%20LIMITED-%20128490%2031-Dec-2010_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
31.12.2010 |
IDENTIFICATION DETAILS
|
Name : |
OWENS CORNING ( |
|
|
|
|
Registered Office : |
7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-124707 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U73100MH1995PLC124707 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO01785A |
|
|
|
|
Legal Form : |
It is a closely held public limited liability company. Subject is a subsidiary of Owens Corning, USA and IPM Inc., |
|
|
|
|
Line of Business : |
Manufacturing and Trading of Roofing Products, Commercial Roofing,
Insulation Foam, Asphalt, Fibre Glass, Yarn Textile, Rovings and Mats, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. 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 DENIED BY
|
Name : |
Mr. Nilesh Chavan |
|
Designation : |
Finance Executive |
LOCATIONS
|
Registered Office : |
7th Floor, |
|
Tel. No.: |
91-22-66681700 / 66681721/ 66681789 |
|
Fax No.: |
91-22-66681701 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
301-310, A Wing, Bonanza, |
|
Tel. No.: |
91-22-28398250 |
|
Fax No.: |
91-22-28398251 |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. T 28, MIDC, Phase 2, Taloja, District Raigarh – 410208, |
|
Tel. No.: |
91-22-39219100 |
|
Fax No.: |
91-22-39219101 |
|
Location : |
Owned |
|
|
|
|
Branches : |
Located at: ·
· Mumbai |
DIRECTORS
(AS ON 29.09.2010)
|
Name |
Mr. Charles E Dana |
|
Designation |
Director |
|
Date of
Appointment |
22.02.2000 |
|
|
|
|
Name |
Mr. Satish G Kulkarni |
|
Designation |
Managing Director |
|
Date of
Appointment |
02.04.2003 |
|
|
|
|
Name |
Mr. James S Blaszczyk |
|
Designation |
Director |
|
Date of
Appointment |
25.03.2009 |
|
|
|
|
Name |
Mr. Sangkyoo Han |
|
Designation |
Director |
|
Date of
Appointment |
17.03.2008 |
|
|
|
|
Name |
Mr. Zhooben Bhiwandiwala |
|
Designation |
Director |
|
Address: |
S-13, Cusrow Baug, |
|
Date of Birth/ Age: |
09.12.1959 |
|
Date of Appointment: |
01.04.2009 |
|
Date of Ceasing: |
24.11.2010 |
|
|
|
|
Name |
Mr. Arun K Nanda |
|
Designation |
Director
|
|
Address: |
3, St. Helen’s court, |
|
Date of Birth/ Age: |
13.03.1949 |
|
Date of
Appointment |
15.04.1999 |
|
Date of Ceasing: |
24.11.2010 |
|
|
|
|
Name |
Mr. Robert Ronald Krakowiak |
|
Designation |
Alternate Director to Mr. Charles Ellwyn
Dana |
|
Date of
Appointment |
03.12.2009 |
|
|
|
|
Name |
Mr. Stephen Nowak |
|
Designation |
Alternate Director to Charles E Dana |
|
Date of
Appointment |
17.03.2008 |
|
Date of Ceasing: |
02.12.2009 |
|
|
|
|
Name |
Mr. Gary Anderson Nieman |
|
Designation |
Director |
|
Date of
Appointment |
21.03.2006 |
|
Date of
Cessation |
25.03.2009 |
|
|
|
|
Name |
Mr. Raghunath Murti |
|
Designation |
Director |
|
Date of
Appointment |
23.02.2007 |
|
Date of
Cessation |
31.03.2009 |
KEY EXECUTIVES
|
Name |
Mr. Phani Kumar |
|
Designation |
Company Secretary |
|
Date of
Appointment |
01.05.2008 |
|
|
|
|
Name |
Mr. Nilesh Chavan |
|
Designation |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mahindra and Mahindra Limited
|
|
28124792 |
|
IPM Inc. |
|
78487796 |
|
OC NL Invest Cooperatief U.A. |
|
24200402 |
|
Mahindra and Mahindra Limited
jointly with Mr. A. K. Nanda |
|
1 |
|
Owens Corning Enterprise ( |
|
1 |
|
Owens Corning Enterprise ( |
|
1 |
|
Mahindra and Mahindra Limited
jointly with Zhooben Bhiwandiwala |
|
1 |
|
OC NL Invest Cooperatief U.A,
Jointly with Mr. Edward Neunuebel |
|
1 |
|
OC NL Invest Cooperatief U.A,
Jointly with Ms. Claire Dagommer |
|
1 |
|
OC NL Invest Cooperatief
U.A., Jointly with Ms. Magali Leroux |
|
1 |
|
Total |
|
130812997 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 30.09.2010)
|
Category |
|
Percentage of
Holding |
|
|
|
|
|
Foreign Holding [Foreign Institution(s), Foreign Companie(s), Foreign
Financial Insitution(s), Non-Resident Indian(s), or Overseas Corporate Bodies
or Others |
|
78.50 |
|
Bodies Corporate |
|
21.50 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Roofing Products, Commercial Roofing,
Insulation Foam, Asphalt, Fibre Glass, Yarn Textile, Rovings and Mats, etc. |
|
|
|
|
Products : |
* Mats * Rovings |
|
|
|
|
Exports : |
|
|
Products : |
All Products |
|
Countries : |
UAE and |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity* |
Actual Production |
|
|
|
|
|
|
|
Glass Fibre Products |
Tones |
-- |
48165*** |
46041 |
|
Technical Fabrics** |
Tones |
-- |
10800 |
8419 |
|
|
|
|
|
|
* As certified by the Management
** The installed capacity is after considering
plant and machinery taken on lease.
