MIRA
INFORM REPORT
|
Report Date : |
18.02.2011 |
Note: The Given Address of the company has been
Verified and validation by us. Given Address is the Factory Address.
IDENTIFICATION DETAILS
|
Name : |
SUNDARAM INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
“TVS Building”, 7-B, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
19.05.1943 |
|
|
|
|
Com. Reg. No.: |
18-2656 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65991TN1943PTC002656 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS03253F/MRIS00569C/CHES18228A/MRIS01659A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS53220H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of parts and accessories for motor vehicles and their engines. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 4700000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.
The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Swami Nathan |
|
Designation : |
Accounts Manger |
|
Date : |
17.02.2011 |
LOCATIONS
|
Registered Office : |
“TVS Building”, 7-B, |
|
Tel. No.: |
91-44-28520781 / 2338743 |
|
Fax No.: |
91-44-28524812 |
|
Email : |
|
|
|
|
|
Factory 1: |
23, |
|
Tel. No.: |
91-452-1381531 |
|
Fax No.: |
91-452-2381240 |
|
|
|
|
Factory and Central Marketing Office : |
Rubber Factory, |
|
Tel. No.: |
91-452-2381531 |
|
Fax No.: |
91-452-2381240 |
|
Email : |
|
|
|
|
|
Plant II : |
Plot No. 11, Sector-3, IMT – Mamesar, District
Gurgaon-122050, |
|
Tel. No.: |
91-124-2215129 / 4388848 |
|
Fax No.: |
91-124-4388846 |
|
|
|
|
Chennai Marketing
Office : |
5th Floor, |
|
Tel. No.: |
91-44-28526007-9 |
|
Fax No.: |
91-44-28522992 |
|
|
|
|
Overseas Address : |
Adel International Inc., 15035, |
|
Tel. No.: |
001-239-593-5113 |
|
Fax No.: |
001-239-593-5114 |
|
Email : |
|
|
|
|
|
Corporate Office : |
A1-F3, New Sidco, Opposite Telephone Exchange, Maraimalal
Nagar – 603209, |
|
Tel. No.: |
91-4114-52888 |
|
|
|
|
Branches: |
Located at:
v
v Kerala, v Karnataka v Tamilnadu v
v
v Tamilnadu v
v
v Andhra Pradesh v
v
|
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Pritha Ratnam Muthana |
|
Designation : |
Joint Managing Director |
|
Address : |
No. 20, |
|
Date of Birth/Age : |
29.10.1955 |
|
Date of Appointment : |
09.06.1995 |
|
Din No.: |
00404186 |
|
|
|
|
Name : |
Mr. Ramchandran Naresh |
|
Designation : |
Joint Managing Director |
|
Address : |
TVS Building, West Vali Street, Madurai-625001, |
|
Date of Birth/Age : |
28.02.1957 |
|
Date of Appointment : |
16.03.1983 |
|
Din No.: |
00273609 |
|
|
|
|
Name : |
Mr. Gopal Srinvasan |
|
Designation : |
Director |
|
Address : |
Westside House, No. 2, |
|
Date of Birth/Age : |
04.08.1958 |
|
Date of Appointment : |
15.09.1984 |
|
Din No.: |
00177699 |
|
|
|
|
Name : |
Mr. Krishna Mahesh |
|
Designation : |
Director |
|
Address : |
No. 39, I |
|
Date of Birth/Age : |
11.10.1943 |
|
Date of Appointment : |
30.11.1978 |
|
Din No.: |
00051438 |
|
|
|
|
Name : |
Mr. Krishna Ramesh |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
17.02.1939 |
|
Date of Appointment : |
14.06.1972 |
|
Din No.: |
00556922 |
|
|
|
|
Name : |
Mr. Nicholas Sundaram Sridharan |
|
Designation : |
Director |
|
Address : |
Kadalagam Bunglow, Valmiki Nagar, Thiruvanmiyur,
Chennai-600041, |
|
Date of Birth/Age : |
29.11.1957 |
|
Date of Appointment : |
30.06.1998 |
|
Din No.: |
01331433 |
|
|
|
|
Name : |
Mr. Ramachandhran Haresh |
|
Designation : |
Director |
|
Address : |
TVS House, 7-B, West Vali Street, Madurai-600001, |
|
Date of Birth/Age : |
29.11.1954 |
|
Date of Appointment : |
05.03.1991 |
|
Din No.: |
00363096 |
