MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANDHAR TECHNOLOGIES LIMITED |
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Registered Office : |
C-101 A, Ansal Plaza, HUDCO
Place, Khelgaon Marg, New Delhi – 110 049 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.10.1987 |
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Com. Reg. No.: |
55 – 29553 |
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CIN No.: [Company
Identification No.] |
U34360DL1987PLC029553 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELSO9876D |
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PAN No.: [Permanent
Account No.] |
AAACS0512J |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer
of Door Hardware Window Fittings, Clutch and Clutch Parts. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5496000 |
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Status : |
Satisfactory |
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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
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. Company can be considered good for normal 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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
C-101 A, Ansal Plaza, HUDCO
Place, Khelgaon Marg, New Delhi – 110 049, India |
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E-Mail : |
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|
Website : |
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Area : |
4500 Sq. ft |
|
Location : |
Owned |
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Factory : |
3, HSIDC Industrial Area, Sector 18, |
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Tel No : |
91-124-2340368 / 2340572 / 2340269 |
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Fax No : |
91-124-4012845 / 4018852 |
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E-Mail : |
DIRECTORS
As on 17.07.2010
|
Name : |
Mr. Dharmendar Nath Davar |
|
Designation : |
Director |
|
Address : |
B-5/82, Safdarjung Enclave, |
|
Date of Birth/Age : |
08.08.1934 |
|
Date of Appointment : |
02.07.1994 |
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|
Name : |
Mr. Jayant Davar |
|
Designation : |
Director |
|
Address : |
B-5/82, Safdarjung Enclave, |
|
Date of Birth/Age : |
18.10.1961 |
|
Date of Appointment : |
24.10.1987 |
|
|
|
|
Name : |
Mrs. Monica Davar |
|
Designation : |
Director |
|
Address : |
B-5/82, Safdarjung Enclave, |
|
Date of Birth/Age : |
07.09.1965 |
|
Date of Appointment : |
24.10.1987 |
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|
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|
Name : |
Mr. Mohan Lal Bhagat |
|
Designation : |
Director |
|
Address : |
24-B, New Road, Alipore, Kolkata – 700 027, West |
|
Date of Birth/Age : |
23.06.1935 |
|
Date of Appointment : |
02.02.1993 |
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Name : |
Mr. Chandra Mohan |
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Designation : |
Director |
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Address : |
202 Sector 36/A, |
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Date of Birth/Age : |
30.12.1932 |
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Date of Appointment : |
02.02.1993 |
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Name : |
Mr. Krishan Lal Chugh |
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Designation : |
Director |
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Address : |
N-79, |
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Date of Birth/Age : |
13.09.1937 |
|
Date of Appointment : |
14.03.2003 |
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|
|
Name : |
Mr. Satya Pal Wahi |
|
Designation : |
Director |
|
Address : |
Villa No.8C, |
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Date of Birth/Age : |
06.11.1929 |
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Date of Appointment : |
02.07.1994 |
|
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|
Name : |
Mr. Ravinder Nagpal |
|
Designation : |
Director |
|
Address : |
B-8/14, Vasant Vihar, First Floor, |