*** The Actual Production of Reinforcements includes
captive consumption of 8419 Tonnes for Technical Fabrics.
GENERAL INFORMATION
|
No. of Employees : |
Around 350 |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
*
Standard Chartered Grindlays Bank, * Standard Chartered Grindlays Bank, Mumbai *
Centurion Bank of Punjab Limited, * Export Import Bank of India, Centre One Building, 21st Floor, Wordl Trade Centre Complex, Cuffe Parade, Mumbai 400 005, Maharashtra, India * HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, (West), Mumbai-400013, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Amounts repayable within a year aggregate Rs.147.485 Millions (Previous Year Rs.501.779 Millions) NOTE: a) A foreign currency Loan is secured by (i) a first pari passu inter 98 ranking charges, mortgages over all of the company immovable and tangible and intangible movable (excluding receivable and Inventories) present and future assets (ii) a first ranking charge on the assigned agreements for the exclusive benefic of IFC; and (iii) a second ranking hypothecation/charge/mortgage over all of the company receivable (other than the export receivables) and inventories of the company for the exclusive benefit of IFC subject to prior charge of the working capital leaders. b) The term loan are fully secured by a first ranking pari passu inter se charges, mortgage over all of the company immovable and tangible movable (excluding receivables and immovable) (Present and future) assets c) The working capital loan is fully secured by an extensive charge on the exports receivable of the company d) The cash credit is fully secured by the first charge over the current assets of the company.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
252, Veer Savarakar Marg, |
|
|
|
|
Holding Company : |
IPM Inc., |
|
|
|
|
Ultimate Holding Company: |
Owens Corning Inc.,
|
|
|
|
|
Associates/Subsidiaries : |
* Mahindra Holding and Finance Limited * Mahindra and Mahindra Limited *
Owens * European Owens Corning Flberglas SA * Owens Corning Australia Private Limited * Owens Corning Canada INC * Owens Corning Enterprise India Private Limited *
Owens *
Owens * Owens Corning Veil U.K. Limited *
Owens *
Owens *
Owens Corning Espana S.A., *
Owens * Owens Corning Fiberglass France S.A. *
Owens *
Owens Corning ( *
Owens * Owens Corning Britinvest Limited *
Owens *
Owens * OC NL Invest Cooperatief U.A *
OCV Reinforcements Alcala *
OCV
Reinforcements *
OCV Reinforcements * OCV Reinforcements (Bejiing) Company Limited *
Owens Corning Manufacturing Limited, *
Owens * OCV Thailand Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 millions |
|
2500000 |
Preference Shares |
Rs.100/- each |
Rs.250.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.2250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130812997 |
Equity Shares |
Rs.10/- each |
Rs.1308.130
millions |
|
|
|
|
|
NOTE:
Of the above 102688201 (Previous year
102688201) Equity shares of Rs.10 each, fully paid up are held IPM Inc.,
Desware,
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 |
1308.130 |
1308.130 |
1308.130 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1549.972 |
1219.217 |
1087.702 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2858.102 |
2527.347 |
2395.832 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
455.772 |
1011.843 |
1350.712 |
|
|
2] Unsecured Loans |
0.000 |
89.080 |
137.731 |
|
|
TOTAL BORROWING |
455.772 |
1100.923 |
1488.443 |
|
|
DEFERRED TAX LIABILITIES |
513.947 |
265.828 |
117.674 |
|
|
|
|
|
|
|
|
TOTAL |
3827.821 |
3894.098 |
4001.949 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3135.381 |
3341.267 |
3548.572 |
|
|
Capital work-in-progress |
49.097 |
43.900 |
2.688 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.005 |
0.005 |
0.005 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
450.025
|
308.951
|
258.258 |
|
|
Sundry Debtors |
642.513
|
655.020
|
585.056 |
|
|
Cash & Bank Balances |
8.018
|
5.582
|
65.922 |
|
|
Other Current Assets |
0.931
|
1.214
|
1.012 |
|
|
Loans & Advances |
134.414
|
172.243
|
195.856 |
|
Total
Current Assets |
1235.901
|
