MIRA
INFORM REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
META COPPER AND ALLOYS LIMITED (w.e.f. 11.10.2007) |
|
|
|
|
Formerly Known
As : |
META STRIPS LIMITED |
|
|
|
|
Registered
Office : |
36/37, Mittal Chambers, Nariman Point, Mumbai – 400 021, |
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|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
11.03.1997 |
|
|
|
|
Com. Reg. No.: |
11-106475 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1849.973
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29230MH1997PLC106475 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM22906C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM7357B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing and Selling of 'Non-Ferrous Metal Alloys'. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Closed Operations |
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|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
As informed by Mr. Jha, Operations in June, 2011. No further
information could be made available. Payment terms are unknown. Initially, the company can be considered for business dealings on a safe
and secured 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 |
LOCATIONS
|
Registered Office : |
36/37, Mittal Chambers, Nariman Point, Mumbai – 400 021, |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
Gandhi Mansion 3rd Floor, Above South African Consulate 20, Altamount Road, Grant Road, Mumbai – 400 026, Maharashtra, India |
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Tel. No.: |
91-22-23512791 |
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Fax No.: |
91-22-23523054 |
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E-Mail : |
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|
Works and Marketing Office : |
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|
Tel. No.: |
91-832-2783944-47 91-832-2783952 (Direct) |
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Fax No.: |
91-832-2783953 |
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E-Mail : |
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|
1010, |
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Tel. No.: |
91-11-3042355/ 56 |
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E-Mail : |
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|
|
S-218, 2nd Floor, South Block, |
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E-Mail : |
DIRECTORS
As on 24.11.2010
|
Name : |
Mr. Sushil Kumar Khaitan |
|
Designation : |
Chairman and Managing Director |
|
Address : |
14B, Sterling Apartments, G. Deshmukh Marg, Mumbai – 400 026, |
|
Date of Birth/Age : |
07.10.1960 |
|
Qualification : |
B.Com |
|
Experience : |
25 Years |
|
Date of Appointment : |
11.03.1997 |
|
DIN No.: |
00013001 |
|
|
|
|
Name : |
Mr. Putcha Parvathisem |
|
Designation : |
Director |
|
Address : |
301, Ramaneeyam Kalanjali Siddharth Aracde, Sai Sankalpa Nagar, Near
Koundinya Club, Jeedinetla Village, Rangareddy District, Hyderabad – 500 055,
Andhra Pradesh, India |
|
Date of Birth/Age : |
14.08.1941 |
|
Date of Appointment : |
30.09.2004 |
|
DIN No.: |
00890046 |
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|
|
|
Name : |
Dr. Anand Swaroop Khanna |
|
Designation : |
Director |
|
Address : |
504, Glen Classic, Hiranandani Garen, Powai, Mumbai – 400 076, |
|
Date of Birth/Age : |
15.09.1952 |
|
Date of Appointment : |
23.10.2003 |
|
DIN No.: |
03010112 |
