MIRA
INFORM REPORT
|
Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
E.M.I. TRANSMISSION LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.05.1973 |
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Com. Reg. No.: |
11-16533 |
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CIN No.: [Company Identification
No.] |
U28100MH1973PLC016533 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUME04515A MUME03226G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Space Damper and Single Suspension. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7000000 |
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Status : |
Good |
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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. However 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 |
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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 : |
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Tel. No.: |
91-22-25841400 (5 lines) |
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Fax No : |
91-22-25841408 |
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E-Mail : |
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Website : |
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Factory : |
157/2/1, Village Brahmanwada, Taluka Sinnar, District Nashik - 422
103, |
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Tel. No.: |
91-253-2802504/ 687/ 219/ 250 |
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Fax No : |
91-253-2802687 |
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E-Mail : |
DIRECTORS
As on 15.09.2010
|
Name : |
Mr. Manbir Hanwant Singh |
|
Designation : |
Director |
|
Address : |
Karamtara House, F-285, Shyam Dath, Shyam Nagar, Jaipur – 302 019, |
|
Date of Birth/Age : |
02.03.1938 |
|
Date of Appointment : |
06.07.2006 |
|
DIN No. : |
00583469 |
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Name : |
Mr. Sanjiv Rasiklal Sheth |
|
Designation : |
Managing Director |
|
Address : |
Mangal Kunj, |
|
Date of Birth/Age : |
24.11.1963 |
|
Date of Appointment : |
30.04.1992 |
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DIN No. : |
00034445 |
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Name : |
Mr. |
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Designation : |
Whole Time Director |
|
Address : |
33/5, Swadhin Sadan, C – Road, Churchgate, Mumbai – 400 020, |
|
Date of Birth/Age : |
22.11.1933 |
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Date of Appointment : |
15.05.1992 |
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DIN No. : |
00045415 |
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Name : |
Mr. Bhasker Mohanlal Mehta |
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Designation : |
Director |
|
Address : |
Plot No.7, Cozy Cottage, Adibad Estate, Mathuradas Mukti Con.,
Opposite Sheetal Building, Mumbai – 400 056, |
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Date of Birth/Age : |
17.08.1934 |
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Date of Appointment : |
15.12.1994 |
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DIN No. : |
00725253 |
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Name : |
Mr. Tiruchengode Balasubramanian Narayanan |
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Designation : |
Director |
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Address : |
601, |
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Date of Birth/Age : |
04.07.1949 |
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Date of Appointment : |
10.07.1995 |
|
DIN No. : |
00045424 |
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Name : |
Mr. Kamalnayan Shantilal Kotak |
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Designation : |
Director |
|
Address : |
Seksaria House, |
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Date of Birth/Age : |
05.04.1949 |
|
Date of Appointment : |
20.04.2006 |
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DIN No. : |
00151664 |
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Other Directorship : |
CIN of company: U51900MH2000PTC124523 Name of the company: Kotak Exim Private Limited Designation: Director CIN of company:
U40100MH1997PTC110591 Name of the company: Kotakurja Private Limited Designation: Director |
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Name : |
Mr. Baburao Prataprao Deshmukh |
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Designation : |
Director |
|
Address : |
Snehal, Block No.1, |
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Date of Birth/Age : |
15.07.1944 |
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Date of Appointment : |
06.07.2006 |
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DIN No. : |
00002357 |
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Name : |
Mr. Ashok Kotumal Pahalajani |
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Designation : |
Director |
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Address : |
Bherumal Bhavan, Flat No.9, |
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Date of Birth/Age : |
18.01.1959 |
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Date of Appointment : |
06.07.2006 |
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DIN No. : |
00574603 |
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Name : |
Mr. Manish Chatar Singh Chhajed |
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Designation : |
Nominee Director (Nominee of
Reliance |
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Address : |
29, Adarsh Nagar, Rohtak – 124 001, |
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Date of Birth/Age : |
14.06.1978 |
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Date of Appointment : |
12.08.2009 |