|
|
|
|
Name : |
Mr. Santhanam Ram |
|
Designation : |
Director |
|
Address : |
29, |
|
Date of Birth/Age : |
27.04.1940 |
|
Date of Appointment : |
14.06.1972 |
|
Din No.: |
00018309 |
|
|
|
|
Name : |
Mr. Santhanam Viji |
|
Designation : |
Director |
|
Address : |
No. 33, |
|
Date of Birth/Age : |
07.06.1946 |
|
Date of Appointment : |
30.11.1978 |
|
Din No.: |
00139043 |
|
|
|
|
Name : |
Mrs. Shobhana Ramachandhran |
|
Designation : |
Director |
|
Address : |
No. 16, |
|
Date of Birth/Age : |
30.01.1960 |
|
Date of Appointment : |
14.12.1988 |
|
Din No.: |
00273837 |
|
|
|
|
Name : |
Mr. Srinath R. Rajam |
|
Designation : |
Director |
|
Address : |
TVS House, No. 20, |
|
Date of Birth/Age : |
30.01.1957 |
|
Date of Appointment : |
16.03.1983 |
|
Din No.: |
00054758 |
KEY EXECUTIVES
|
Name : |
Mr. Kunissery Subramania Viswanathan |
|
Designation : |
Company Secretary |
|
Address : |
Plot No. 3, Srinivasa Nagar, |
|
Date of Birth/Age : |
06.02.1949 |
|
Date of Appointment : |
01.07.1991 |
|
Din No.: |
AAGPV5263J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nivedita Ram |
|
3855 |
|
Srikanth Ramanjam |
|
1583 |
|
Ananth Ramanjam |
|
1583 |
|
Srinath Ramanjam |
|
1882 |
|
Prema Srinivasan |
|
8026 |
|
Venu Srinivasan |
|
1629 |
|
Gopal Srinivasan |
|
2649 |
|
Sheela Balaji |
|
5350 |
|
Malini Srinivasan |
|
7008 |
|
T. K. Balaji |
|
804 |
|
Srinath R Rajam |
|
1966 |
|
Anita R Rajam |
|
9306 |
|
Pritha Rajam |
|
1957 |
|
Indu Ramachandhran |
|
5598 |
|
R. Haresh |
|
3954 |
As on 29.09.2010
Equity Share Breakup
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
59.29 |
|
Directors or relatives of directors |
|
40.71 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of parts and accessories for motor vehicles and their engines. |
||||||||
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||||||||
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Products : |
Its products range includes:
|
PRODUCTION STATUS (As on 31.03.2009)
|
Particulars |
|
|
Unit |
Installed
Capacity |
|
Camelback / Cold Curing Materials |
|
|
M.T. |
2200 |
|
Mechanical Rubber Products including Rubber-to-Metal-Bonded items and
Curing Envelopes and Bladders |
|
|
M.T. |
4200 |
|
Solid Industrial Tyres |
|
|
M.T. |
2500 |
|
Devulcanised Rubber Compound |
|
|
M.T. |
3600 |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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Bankers : |
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Facilities : |
|
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|
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Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram and Srinivasan Chartered Accountants |
|
Address : |
Old No. 111, New No. 250, P. T. Rajan Road,
Madurai-625014, Tamilnadu, India |
|
|
|
|
Holding Company : |
T.V. Sundaram Lyengar and Sons Limited |
|
|
|
|
Fellow Subsidiaries
: |
Auto Parts Limited |
|
|
|
|
Associates : |
v Firestone TVS Private Limited v TVS Novotema Elastoneric Engineered Products Private Limited v NS Ant vibration Products Private Limited |
|
|
|
|
Parent Company : |
TVS and Sons Limited |
|
|
|
|
Group Companies : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
252000 |
Equity Shares |
Rs.100/- each |
Rs.25.200 millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14590 |
Equity Shares |
Rs.100/- each |
Rs.1.459 millions |
|
237410 |
Equity Shares |
Rs.100/- each |
Rs.23.741 millions |
|
|
Total |
|
Rs.25.200 millions |
Note :
Of the above 142800 Shares held by Holding
Company, M/s. T.V. Sundaram Lyengar and Sons Limited.