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|
|
|
Name : |
Mr. Deepak Mathur |
|
Designation : |
Additional Director |
|
Address : |
G-306, Girisikhara Enclave, Hill Top Colony, Erramanzil, |
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Date of Birth/Age : |
07.11.1961 |
|
Date of Appointment : |
06.03.2010 |
|
DIN No.: |
03012512 |
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|
|
|
Name : |
Mr. Dwarkanath Laxman Rao |
|
Designation : |
Additional Director |
|
Address : |
F-3, Mamai Kamat Apartments, |
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Date of Birth/Age : |
14.01.1958 |
|
Date of Appointment : |
11.12.2010 |
|
DIN No.: |
02964639 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.11.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Alloy Holdings Private Limited, |
|
1850000 |
|
Bombay Patliputra Estate Development Private Limited, |
|
1450000 |
|
Copper Holdings Private Limited, |
|
1990000 |
|
D. Gautam International Private Limited, |
|
532500 |
|
Empower Personnel Search Private Limited, |
|
10000000 |
|
India Debt Management Limited, |
|
10000 |
|
India Debt Management Private Limited, |
|
35580000 |
|
Jindal Aluminium Limited, |
|
3390500 |
|
Meta Holdings Services Private Limited, |
|
36258175 |
|
Profinish Solutions ( |
|
5000000 |
|
Shree Glogal Tradefin Limited, |
|
3150000 |
|
Venus Nevesh Private Limited, |
|
20000 |
|
Anubha Khaitan |
|
100 |
|
Arun Khaitan |
|
100 |
|
Kum Sonakshi Khaitan |
|
16000 |
|
Kum Vaidehi Khaitan |
|
14000 |
|
Sitaram Jindal |
|
10000 |
|
Sushil Khaitan HUF |
|
40000 |
|
Beheer-En Beleggingsmaats Chapppin Gravo B.V., The |
|
7680000 |
|
Jal Executives Welfare |
|
270000 |
|
Jindal Aluminium Stockists and Dealers |
|
300000 |
|
|
|
3350000 |
|
Jindal Karmchari Kalyan Sansthan, |
|
70000 |
|
Karnataka Charitable |
|
3508600 |
|
Pragun Jindal Educational Organisation, |
|
2175500 |
|
Sanjay Bagrodia |
|
100 |
|
Sushil Bhuwalka |
|
100 |
|
Vivek Charitable |
|
447000 |
|
Asset Reconstruction Company ( |
|
33000000 |
|
IFCL Limited, |
|
9042000 |
|
IFCL Limited, |
|
19129578 |
|
Life Insurance Corporation of |
|
535500 |
|
Total
|
|
178819753 |
|
Names of Shareholders A (Preference Shares – I Series) |
|
No. of Shares |
|
The New India Assurance Company Limited, |
|
250000 |
|
National Insurance Company Limited, |
|
100000 |
|
Total
A |
|
350000 |
|
|
|
|
|
Names of Shareholders B (Preference Shares – II Series) |
|
|
|
Life Insurance Corporation of |
|
267750 |
|
Total
B |
|
267750 |
|
|
|
|
|
Total
(A+B) |
|
617750 |
As on 24.11.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Public financial companies |
|
34.51 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
4.30 |
|
Bodies
corporate |
|
55.49 |
|
Directors
or relatives of directors |
|
0.04 |
|
Other
top fifty shareholders |
|
5.66 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of 'Non-Ferrous Metal Alloys'. |
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||||
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Products : |
v
Copper v
Brass v
Value Added Products
|
PRODUCTION STATUS (AS ON 31.03.2010)
Licensed Capacity:
No license is
required for any of the products manufactured by the Company; hence licensed capacity
is not given.
Installed Capacity
(Annual)
(As certified by
the Management and relied by the auditor being a technical matter)
42,000 M.T of
Copper Alloy products
|
Particulars |
Production Qty.