1143.010
|
1104.102 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
481.138
|
543.197
|
490.485 |
|
|
Other Current Liabilities |
41.457
|
65.389
|
136.292 |
|
|
Provisions |
69.968
|
25.498
|
26.641 |
|
Total
Current Liabilities |
592.563
|
634.084
|
653.418 |
|
|
Net Current Assets |
643.338
|
508.926
|
450.684 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3827.821 |
3894.098 |
4001.949 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3156.378 |
3062.870 |
2878.336 |
|
|
|
Commission (Tax deducted at source Rs.10.608 Millions (Previous Year Rs.2.251
Millions) ) |
50.417 |
84.906 |
22.616 |
|
|
|
Processing Charges |
0.000 |
27.724 |
20.489 |
|
|
|
Other Income |
133.719 |
63.178 |
177.837 |
|
|
|
TOTAL (A) |
3340.514 |
3238.678 |
3099.278 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
628.084 |
570.225 |
668.031 |
|
|
|
Cost of Traded Goods Sold |
60.667 |
121.991 |
120.615 |
|
|
|
(Increase)/ Decrease in Stock |
[18.420] |
[63.688] |
[0.282] |
|
|
|
Manufacturing Expenses |
991.489 |
981.364 |
948.688 |
|
|
|
Employee Cost |
293.654 |
292.790 |
239.961 |
|
|
|
Administrative and other expenses |
360.020 |
631.295 |
440.188 |
|
|
|
TOTAL (B) |
2315.494 |
2533.977 |
2417.201 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1025.020 |
704.701 |
682.077 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.067 |
97.061 |
125.841 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
992.953 |
607.640 |
556.236 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
293.921 |
289.451 |
284.598 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
699.032 |
318.189 |
271.638 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
368.277 |
186.674 |
155.825 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
330.755 |
131.515 |
115.813 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
373.901 |
242.386 |
126.573 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
704.656 |
373.901 |
242.386 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
896.546 |
1010.556 |
1069.358 |
|
|
|
|
13.658 |
0.000 |
15.748 |
|
|
|
Commission Earnings |
0.000 |
1.227 |
3.491 |
|
|
|
Scrap Sales |
10.888 |
10.221 |
0.044 |
|
|
TOTAL EARNINGS |
921.092 |
1022.004 |
1088.641 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
181.259 |
233.241 |
256.971 |
|
|
|
Other Consumables |
40.354 |
34.030 |
52.420 |
|
|
|
Traded Goods |
106.970 |
80.615 |
82.404 |
|
|
|
Capital Goods |
63.170 |
28.477 |
67.257 |
|
|
TOTAL IMPORTS |
391.753 |
376.363 |
459.052 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.53 |
1.01 |
0.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.90
|
4.06
|
3.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.15
|
10.38
|
9.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.99
|
7.09
|
5.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.12
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.68
|
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
1.80
|
1.68 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Dues to Micro and Small Enterprises |
7.671 |
10.930 |
3.908 |
|
- Others |
473.467 |
532.267 |
486.577 |
|
Total |
481.138 |
543.197 |
490.485 |
TRADE REFERENCE:
· Mahindra and Mahindra Limited, Mumbai
NOTE:
Registered office address of the company has been shifted from Mahindra
Towers, Ground Floor, Road No. 13, Worli, Mumbai – 400 018,
HISTORY
The company was incorporated on 5th July, 1995 at
The company’s Registered Office was shifted from
The company has been promoted by Owens Corning, a company
incorporated in the
OPERATIONS REVIEW:
The Company continues to be a leading player of glassfibre market in
Fierce competition from Chinese suppliers continues in Reinforcements
market. Large volumes of fiberglass products from
During the year, the Company has commenced the Technical Fabrics
business and sold 7,977 MT mainly to wind energy market in
The manufacturing facility continues to pursue various cost saving
measures including sourcing, energy efficiency and productivity improvement
initiatives. Taloja plant also initiated steps to improve environmental
footprint of the manufacturing operations.