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Date of Birth/Age : |
06.04.1956 |
|
Date of Appointment : |
21.11.2001 |
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Name : |
Mr. Arvind Pande |
|
Designation : |
Director |
|
Address : |
E-148, First Floor, East of Kailash, |
|
Date of Birth/Age : |
07.09.1942 |
|
Date of Appointment : |
14.03.2003 |
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|
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|
Name : |
Mr. Arvind Kapur |
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Designation : |
Director |
|
Address : |
181-C, |
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Date of Birth/Age : |
05.07.1950 |
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Date of Appointment : |
01.10.2005 |
|
|
|
|
Name : |
Mr. Subba Rao Telidevara |
|
Designation : |
Director |
|
Address : |
A-403, Adarsh Residency, 47th Cross, 8th Block
Jayanagar, |
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Date of Birth/Age : |
10.06.1963 |
|
Date of Appointment : |
29.12.2005 |
|
|
|
|
Name : |
Mr. Prabir Harshad Talati |
|
Designation : |
Director |
|
Address : |
Flat No. 26A 2nd Floor, Belle View Plot No. 85, Bhulabhi
Desai Road, Breach Candy Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
25.03.1972 |
|
Date of Appointment : |
21.12.2009 |
|
|
|
|
Name : |
Mr. Joshi Arvind |
|
Designation : |
Director |
|
Address : |
G – 39, 2nd Floor, Kirti Nagar, |
|
Date of Birth/Age : |
25.09.1966 |
|
Date of Appointment : |
04.12.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Arvind Joshi |
|
Designation : |
Secretary |
|
Address : |
G-39, 2nd Floor, Kirti Nagar, |
|
Date of Birth/Age : |
25.09.1966 |
|
Date of Appointment : |
04.12.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.07.2010
|
Names of Shareholders |
No. of Shares |
|
Individuals |
|
|
Mr. Jayant Davar |
14160800 |
|
Mrs. Monica Davar |
977932 |
|
Master Neel Jay Davar |
740950 |
|
Mr. D.N. Davar |
399801 |
|
Mrs. Santosh Davar |
374262 |
|
Mrs. Poonam Juneja |
29650 |
|
|
|
|
Corporate Bodies |
|
|
Sandahr Estates Private Limited, |
166800 |
|
YSG Estates Private Limited, |
791444 |
|
Sanjeevni Impex Private Limited, |
794156 |
|
Sandhar Enterprises, |
43290 |
|
Sandhar Infosystems Limited, |
377890 |
|
Actis Auto Comonents Investment Limited, |
4473062 |
|
Actis Auto Investments Limited, |
1118265 |
|
Total |
24448302 |
AS ON 17.07.2010
|
Equity share
breakup |
|
|
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) |
22.87 |
|
Bodies corporate |
8.72 |
|
Directors or relatives of directors |
68.41 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Door Hardware Window Fittings, Clutch And Clutch Parts. |
|
|
|
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|
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Products : |
ITC CODE |
Product
Description |
|
85369000 |
Automobile Locks/Switches |
|
|
70091000 |
Rear View Mirrors |
|
|
8536900 |
Automobile components |
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|
83015000 |
Automobile Door handles |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
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GENERAL INFORMATION
|
Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
Cash Credit 70.000 Millions
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Note: 1. Term Loans from
Banks are secured by - Rs.81.097 Millions (Previous Year Rs. 126.952 Millions) are secured
by first pari passu charge on present and future fixed assets and immovable
properties of the company other than those specifically financed by other
banks/ financial institutions and second pari passu charge on all existing
and future inventories and receivables of the company. - Rs. 100.000 Millions (Previous Year Rs.140.000 Millions ) are
secured by first pari passu charge over plant and machinery and immovable
properties of the company other than those specifically charged to other
banks/financial institutions and second pari passu charge on current assets of
the company. - Rs.150.000 Millions (Previous year Rs. 150.000 Millions) are secured
by first pari passu charge over plant and machinery and immovable properties