(MT) |
|
Brass Strips |
9409.72 |
|
Copper Strips |
2558.54 |
|
Total |
11968.26 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v Canara Bank v Indian Overseas
Bank, Panjim Branch, v ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
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|
Name : |
Suresh Surana and Associates Chartered Accountants |
|
Address : |
13th Floor, Bakhtawar, 229, Nariman Point, Mumbai – 400
021, |
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Tel. No.: |
91-22-66515570 |
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Fax No.: |
91-22-22875771 |
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E-Mail : |
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Website : |
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PAN No.: |
AAQFS7647M |
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|
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Subsidiary Company : |
Capital Market Products, |
|
|
|
|
influence : |
v Shalimar Wire
Industries Limited v Asha Alloys
Private Limited v |
CAPITAL STRUCTURE
As on 24.11.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs.1800.000 millions |
|
6000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.600.000 millions |
|
|
Total |
|
Rs.2400.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
178819753 |
Equity Shares [Includes
7,080,000 and 12,000,000 equity shares of Rs.10 each allotted to India Debt
Management Private Limited and ARCIL respectively against debt, 28,500,000 equity
shares of Rs. 10 each allotted to India Debt Management Private Limited in
lieu of conversion of optionally convertible cumulative redeemable preference
shares (I Series), 19,129,578 equity shares of Rs.10 each allotted to IFCI in
lieu of cancellation of non convertible cumulative redeemable preference
shares (II Series)] |
Rs.10/- each |
Rs.1788.198
millions |
|
350000 |
7% Optionally
Convertible Cumulative Redeemable Preferences Shares (I Series) As per original terms
of subscription agreement, above Optionally Convertible Cumulative Redeemable
Preference Shares ("OCCPRS') (Series I) were fully redeemable in 11
equal half yearly installments commencing from 15.06.2002. Pursuant to the
Extra Ordinary General Meeting and Preference Shareholder's meeting held on 7
September 2007 and 28 May 2008 respectively, these OCCPRS were redeemable in
3 equal installments commencing from 2015 and carrying dividend of 7% with
effect from 01.04.2008 Further,
pursuant to resolution passed at the meeting of Board of Directors and extra
ordinary general meeting of the Company held on 24 April 2009 and 1 February
2010 respectively, the Company has converted 2,000,000 and 850,000 OCCRPS of
Rs.100 each in to 28,500,000 equity shares of Rs.10 each to India Debt
Management Private Limited on exercise of conversion option |
Rs.100/- each |
Rs.35.000
millions |
|
267750 |
7% Non
Convertible Cumulative Redeemable Preferences Shares (II Series) During 2007-08, in
view of the negotiated settlement of debt with lenders, the Company had
issued 4,788,750 7% Non-convertible cumulative redeemable preference shares
of Rs.100 each to the respective financial institutions and were redeemable in 3 equal
installments at the end of 6th, 7th and 8th year from the year of issue i.e.
2007 Further pursuant
to the extraordinary general meeting held on 1 February 201 0, the Company
has cancelled 4,521,000 7% Non convertible cumulative redeemable preference
shares of Rs. 100 each (II Series) held by IFCI Limited based on the letter
received on 6 October, 2009 |
Rs.100/- each |
Rs.26.775
millions |
|
|
Total |
|
Rs.1849.973 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 |
1849.973 |
1819.977 |
1819.977 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
285.524 |
24.720 |
24.720 |
|
|
4] (Accumulated Losses) |
(2010.729) |
(1386.040) |
(706.457) |
|
|
NETWORTH |
124.768 |
458.657 |
1138.240 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2689.811 |
1807.407 |
1639.320 |
|
|
2] Unsecured Loans |
30.000 |
168.579 |
476.232 |
|
|
TOTAL BORROWING |
2719.811 |
1975.986 |
2115.552 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2844.579 |
2434.643 |
3253.792 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1819.024 |
1940.735 |
1845.747 |
|
|
Capital work-in-progress including capital advances |
96.421 |
93.693 |
265.974 |
|
|
Assets held for disposal |
52.500 |
52.500 |
27.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.047 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
957.467 |
928.113 |
566.434 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
861.007
|
1014.396 |
834.523 |
|
|
Sundry Debtors |
520.763
|
