
379.875 |
|
|
|
Other Income |
37.530 |
24.530 |
28.232 |
|
|
|
TOTAL (A) |
609.189 |
418.926 |
408.107 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
(Increase) / Decrease in stock |
(92.098) |
(45.236) |
(13.911) |
|
|
|
TOTAL (B) |
525.592 |
348.174 |
340.182 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
83.597 |
70.752 |
67.925 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCE CHARGES (D) |
43.065 |
33.926 |
35.265 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.532 |
36.826 |
32.660 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.446 |
26.476 |
21.966 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.086 |
10.350 |
10.694 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.639 |
3.324 |
3.483 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5.447 |
7.026 |
7.211 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
34.903 |
28.256 |
21.589 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Excess provision Written back |
0.000 |
0.000 |
0.170 |
|
|
|
Provision for Preference Dividend |
1.480 |
0.379 |
0.374 |
|
|
BALANCE CARRIED
TO THE B/S |
38.870 |
34.903 |
28.256 |
|
|
|
|
|
|
|
|
|
|
TOTAL EARNINGS |
416.023 |
300.521 |
291.203 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29.248 |
30.726 |
|
|
|
|
Capital Goods |
16.068 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
45.316 |
30.726 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.34 |
1.72 |
1.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.89
|
1.68 |
1.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.76
|
2.62 |
2.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.43
|
2.10 |
2.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.66
|
3.84 |
3.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.37
|
4.89 |
4.66 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year,
The Company has shown a modest growth in performance. There was an overall
growth in sales by about 44.95% in value terms. This is despite the fact that
the markets, at both domestic and export fronts, continued to be impacted by
the recession with both OEM and Replacement markets showing sluggishness in off
take. The profitability of the company has not shown the proportionate increase
due to an abnormal increase in the price of main raw materials like natural
rubber, synthetic rubber & crude oil derivatives. During the year the
natural rubber had shown phenomenal increase. Such an increase in the raw
material price could not be passed onto the customers. In view of the sluggish
market conditions, the company was also forced to execute the contracts entered
with the customers at un remunerative prices to avoid loss of market and
reputation. The thrust during the year has been on deepening the product reach,
expanding the customer base and fine tuning the product range to suit the
existing market needs.
During the year,
the new Tubes facility at Gummidipoondi was added. The plant is designed to
roll out a wide array of tubes which could be used in Forklifts, Industrial
Vehicles, OTRs, Tractors, Passenger Cars, Two Wheelers, Three Wheelers, LCVs
and HCVs. The necessary infrastructure with the latest plant and equipments has
been installed at the facility, which would add one more step to the company
becoming a total Tyres Solution Provider. Prospects for Current Year 2011-12
The Company is
putting in place a set of dynamic policy initiatives to achieve growth at a
faster pace. The Directors are confident that the Company would be put on a
sustained growth path from the ensuing financial year with almost all
customers. The company could get price increase to meet the increase in input
costs.