of the company other than those specifically charged to other banks/financial
institutions and second pari passu charge on current assets of the company. - Rs. 205.000 Millions (Previous year Rs. Nil) are secured by first
pari passu charge over plant and machinery and immovable properties of the
company other than those Specifically charged to other banks/financial institutions and second pari
passu charge on current assets of the company. - Rs. 150.000 (Previous year Rs. Nil) are secured by first pari passu
charge over plant and machinery and immovable properties of the company other
than those Specifically charged to other banks/financial institutions. 2. Working Capital
Loans from Banks are secured by - Rs. 75.527 (Rs.160.239
Millions) are secured by first pari passu charge on all current assets of the
company and second the company , second pari passu charge over plant and
machinery and immovable properties of the company other than banks/financial institutions
and second
pari passu charge on current assets of the company. - Rs 33.450 (Rs.135.393 Millions) are secured by first pari passu
charge on all present and future inventories and receivables of the company
and second pari passu charge over fixed assets immovable properties of the company other
than banks/financial - Rs. 51.035 Millions (Previous year Rs. Nil) are secured by first
pari passu charge on all present and future inventories and receivables of the
company and second pari passu charge on all present and future inventories
and receivables of the company and second
3. Vehicle loan of Rs.1.490 Millions is secured by hypothecation of
the financed vehicle 4. Other loans and advances are secured by industrial lands purchased
at Industral Area Pathredi, Distt, Alwar Rajasthan and Bawal, Haryana. |
||||||||||||||||||||||||||||||||||
|
UNSECURED LOAN Other loans and advances From Others [payable within a year Rs.53.218 Millions] |
92.992 |
|||||||||||||||||||||||||||||||||
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Total |
92.992 |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountant |
|
Address : |
Golf View Corporate Tower B, Sector – 42, Gurgaon – 122 002, |
|
Pan No.: |
AALFS0506L |
|
Tel No : |
91-124-4644000 |
|
Fax No : |
91-124-4644050 |
|
|
|
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Group Company : |
Address: 3, HSIDC Industrial Area, Sector 18, Tel No: 91-124-2340368 / 2340572 / 2340269 Fax: 91-124-4012845 / 4018852 E-Mail: info@sldl.com Activity: Locking Systems
Village Dhumaspur, P.O. Badshahpur, Gurgaon -
122101(Haryana) Tel No: 91-124-2361704/705 Fax No: 91-124-2340352 E-Mail: info@sldl.com Activity: Rear View Mirrors and Paint Shop
Address: 24 - 23, Sector 3, IMT Manesar, Gurgaon - 122050
(Haryana) Tel No: 91-124-2290411 / 2290171 / 3090388 / 3090389 Fax No: 91-124-2290151. E- Mail : info@sldl.com , mktg@sldl.com Activity: Zinc and Aluminum Intricate PDC Components and Plastic Injection moulded components
Address: Village and P.O. Khandsa, Tel No: 91-124-2215142 / 2215561 Fax No: 91- 124-2215142. E- Mail: sinds@sldl.com, info@sldl.com , mktg@sldl.com Activity: Sheet
Metal and Tubular Fabricated Components and Assemblies
Address: 12-C, KIADB Industrial Area, Attibele - 562 107,
Anekal Taluk, Bangalore District, Tel : 91-80-7820205 / 7820206 / 7820208/ 7820209 / 7820246 Fax No: 91-80-7820347 E-mail: info@sldl.com Activity: Locking Systems, Brake and Clutch Assemblies
Address: #12-C, KIADB Industrial Area, Attibele - 562 107,
Anekal Taluk, Bangalore District, Tel No: 91-80-7820205 / 7820206 / 7820208/ 7820209 / 7820246 Fax No:91-80-7820347 E-mail: info@sldl.com Activity:
Automobile Rims and Component Plating
Address: No- 3 TVS indl estate,Harita, Hosur-635109, Dharampur district, Tamilnadu. Telefax No: 91-4344-279672, 275089 Email: info@sldl.com Activity: Wheel Assemblies and Handle Bar Assemblies |
|
|
|
|
Associates/Subsidiaries : |
Address: Plot No. 92, Sector 3, IMT, Manesar, Gurgaon - 122050
(Haryana) Tel No: 91-124-2290804 / 2290816 Fax: 91-124- 2290939. E- Mail: ssstpl@vsnl.net, ssst@dataone.in, info@sldl.com.