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 |
25.200 |
25.200 |
25.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1139.740 |
470.725 |
424.922 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1164.940 |
495.925 |
450.122 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
246.911 |
409.091 |
342.804 |
|
|
2] Unsecured Loans |
15.882 |
25.400 |
66.885 |
|
|
TOTAL BORROWING |
262.793 |
434.491 |
409.689 |
|
|
DEFERRED TAX LIABILITIES |
33.700 |
33.700 |
38.300 |
|
|
|
|
|
|
|
|
TOTAL |
1461.433 |
964.116 |
898.111 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
406.375 |
391.470 |
397.878 |
|
|
Capital work-in-progress |
6.134 |
6.343 |
11.006 |
|
|
|
|
|
|
|
|
INVESTMENT |
684.494 |
228.774 |
125.166 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
306.284
|
202.471
|
287.851
|
|
|
Sundry Debtors |
445.513
|
309.578
|
361.945
|
|
|
Cash & Bank Balances |
66.436
|
95.804
|
59.226
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
192.710
|
148.255
|
189.307
|
|
Total
Current Assets |
1010.943
|
756.108
|
898.329 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
551.742
|
351.449
|
429.111
|
|
|
Provisions |
94.771
|
67.130
|
105.157
|
|
Total
Current Liabilities |
646.513
|
418.579
|
534.268 |
|
|
Net Current Assets |
364.430
|
337.529
|
364.061 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1461.433 |
964.116 |
898.111 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2449.620 |
2453.757 |
2211.401 |
|
|
|
Other Income |
828.140 |
158.477 |
103.290 |
|
|
|
TOTAL (A) |
3277.760 |
2612.234 |
2314.691 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
1391.995 |
1425.750 |
1256.298 |
|
|
|
Payments to and provision for Employees |
419.419 |
376.680 |
373.719 |
|
|
|
Other Expenditure |
506.970 |
514.745 |
449.651 |
|
|
|
Increase/(Decrease) in Finished Goods |
(11.368) |
30.044 |
(17.088) |
|
|
|
TOTAL (B) |
2307.016 |
2347.219 |
2062.580 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9707.744 |
265.015 |
252.111 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.383 |
53.309 |
46.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
933.361 |
211.706 |
205.251 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
67.526 |
70.810 |
63.504 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
865.835 |
140.896 |
141.747 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.000 |
12.900 |
31.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
828.835 |
127.996 |
109.847 |
|
|
|
|
|
|
|
|
|
Add: |
Tax Relating to
prior Years |
2.047 |
1.243 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
274.091 |
241.288 |
209.984 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
84.000 |
13.000 |
12.000 |
|
|
|
Interim Dividend |
16.260 |
63.000 |
35.784 |
|
|
|
Interim Dividend Proposed |
68.292 |
0.000 |
17.640 |
|
|
|
Proposed Dividend |
6.048 |
8.316 |
1.260 |
|
|
|
Tax on interim Dividend |
10.921 |
10.707 |
6.081 |
|
|
|
Tax on interim Dividend Proposed |
11.342 |
0.000 |
2.998 |
|
|
|
Tax on Proposed Dividend |
1.004 |
1.413 |
0.214 |
|
|
BALANCE CARRIED
TO THE B/S |
859.106 |
274.091 |
241.288 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
227.399 |
180.093 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
212.414 |
169.083 |
|
|
|
Others |
NA |
25.579 |
0.454 |
|
|
TOTAL IMPORTS |
NA |
237.993 |
169.537 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3289.03 |
507.92 |
435.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
25.29
|
4.90 |
4.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
35.35
|
5.74 |
6.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.29
|
12.28 |
10.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.74
|
0.28 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
1.72 |
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.81 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE AND PROSPECTS
RUBBER DIVISION;
The turnover of the Division for the year was Rs.1225.733
millions as compared to Rs.1391.247 millions in 2008-09. The turnover for the
year 2008-09 included revenues from automotive original equipment anti-
vibration products business which was sold during March 2009. Revenues horn
retained segments posted a growth of 19% over the previous year.