CONTINGENT
LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Counter guarantee
on behalf of MOSQ Industrial Rubber Products Private Limited for import of
capital goods under EPCG scheme of JDGFT Chennai for meeting export
obligations |
0.000 |
0.878 |
|
Corporate
guarantee to SBI for Term Loan to MOS Q Industrial Rubber Products Private
Limited (Bal Outstanding) |
3.997 |
7.922 |
|
Corporate
guarantee to Kotak Mahindra Bank Limited and Reliance Capital Limited for
Unsecured Loan to MOS Q Industrial Rubber Products Private Limited (Bal
Outstanding |
1.755 |
3.396 |
FORM 8:
|
Corporate identity number of the company |
U25111TN2002PTC048665 |
|
Name of the company |
EMRALD RESILIENT TYRE MANUFACTURERS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
KRV House, No.3, E-Mail : accounts@emraldtyres.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90290918 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others (Hypothecation) |
|
Particular of charge holder |
State Bank of India, Leather and International Branch, MVJ Towers,
177/1, P.H. Road, Kilpauk, Chennai – 600010, Tamil Nadu, India E-mail : dgm.07024@sbi.co.in |
|
Nature of instrument creating charge |
1) Supplemental Agreement of Loan for increase in the overall limit 2) Supplemental Agreement of Hypothecation of Goods and Assets for
increase in the overall limit 3) Letter regarding the grant of individual limits within the overall
limit 4) Hypothecation Letter in respect of machines accepted as collateral
security for advances. 5) EM of deposit of title deeds of company's immovable property, Mosq
Industrial Rubber Products Private Limited and Personal property. |
|
Date of instrument Creating the charge |
11.03.2011 |
|
Amount secured by the charge |
Rs.483.600 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest Rate of interest details as per attachment. Terms of repayment As per Agreement. Margin RM / SIP / FG / STORES / SPARES : 25% Domestic Receivables : 25% (Cover period 90 days) Export Receivables : 10% (cover period 90 days) (For Advance against
bills sent for collection) LC (WC) : 15% Extent and operation of the charge Exclusive first charge on the current assets, movable assets and
immovable properties of the company, personal and M/s.Mosq Industrial Rubber Products Pvt Ltd, to the extent of Rs.48.36
Crores. Others Personal Guarantee:- 1) Mr.V.Thirupathi, Chairman 2) Mr.V.TChandrashekharan, Managing Director 3) Mrs.T.Kannaki, W/o.Mr.V.Thirupathi 4) Mr.V.T.Srinivas, Executive Director. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Primary Security:- EPC / CC / SBL : Hypothecation of all the current assets of the
company. FDB (Non-LC) / SBL: Documents of title of goods and extension of
charge on all current assets of the company Term Loans: 1) EM over 6.25 acres of leasehold land situated at Plot No.79, SIPCOT
EPIP, Gummidipoondi. 2) EM over superstructures constructed on leasehold land mentioned
above out of term loans. 3) Hypothecation of plant and machinery crated / to be created out of
term loans. Clean Term Loan : Extension of charge over the entire current assets /
movable fixed assets of the company. Corporate Loan : Extension of charge over the entire current assets /
movable fixed assets of the company. LC (WC) / SBL : Documents of title to goods and extension of charge on
current assets. Collateral Security:- (1) Extension of EM over the following located at Plot No.79, SIPCOT
EPIP, Gummidipoondi and held as primary security. (a) Leasehold land admeasuring 6.25 acres, (b) Buildings constructed on leasehold land (2) Extension of Hypothecation charge over movable fixed assets of the
company (present and future) (3) Extension of EM over 3.80 acres of Industrial land along with
buildings thereon, at Plot No.80, SIPCOT Industrial Complex, SIPCOT
Industrial Complex, EPIP, Gummidipoondi, falling within survey No.221,
Pappankulam village under Gummidipoondi SRO, belonging to M/s. Mosq
Industrial Rubber Products Private Limited. (4) EM over Residential property (UDS.3380 sq ft and buildup area of
4160 sq ft) situated at No.3, 9th Land, Shatri Nagar, Adyar, Chennai - 600
020, in the name of Mr. V. Thirupathi. (5) Extension of Hypothecation charge over movable fixed assets
(present and future) belonging to M/s. Mosq Industrial Rubber Products
Private Limited (6) Pledge of 9,39,500 shares of ERTMPL of face value Rs.10 each owned
by Mr. V. Thirupathi, Mrs. T. Kannaki and Mr. V. T. Chandhrasekharan, as
above security to secure the limit of Rs.483.600 Millions. |
|
Date of instrument modifying the charge |
04.03.2010 |
|
Particulars of the present modification |
By the present modification, The various credit facilities enjoyed by the company now has been
enhanced to Rs.483.600 Millions |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Factory Equipments
- Computer Equipments
- Lab Equipments
- Furniture and Fixtures
- Vehicles
- Electrical Installations
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.52.96 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.68.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
30 |
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.