Address: Block A-III, No.15, ST-1C, Tel No. +62-264-350740 / 41. Fax No. +62-264-8371029 Email : info@sldl.com
Address: Tel: [+34] 93 898 00 63, 93 898 37 07. Fax: [+34] 93 898 12 36 , 93 898 38 95. Email : info@sldl.com
Address: 3, HSIDC Industrial Area, Sector 18, Tel No: 91-124-4012847 / 2340572 / 2340269 Fax : 91-124-4012845 / 4018852 E- Mail : arun@sldl.com
|
|
|
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115750000 |
Equity Share |
Rs.2/- Each |
Rs.231.500 Millions |
|
200000 |
Preference Shares |
Rs.100/- Each |
Rs.20.000 Millions |
|
Total |
Rs.251.500 Millions |
||
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24448307 |
Equity Share |
Rs.2/- Each |
Rs.48.897
Millions |
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 |
48.897 |
48.897 |
48.897 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1325.106 |
1180.842 |
1119.072 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1374.003 |
1229.739 |
1167.969 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
891.596 |
792.797 |
556.069 |
|
|
2] Unsecured Loans |
12.820 |
92.992 |
92.234 |
|
|
TOTAL BORROWING |
904.416 |
885.789 |
648.303 |
|
|
DEFERRED TAX LIABILITIES |
102.639 |
88.309 |
80.838 |
|
|
|
|
|
|
|
|
TOTAL |
2381.058 |
2203.837 |
1897.110 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1656.193 |
1304.894 |
1145.375 |
|
|
Capital work-in-progress |
259.012 |
381.026 |
265.184 |
|
|
|
|
|
|
|
|
INVESTMENT |
195.189 |
183.690 |
163.190 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
314.044
|
284.245
|
205.597 |
|
|
Sundry Debtors |
671.314
|
810.473
|
680.276 |
|
|
Cash & Bank Balances |
21.223
|
12.135
|
18.944 |
|
|
Other Current Assets |
0.062
|
0.019
|
0.724 |
|
|
Loans & Advances |
142.486
|
132.380
|
117.989 |
|
Total
Current Assets |
1149.129
|
1239.252
|
1023.530 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
798.154
|
786.860
|
602.987 |
|
|
Current Liabilities |
25.334
|
23.814
|
9.129 |
|
|
Provisions |
54.977
|
94.351
|
88.053 |
|
Total
Current Liabilities |
878.465
|
905.025
|
700.169 |
|
|
Net Current Assets |
270.664
|
334.227
|
323.361 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2381.058 |
2203.837 |
1897.110 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5502.126 |
4295.607 |
3810.901 |
|
|
|
Other Income |
109.140 |
86.102 |
62.722 |
|
|
|
TOTAL (A) |
5611.266 |
4381.709 |
3903.619 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase and Decrease in stock |
(0.887) |
(6.397) |
12.913 |
|
|
|
Raw Material |
3752.220 |
2982.197 |
2552.087 |
|
|
|
Personal Expenses |
486.164 |
357.862 |
318.746 |
|
|
|
Operating and Other Expenses |
793.109 |
620.158 |
604.336 |
|
|
|
TOTAL (B) |
5030.606 |
3953.820 |
3488.082 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
580.660 |
427.889 |
415.537 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
103.957 |
99.877 |
62.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
476.703 |
328.012 |
352.867 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
154.054 |
134.364 |
107.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
322.649 |
193.648 |
245.278 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
108.721 |
72.012 |
83.879 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
213.928 |
121.636 |
161.399 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
60.011 |
98.241 |
100.550 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
100.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
104.275 |
60.011 |
98.241 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB value |
38.339 |
54.181 |
63.173 |
|
|
|
FOB value of Export Dies |
0.274 |
0.000 |
10.587 |
|
|
TOTAL EARNINGS |
38.613 |
54.181 |
73.76 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
166.411 |
148.713 |
239.228 |
|
|
|
Stores & Spares |
7.929 |
2.047 |
2.312 |
|
|
|
Capital Goods |
90.498 |
125.252 |
53.618 |
|
|
|
Components |
0.000 |
0.000 |
2.402 |
|
|
TOTAL IMPORTS |
264.838 |
276.012 |
297.56 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.24 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.81 |
2.78 |
4.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.75 |
4.51 |
6.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.07 |
7.61 |
11.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.16 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63 |
0.74 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.37 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditor |
|
|
|
|
- Total outstanding dues of micro and small Enterprises |
30.242
|
22.875
|
36.898 |
|
- Total outstanding dues other than
of micro and small Enterprises |
756.863
|
748.842
|
555.641 |
|
-Advances from customer |
8.594
|
12.726
|
7.540 |
|
-Interest accured but not due |
2.455
|
2.417
|
2.908 |
|
Total |
798.154
|
786.860
|
602.987
|
The Company registered an all-round growth over previous year: Gross
Sales & Income of 23.08% EBITDA of 32.14%, Profit before tax of 62.44% and net
Profit of 69.39%. The manufacturing cost, Personnel & Finance Expenses
remained practically at the same level, as in the previous year, thanks to the
sizeable increase in the turnover. The interest cost could, in fact, have been
operationally lower but for long term project investments made by the Company
partly financed by term loans from banks: some of such investments had still to
reach a stage of fruition.