The Indian Industry moved forward during 2009
launching new models for the domestic market and posted a growth of 15% over
2008. However, exports still continued to be an area of concern.
Material prices have been significantly stable
but for the unprecedented increase in prices of Natural Rubber towards the end
of the year. The Division was able to get a major portion of this increase
reimbursed from the customers.
The Division has won the Best Supplier Award
for the year 2009-10 from Tata Toyo Radiators, Puns, for the supply of Radiator
packing, a critical product in the performance of Radiators. The Division was
also awarded as the best supplier for the year 2008-09 by Pune, Chennai, for
the supply of Ball Joint Boot Seals and associated products.
As a part of continuous improvement in HR
Change Management Initiative programme was launched in all the Departments.
This has resulted in significant difference in approach to work by the
employees in their day-to-day work management.
The Division has achieved a turnover of
Rs.893.725 millions during the year 2009-10 as against Rs.798.469 millions in
2008-09 The turnover reflects the combined sales figures of the Retreading
Business - Rs754.413 millions and the Devulcanised Rubber Compound Business –
Rs.393.12 Laos, Despite steep increase in raw materials during the second half
of the year. The Division was able to exceed the budgeted profits for the year.
The outlook for the Devulcanised Rubber
Compound Business remains positive with the addition of new customers in
various stages of trial.
SOLID
The business recorded a growth of 30% in
volume during the year 2009-10. The turnover for the year 2009-10 was
Rs.330.162 millions as against Rs.264.041 millions in 2008-09.
The Division is in the process of implementing
its capacity expansion program from 300 to 450 tons, the demand for the product
continues to be high. The profits for the first quarter are lower than budget due
to high raw materials cost and exchange fluctuations.