The company has been successfully been certified in the Surveillance
Audit for the ISO Systems for ISO 9001-2008 version along with 14001 and 18001.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2010 Rs.
In Millions |
|
a) In terms of Service Tax
Claims against the company not acknowledged as debts |
26.214 |
|
b) In respect of Income tax |
19.427 |
|
c) In respect of Bank Guarantee issued |
30.534 |
Note:
The company had imported certain assets aggregating Rs. 2098.861
Millions in earlier years under EPCG Scheme as prescribed under EXIM Policy and
availed benefits by way of savings in applicable duties. The company has filed
necessary application to directors General of Foreign Trade (DGFT) with regards
to fultillment of its export obligation under the aforesaid scheme. However,
the assessment by relevant authorities is pending. The Management based on
legal advice obtained, does not expect any outflow in this regard.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U73100MH1995PLC124707 |
|
Name of the company |
Owens Corning ( |
|
Address |
|
|
Type of Charges |
Immovable property Movable property Others |
|
Particular of the charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, (West), Mumbai-400013, Maharashtra, India |
|
Nature or description of the instrument creating or modifying the charge |
Indenture of Mortgage |
|
Date of the instrument creating charge |
30/03/2009 |
|
Amount Secure by the charge |
Rs.913.000
millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: HDFC: G-SEC +150 BASIS POINTS CITI: LIBOR + 150 BASIS POINTS IFC: LIBOR +210 BASIS POINTS Terms of repayment: As per Annexure attached Extent and operation of the charge: 1)First PP charge on all the Company’s movable (excluding receivables and inventories) and immovable assets both present and future be created as security for the HDFC Bank,the IFC and the Citibank Loans. 2) Assignment of rights of the Company under the Existing Project Documents (as defined in the Mortgage) and a second charge on all the Company’s receivables (other than export receivables) and inventories as security for the IFC 2nd loan. As more described in the Indenture of Mortgage. Others: HDFC Bank Limited is acting as Collateral Agent to the term lenders HDFC Bank Limited, International Finance Corporation and Citibank N.A. |
|
Short particulars of the Property charged |
Property located at Plot No. T-28 in the Taloja Industrial
Area, within the village limits of Tondare and Ghot and within the limits of
Municipal Council, Taluka Panvel, District Raigad, |
|
Name of the company |
OWENS CORNING ( |
|
Presented By |
Mr. Satish Kulkarni, Managing Director |
|
1) Date and description of instrument creating the change |
Unattested deed of hypothecation dated 04.04.2005 executed by Owens Corning India Limited (therin and hereafter referred to as “the Borrower” ) in favour of Export Import Bank of indai (Exim Bank) a certified true copy whereof is attached hereto. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Loan of USD 7.000 million (including any coverted Rupee amount(s) consequent upon default, in the case of foreign currency loan) together with interest, compound interest, additional interest by the way of liquidated damages (in case of default), costs, (legal costs on full indemnity basis), charges, expenses, and all other monies payable by the borrower to Exim Bank under the loan agreement dated 04.04.2005 made between the borrower and Exim Bank |
|
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 |
The whole of the borrower’s movable assets, both present and future briefly described in schedule III to the deed of hypothecation including its movable plant and machinery and current assets both present and future |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charges created by the aforesaid deed of hypothecation shall operates as a continuing security by way of a pari passu first charge over the borrower movable fixed assets and pari passu first charge over the borrower current assets for the due repayment by the borrower to Exim Bank of the loan of USD 7.000 million (including any converted rupee amount(s) consequent upon default in the case of foreign currency loan) together with payment of interest, compound interest, additional interest, by way of liquidated damages (in case of default), costs, (legal costs on full indemnity basis), charges, expenses, and all other monies payable by the borrower to Exim Bank in terms of the said loan agreement. The said charge shall rank in the order of priority set out in schedule IV to the deed of hypothecation |
|
5) Name and Address and description of the person entitled to the charge. |
Export Import Bank of |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
FIXED ASSETS:
·
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computers
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.44.90 |
|
|
1 |
Rs.69.69 |
|
Euro |
1 |
Rs.59.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.