FUTURE OUTLOOK AND
PROSPECTS:
Despite somber global
economic scene, so too of the automobile industry and in tandem the auto
component sector, the situation in
NOTE:
The Registered office of the company has been
shifted from “B6/1, Commercial Centre, Safdarjaung Enclave,
Form: 8
|
Name of the company |
Sandhar Locking
Devices Limited |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
Term Loan of
Rs.70.000 Millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
First charge on
Land and building situated at:
|
|
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 |
First exclusive
charge on all present and future stocks and Book debts Plant and Machinery of
the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
|
|
5) Name and Address and description of the person entitled to the charge. |
CITI Bank N.A.,
Jeevan Vihar, 3, Sansad Marg, |
|
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 |
|
Corporate
identity number of the company |
U34360DL1987PLC029553 |
|
Name of the company
|
SANDHAR
TECHNOLOGIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-101 A, Ansal Plaza, HUDCO
Place, Khelgaon Marg, New Delhi – 110 049, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of
India, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi –
110 001, India E-Mail: atul.singhal@sbi.co.in |
|
Nature of
instrument creating charge |
e-VFS facility
agreement between Bank and Supplier for Rs.230.000 Millions e-VFS Facility
agreement between Bank and Supplier for Rs.30.000 Millions |
|
Date of instrument
Creating the charge |
18.08.2009 |
|
Amount secured by
the charge |
Rs.260.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest EVFS Limit: The pricing
for e-VFS will be 11.75%. EVFS Limit: TVS Motors – The pricing for e-VFS will
be 1.25% below SBAR, present effective rate 10.50%. Terms of
repayment EVFS Limit: Tata
Motors – On the 89th day or on receipt of payment from Tata
Motors. EVFS Limit: TVS
Motors – On the 45th day or on receipt of payment from TVS Motors. Margin Margin – Nil Extent and
operation of the charge The charge
operates till the repayment of all the dues together with interest and all
other charges in respect of credit facilities availed/to be availed by the
company from the bank. Others The above is to
secure the credit facilities provided by the bank as under: e-VFS Limit for
supplies made to TATA Motors – Rs.30.000 Millions and e-VFS limit for
supplies made to TVS Motor Company Limited – Rs.230.000 Millions, totalling
Rs.260.000 Millions Other terms and
conditions as per sanction letter No.SBI/OBND/RM-II/2009-10/208 dated
18.07.2009 |
|
Particulars of
the property charged |
Discounting negotiating
or purchasing the invoiced receivables due from TVS MOTOR COMPANY LIMITED and
TATA MOTORS LIMITED |
|
Corporate
identity number of the company |
U34360DL1987PLC029553 |
|
Name of the
company |
SANDHAR
TECHNOLOGIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-101 A, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Movable Property Floating Charge |
|
Particular of
charge holder |
YES BANK LIMITED,
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF |
|
Nature of
instrument creating charge |
Memorandum of
Entry dated November 11, 2010. |
|
Date of
instrument Creating the charge |
11.11.2010 |
|
Amount secured by
the charge |
150.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: For Term Loan of INR 150MM:- For First 24
months: Fixed rate of interest @ 11.00%. After 24 months:
Interest rate to be decided/renegotiated/reset on mutually agreeable terms Terms of
Repayment : Principal to be repaid in 16 equal quarterly installments after a
moratorium period of 12 months (interest to be served on monthly basis). Margin : Nil Extent and Operation
of the charge : First Pari-Passu charge on all Moveable Fixed Assets (other
than those specifically charged to other lenders/institutions) of the
company. First pari passu
Charge on Immovable Property located at location as mentioned in the Second
Schedule of the Memorandum of Entry dated November 11, 2010 in the
attachment. |
|
Short particulars
of the property charged |
1) First Pari
Passu charge on all movable Fixed Assets located at locations as mentioned in
second schedule to attachment (Other than those specifically charged to other
lenders / institutions). 2) First pari
passu Charge on Immovable Property located at location as mentioned in the
Second Schedule of the Memorandum of Entry dated November 11, 2010 in the
attachment. |
Fixed Asset:
- Building
- Furniture
- Computer
- Plant and Machinery
- Vehicles
Trade Refernaces:
- Shri Laxmi Udyog Private Limited, Gurgaon
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.48.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.54.84 |
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 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.