Bankers Charges
Report as per Registry
|
Name of the company |
SUNDARAM
INDUSTRIES LIMITED |
|
Presented By |
K. S.
Viswanathan, Secretary |
|
1) Date and description of instrument creating the change |
27.08.1986 Agreements in Form 'K' and 'L' and other. security
documents. All 'the Agreements relate to one and the same charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Overall drawings against item 1 - Rs.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 |
Hypothecation of Company's entire stock of raw materials,
work-in-progress, finished goods, stores, book debts and other liquid assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
a) Cash Credit:- Interest 1/2% over State Bank Advance Rate: Minimum 17%
p.a. b) Packing Credit:- As per RBI guidelines. c) Usance Bills Discounting:- As applicable to Cash Credit d) Guarantees:- Commission - upto Rs.0.020 Millions 1.8% per month
(minimum of Rs.25/- per guarantee for the liability period + additional claim
period, if any. Over Rs. 0.020 Millions - 1.12% (minimum Rs.25/-) per month
for the liability period + additional claim period, if any. e) Letter of Credit:- As per FEDAI Rules The Borrower shall not create any further mortgage or
charge or lien on the stocks, book debts and other liquid assets, except to
State Bank of |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Address : Commercial Branch, No. 6 A, |
|
6) Date and brief description of instrument modifying the charge |
12.08.2005 - Memorandum of Entry dated 12.8.2005 of Canara Bank, Grand Central, Madurai ceding II Charge in favour of State Bank of India, Commercial Branch, Madurai - 625 001 in respect of immovable properties of the Company at Ponmeni Village, Kochadai in Madurai and Vijayawada, Andhra Pradesh, India |
|
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. |
As per Memorandum of Entry dated 12.08.2005 of Canara
Bank, Grand Central, Madurai - 625 001, the following modification is made to
the charges created by the Company in favour of State Bank of India,
Commercial Branch, Madurai - 625 001 on 13.10.2004 and 10.02.2005 and
registered with the Registrar of Companies on 26.10.2004 and 21.02.2005
respectively. In addition to the charge created by the Company on
13.10.2004 and 10.02.2005 in favour of State Bank of India, Commercial
Branch, Madurai in respect of the Working Capital and Standby Line of Credit
respectively granted to the Company by the said Bank, the said credit
facilities are additionally secured by way of Memorandum of Entry dated
12.8.2005 ceding II Charge by Canara Bank, Grand Central, Madurai in favour
of State Bank of India over the immovable properties of the Company at
ponmeni Village, Kochadai in Madurai and Vijayawada, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90288771 |
|
Corporate
identity number of the company |
U65991TN1943PLC002656 |
|
Name of the
company |
SUNDARAM
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
“TVS Building”, 7-B, |
|
Type of charge |
Book Debts Movable Property Floating Charge Others |
|
Particular of
charge holder |
State Bank of Address : Commercial Branch, No. 6 A, Email : raju.subburamu@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Letter regarding
the grant of individual limits within the Overall Limit - Form C5 |
|
Date of
instrument Creating the charge |
06.02.2009 |
|
Amount secured by
the charge |
Rs. 644.500
Millions. |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 1.CC
(Hypothecation) - At SBAR, Present rate 13.00% p a 2.EPC (Upto 180 days)
and FBD(Non LC) - As per SBI Exporters Gold Card Scheme 3.TL and
Corporate Loan I - There is no change in the existing sanction stipulations 4.Corporate Loan
II and III - There is no change in the existing sanction stipulations Terms of
Repayment : 1.CC
(Hypothecation) - At SBAR, Present rate 13.00% p a 2.EPC (Upto 180
days) and FBD(Non LC) - As per SBI Exporters Gold Card Scheme 3.TL and
Corporate Loan I - There is no change in the existing sanction stipulations 4.Corporate Loan
II and III - There is no change in the existing sanction stipulations Margin : 1. Raw
Materials/Stock in Process/FG - 30% 2. Stores/Spares
and Consumables - 50% 3. LC - 5% 4. Book
Debts/receivables - 50% 5. BG - 10% Others : Cover Period for
receivables - 60 days |
|
Date of latest
modification prior to the present modification |
03.12.2008 |
|
Particulars of
the present modification |
Overall Limit is
reduced from Rs.648.500 Millions to Rs.644.500 Millions Extension
Hypothecation as FIRST CHARGE on the entire current assets of the Company
such as RM, SFG, FG, Receivables, consumables, stores, spares and also
specified movable assets created or to be created out of the TL and Corporate
TLs with O/s aggregating to Rs.191.000 Millions as security for reduced O/L
of Rs.644.500 Millions, together with interest, costs, charges and other
expenses which may accrue and/or be debited to the company's accounts from
time to time. |
FIXED
ASSETS :
- Land –
Freehold and Leasehold
- Building on
Freehold and
- Sheds
- Plant and
Machinery
- Electrical
Installation
- Vehicles
- Technical
Know-how
- Capital
Work-in Process and Assets to be installed
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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.