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DIN No. : |
02549768 |
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AUDIT COMMITTEE
: |
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|
Mr. S. R. Sheth Mr. B. M. Mehta Mr. T. N. Balasubramanian Mr. Manish Chhajed |
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REMUNERATION
COMMITTEE : |
Mr. T. N. Balasubramanian Mr. B. M. Mehta Mr. K.S. Kotak Mr. Manish Chhajed |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sanjiv Rasiklal Sheth |
|
5944290 |
|
Sanjiv Rasiklal Sheth, HUF |
|
463800 |
|
|
|
426960 |
|
Hemangini Sanjiv Sheth |
|
375000 |
|
Sadhana Rajesh Sheth |
|
41250 |
|
B.P. Deshmukh |
|
5555 |
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T.N. Balasubramanian |
|
28055 |
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Lalitha Balasubramanian |
|
22500 |
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Bhasker Mehta |
|
15000 |
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Arusha Tuli |
|
15000 |
|
Kalpesh Mehta |
|
15000 |
|
Ashish Mehta |
|
15000 |
|
Urmila Mehta |
|
15000 |
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Priya Subash |
|
15000 |
|
Hary Narayanan |
|
15000 |
|
Viral Ramesh Desai |
|
12525 |
|
Sejal Viral Desai |
|
11850 |
|
Subrata Chatterjee |
|
11566 |
|
Sarla Ramesh Desai |
|
9525 |
|
Ramesh Vrajlal Desai |
|
8850 |
|
P.D. Mehta |
|
6083 |
|
S.K. Sadananda Shetty |
|
3722 |
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Nalini Menon |
|
2611 |
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Ramchandra Ragho Ranjane |
|
1500 |
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Dilip Yeshwant Vaidya |
|
1500 |
As on 15.09.2010
|
Category |
Percentage |
|
Venture Capital |
22.89 |
|
Bodies corporate |
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Directors or relatives of Directors |
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|
Other top fifty shareholders |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Space Damper and Single Suspension. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
|
Hardware Accessories
and fitting for Power Transmission Line |
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|
55000
MT |
17500
MT |
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Particulars |
Units |
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|
Actual
Production |
|
Vibration Damper |
Nos. |
|
|
283699 |
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Single Suspension |
Sets |
|
|
45384 |
|
Double Suspension |
Sets |
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|
9922 |
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Single Tension |
Sets |
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|
23803 |
|
Spacer Damper |
Sets |
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|
94487 |
|
Perform Armour Rod |
Nos. |
|
|
14128 |
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Double Tension |
Sets |
|
|
16901 |
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Quad Tension |
Sets |
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|
5157 |
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Midspan Compression Joint |
Nos. |
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|
30566 |
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Bundle Spacer |
Nos. |
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|
89883 |
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Rigid Spacer |
Nos. |
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|
27036 |
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Repair Sleeves |
Nos. |
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|
11255 |
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Suspension Clamp |
Nos. |
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|
8521 |
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GENERAL INFORMATION
|
Customers : |
Domestic
International
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Bankers : |
v
Dena Bank, Corporate Business Branch,
Bandra-Kurla Complex, Bandra (East), Mumbai – 400 050, v
Standard Chartered Bank, 90, v
State Bank of v
Union Bank of v
Indian Bank v
Dena Bank, Industrial Finance Branch, Cuffe
Parade, Mumbai – 400 005, v
HDFC Bank Limited, Motwani Chambers, |
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Facilities : |
Note: i)Working Capital
Loans are secured by hypothecation of present and future stock of
Inventories, Book Debts and receivables on pari passu basis with all
consortium Banks. This is further secured by a extension of charge over the
Company’s present and future Fixed Assets. i) Term loan
includes Exchange Commercial Borrowings which are secured by existing
machineries and any future addition thereto. Term loan also includes Car
loans from Banks / NBFC which are secured by hypothecation of respective
vehicles. iii) Foreign
Bills Purchase is secured against Book Debts. iv) All the
above loans are further secured by personal guarantees of two Directors of
the Company.
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Chokshi and Chokshi Chartered Accountants |
|
Address : |
101-102, Kshamalaya, 1st Floor, 37, New Marine
Lines, Mumbai – 400 001, |
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Pan No.: |
AABPC5914C |
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Wholly Owned Subsidiary Company : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Share |
Rs.10/- each |
Rs.150.000 Millions |
|
50000 |
Cumulative Participating
10% Convertible Redeemable Preference Shares |
Rs.1000/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.200.00
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9897429 |
Equity Shares |
Rs.10/- each |
Rs.98.974 Millions |
|
|
|
|
|
Of the above
2498900 Equity Shares of Rs.10/- each are issued for consideration other than
cash by way of Bonus shares in earlier years.
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9793369 |
Equity Share |
Rs.10/- each |
Rs.97.934 Millions |
|
|
|
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|
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 |
97.934 |
97.765 |
97.422 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1660.974 |
1341.387 |
1075.195 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1758.908 |
1439.152 |
1172.617 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1179.636 |
583.790 |
340.409 |
|
|
2] Unsecured Loans |
511.291 |
117.723 |
117.722 |
|
|
TOTAL BORROWING |
1690.927 |
701.513 |
458.131 |
|
|
DEFERRED TAX LIABILITIES |
7.312 |
12.271 |
11.196 |
|
|
|
|
|
|
|
|
TOTAL |
3457.147 |
2152.936 |
1641.944 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
507.919 |
238.611 |
243.479 |
|
|
Capital work-in-progress |
143.734 |
115.918 |
43.263 |
|
|
|
|
|
|
|
|
INVESTMENT |
152.212 |
152.212 |
20.233 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1359.412
|
680.870
|
290.271 |
|
|
Sundry Debtors |
1595.012
|
1074.619
|
839.714 |
|
|
Cash & Bank Balances |
645.806
|
647.603
|
798.626 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
153.091
|
320.416
|
319.405 |
|
Total
Current Assets |
3753.321
|
2723.508
|
2248.016 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
133.402
|
104.780
|
40.564 |
|
|
Other Current Liabilities |
890.542
|
767.050
|
639.684 |
|
|
Provisions |
76.095
|
205.483
|
232.799 |
|
Total
Current Liabilities |
1100.039
|
1077.313
|
913.047 |
|
|
Net Current Assets |
2653.282
|
1646.195
|
1334.969 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3457.147 |
2152.936 |
1641.944 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services (Net) |
2636.788 |
2320.518 |
2007.864 |
|
|
|
Other Income |
0.215 |
0.215 |
0.338 |
|
|
|
TOTAL (A) |
2637.003 |
2320.733 |
2008.202 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase) / Decrease in stock |
(509.418) |
(365.445) |
(28.736) |
|
|
|
Materials Consumed |
2096.613 |
1824.126 |
1300.515 |
|
|
|
Personnel Cost |
69.046 |
58.371 |
44.667 |
|
|
|
Manufacturing and Other Expenses |
222.372 |
119.369 |
151.408 |
|
|
|
TOTAL (B) |
1878.613 |
1636.421 |
1467.854 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
758.390 |
684.312 |
540.348 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
201.016 |
183.133 |
135.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
557.374 |
501.179 |
404.425 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.526 |
33.222 |
30.067 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
515.848 |
467.957 |
374.358 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
175.055 |
177.834 |
133.838 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
340.793 |
290.123 |
240.520 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
639.613 |
453.345 |
265.839 |
|
|
|
|
|
|
|
|
|
|
Less:
Income
Tax and other prior year items |
(3.941) |
4.897 |
1.528 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
98.436 |
73.857 |
28.600 |
|
|
|
Dividend on Redeemable Preference Shares |
0.000 |
0.000 |
0.726 |
|
|
|
Proposed Dividend on Equity Shares |
21.518 |
21.455 |
18.835 |
|
|
|
Corporate Dividend Tax |
3.657 |
3.646 |
3.325 |
|
|
BALANCE CARRIED
TO THE B/S |
860.736 |
639.613 |
453.345 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Direct Exports |
218.738 |
115.371 |
69.397 |
|
|
|
FOB Value of Indirect Exports* |
55.363 |
124.870 |
82.734 |
|
|
|
Testing Charges |
3.194 |
1.573 |
0.000 |
|
|
TOTAL EARNINGS |
277.295 |
241.814 |
152.131 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Direct Imports) |
165.761 |
65.330 |
187.726 |
|
|
|
Raw Materials (Indirect Imports) |
0.000 |
0.000 |
22.392 |
|
|
|
Capital Goods |
111.757 |
7.675 |
20.102 |
|
|
TOTAL IMPORTS |
277.518 |
73.005 |
230.220 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
35.20 |
29.75 |
25.54
|
|
|
|
- Diluted |
35.20 |
29.50 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.92
|
12.50
|
11.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.56
|
20.17
|
18.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.99
|
15.80
|
15.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.33
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59
|
1.24
|
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.41
|
2.53
|
2.46 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS, TURNOVER AND PROFITABILITY
The year was
eventful with successful completion of several Projects in South East Asian and
International markets. Although the fiscal year 2009-10 began as a difficult
one with significant economic slowdown in countries across the world, the
Global economy and specifically Asian economies posted a recovery by end of the
year. Impact of
recessionary period of previous year due to financial crises, slow economic
growth, and liquidity crunch, sharp fall in the stock market, very volatile
commodity prices, and sharp movement in currencies continued in the initial
period. The Company too was not insulated from these as the business had its
impact on new orders, delays in execution of orders, the exchange rate fluctuation
and volatile commodity prices. The Company continued its focus on delivering
quality products and timely execution of project with prudent execution and
management of resources.
During the year,
the Company executed several new projects and achieved a turnover of Rs.
2830.220 millions against turnover of Rs. 2444.466 millions in earlier
financial year 2008-09 thereby registering a growth of 15.78% on YOY. The net
profit too increased from Rs. 290.124 millions in FY 2008-09 to Rs. 340.793
millions during the year showing a growth of 17.46% on YOY. The growth in
turnover and profits was due to the Company’s continuous focus on operating
efficiencies, cost reduction and for various rationalization measures and
efficiency in the management of resources. This was in spite of backdrop of
highly volatile movement in prices of Metals specially Steel, Zinc and
Aluminium and currencies during the year.
STATUS OF CAPITAL EXPENDITURE AND EXPANSION PLAN
State owned Electricity
transmission Company Power Grid Corporation of India Limited (PGCIL) plans to
float tenders valued at Rs. 640000.000 millions in 2010-11 for nine high
capacity corridors that will transmit power from new projects in Orissa,
Sikkim, Jharkhand, Chattisgarh, Madhya Pradesh, Andhra Pradesh and Tamilnadu.
All the nine Transmission corridors that will evacuate power from independent
power producers require an investment of around Rs. 640000.000 millions. These
corridors will have high voltage lines with the capacity to withstand
variations of surge and decline in power transmission of the order of 800 kV.
They will help increase inter regional Power transfers capacity.
The Ministry of
Power has announced 14 Ultra Mega power projects for Private participation. The
estimated cost of these projects to be implemented by end of 11th
Plan period is about Rs. 250000.000 millions. Keeping in view expected growth
and demand in the local and international market, Company has completed major
portion of the up gradation of the existing Nashik unit under Phase IV of the
Capital Expenditure Programme.
Under Phase IV,
the Company has upgraded its manufacturing infrastructure of existing plant by
acquiring balancing equipment resulting into increase in the production
capacity. Company also acquired highly advanced Pipe Bending Machine from
The Company
availed External Commercial Borrowings (ECB) of U.S.$ 9 million from the
Standard Chartered Bank to finance its assets.
INDUSTRY OVERVIEW AND FUTURE OUTLOOK
The Government of
India (the “Government”) has identified the power sector as a key sector of
focus to promote sustained industrial growth by embarking on an aggressive
mission – “Power for All” by 2012 backed by extensive reforms to make the power
sector more attractive for private sector investment. According to the
Integrated Energy Policy (“IEP”) report of August 2006 issued by the Planning
Commission, India would require additional capacity of about 73-86 gigawatt
(“GW”) by 2012, 159-190 GW by 2017 and 278–341 GW by 2022, respectively, based
on normative parameters in order to sustain a 8-9% GDP growth rate. The Indian
power sector has historically been characterized by energy shortages which have
been increasing over the years. According to the 17th Electric Power Survey,
South Asian
markets have been floating mainly small and mid size projects in Power
Transmission during the year. The number of Large Projects is expected to be
offered in South Asian markets in near future. Many large Power generating
projects are being planned in the
The Company has
participated in various tenders amounting to Rs.5168.200 millions which are yet
to be opened. Further tenders aggregating to Rs. 8752.200 millions are floated
by private parties related to PPP (Private Public Partnership) as well as BOOT
(Build, own, operate, and transfer) basis for which the Company has Submitted
its offer. With the emphasis of the Government of India on strengthening the
Inter State Transmission Grid the order flow in the domestic market has
increased substantially and this trend is expected to continue in the coming
years. The Company is required to Supply Hardware Fittings and Conductor and
Earth wire Accessories for a experimental 1200 kV Transmission Line of 1 KM
which is developed by PGCIL pursuant to execution of MOU with Power Grid
Corporation of India Limited and Central Power Research Institute Bangalore for
jointly developing 1200 KV Transmission line first time in
PARTICIPATION IN INTERNATIONAL FAIRS
During the year,
the Company participated in the Middle East Electricity Exhibition- 2010 (MEE
2010) held in Dubai (UAE) during February 2010. The response in the exhibition
was encouraging and the Company received several inquiries from overseas
customers.
The Company also
actively participated in the 3rd T and D Industry Conclave convened by IEEMA
(Indian Electrical and Electronics Manufacturers Association) where Company
represented the Hardware Industry, Issues and expectations from Tunkey
contractors, Insulator Suppliers, PGCIL and State Electrical Boards and Indian
Private Transmission Companies were inter deliberated upon.
ISO CERTIFICATION
The Quality
Management System of EMI has been re-certified for ISO 9001:2008 by NQAQSR New
Delhi and the certificate is valid till 2013.
Form 8:
|
Corporate
identity number of the company |
U28100MH1973PLC016533 |
|
Name of the
company |
E.M.I. TRANSMISSION LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
Charge |
|
Type of charge |
Movable property Book Debts Immovable property |
|
Particular of
charge holder |
Dena Bank, Dena Corporate Centre, Bandra-Kurla Complex,
Bnadra (East), Mumbai – 400 050, E-Mail: psnene@denabank.co.in |
|
Nature of
instrument creating charge |
Ninth
Supplemental Joint Deed of Hypothecation dated 28th October, 2010 in favour
of Dena Bank, Union Bank of |
|
Date of
instrument Creating the charge |
28.10.2010 |
|
Amount secured by
the charge |
Rs.2662.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
- Rate of Interest at
such rate as may be fixed by the banks from time to time and shall be linked
to the bank's PLR or such other criterion as per sanction letter issued by
respective banks. Terms of
repayment - As may be decided
by the banks, as per sanction letter issued by respective banks. Margin - As may
be decided by the banks, as per sanction letter issued by respective banks. Extent and
operation of the charge - The security is
to cover the principal amount together with interest, costs, charges,
expenses, etc. |
|
Particulars of
the property charged |
Stocks of Raw
Materials, Semi-finished/finished goods manufactured by unit for export
purpose, stores and spares, packing material, bills receivable, book debts
and other movables (excluding movables permitted by the banks from time to
time), documents of title to goods and other assets such as outstanding
moneys, receivables, investments, etc. All the movable plant and machinery
All the specific items of machinery specified in First Schedule of 9th JDH
Immovable property at |
|
Date of
instrument modifying the charge |
29.04.2008 |
|
Particulars of
the present modification |
The working
capital facility has been enhanced from Rs.2366.000 millions to Rs.2662.000 millions
[comprising Dena Bank Rs.1836.000 millions (excluding Rs.400.000 millions
towards negotiation of bills under LC not reckoned for the purpose of
security sharing), Union Bank of India Rs.496.000 millions and Standard
Chartered Bank Rs.33 millions], State Bank of Patial and Indian Bank gone out
of consortium and Standard Chartered Bank joined the consortium. |
Contingent Liabilities:
i. Estimated amounts of contracts remaining to be executed on capital account
(net of advances) Rs. NIL (Previous year Rs. 111.067 millions)
ii. In respect of Letter of Credit issued by the bankers of the Company
amounting to Rs. 25.134 millions (Previous year Rs. 1.299 million) as on
balance sheet date.
iii. In respect of Guarantees issued by the bankers of the Company amounting
to Rs. 461.501 millions (Previous year Rs.180.395 millions) as on balance sheet
date.
iv. In respect of Corporate Guarantees issued amounting to Rs. NIL (Previous
year Rs. 0.994 millions).
v. Claims lodged against co. and not acknowledge as debt.- Rs NIL(Previous
Year NIL)
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Computer
- Motor Cycle
WEBSITE DETAILS:
PROFILE:
The EMI management team is thoroughly professional and well experienced. EMI has a qualified and dedicated team of managers with vast experience in their respective areas of work. The Engineering, Marketing, Quality Control and Production team consist of engineers from different disciplines adding depth to the technical competency of the company. This team is equipped to provide the customers with ideal solutions for their hardware requirements.
Recognising the importance of human resources, the company lays a lot of
emphasis on nurturing and developing its people.
Quality Production is Everyone's Responsibility. All members of EMI management and staff are unanimously involved in ensuring quality maintained at all levels of the production process. With equal responsibility and involvement shared by all, every member of the staff can take pride in the company's success through its quality policy, which meets customer requirements.
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.