218.408 |
442.357 |
|
|
Cash & Bank Balances |
266.076
|
341.156 |
204.276 |
|
|
Other Current Assets |
6.688
|
8.569 |
1.474 |
|
|
Loans & Advances |
300.910
|
289.848 |
316.022 |
|
Total
Current Assets |
1955.444
|
1872.377 |
1798.652 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1066.899
|
937.055 |
416.165 |
|
|
Other Current Liabilities |
956.211
|
1506.568 |
830.301 |
|
|
Provisions |
17.350
|
15.356 |
12.320 |
|
Total
Current Liabilities |
2040.460
|
2458.979 |
1258.786 |
|
|
Net Current Assets |
(85.016)
|
(586.602) |
539.866 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.136 |
6.204 |
8.271 |
|
|
|
|
|
|
|
|
TOTAL |
2844.579 |
2434.643 |
3253.792 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3420.689 |
3287.044 |
4276.876 |
|
|
|
Other Income |
120.699 |
46.775 |
32.175 |
|
|
|
TOTAL (A) |
3541.388 |
3333.819 |
4309.051 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
3292.775 |
2866.502 |
3380.899 |
|
|
|
Employees’ Remuneration and Benefits |
101.303 |
113.291 |
108.602 |
|
|
|
Manufacturing, Administrative, Selling and Other Expenses |
498.349 |
830.119 |
458.934 |
|
|
|
Miscellaneous Expenditure written off |
2.068 |
2.068 |
2.068 |
|
|
|
Increase/ Decrease in Stocks |
(314.327) |
(25.966) |
339.781 |
|
|
|
TOTAL (B) |
3580.168 |
3786.014 |
4290.284 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(38.780) |
(452.195) |
18.767 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
472.993 |
386.168 |
193.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(511.773) |
(838.363) |
(175.119) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
139.397 |
135.070 |
138.381 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(651.170) |
(973.433) |
(313.500) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(26.481) |
(293.849) |
137.468 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(624.689) |
(679.584) |
(450.968) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1386.040) |
(706.456) |
(253.212) |
|
|
|
|
|
|
|
|
|
|
Add /(less):Adjustment
for gratuity and leave encashment upto 31.03.2007 (net of deferred tax asset
of Rs.1.172 millions) in accordance with transitional provision in Accounting
Standard 15 (Revised 2005) |
-- |
-- |
(2.276) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2010.729) |
(1386.040) |
(706.456) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
1874.756 |
1926.272 |
2736.425 |
|
|
TOTAL EARNINGS |
1874.756 |
1926.272
|
2736.425 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
245.945 |
1436.334 |
1522.958 |
|
|
|
Capital Goods |
7.891 |
3.174 |
8.039 |
|
|
|
Stores, Spares and Packing Materials |
19.924 |
33.482 |
20.474 |
|
|
TOTAL IMPORTS |
273.760 |
1472.990 |
1551.471 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(5.05) |
(7.30) |
(3.73) |
|
|
|
- Diluted |
(4.57) |
(5.36) |
(2.25) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(17.64)
|
(20.38)
|
(10.47)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(19.04)
|
(29.61)
|
(7.33)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.25)
|
(25.53)
|
(8.60)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(5.22)
|
(2.12)
|
(0.28)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
38.15
|
9.67 |
2.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96
|
0.76 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATING PERFORMANCE
Operation and
Sales:
During the year, the
company produced 11968.26 tones of copper and copper alloys products as against
12087.15 tones during the previous year mainly due to paucity of working
capital.
For the year ended
March 31, 2010, the Company earned a total income of Rs.3856.400 millions, an
increase of 14.78% over previous year's Rs.3359.800 millions mainly due to
increase in prices of raw material compared with previous year.
The company is still in red on account of lower
capacity utilization resulting out of:-
i) Substantial
erosion of working capital in FY 2008-09;
ii)
non-availability of additional security as existing assets have been charged/
mortgaged to the long term lenders, thereby limiting the ability of the company
to raise long term working capital resources;
iii) inability of
the promoters to raise or bring in additional margin money towards fresh
working capital;
iv) continuous
increase in prices of raw material and
v) unabsorbed
fixed cost like interest on term loan and irregular portion of working capital.
Finance
During the current year the company has
a) raised equity
capital of the company by way of issue of equity shares of Rs.10/- each for
cash at par aggregating Rs.100.000 millions.
b) converted
2850000 optionally cumulative convertible preference shares of Rs.100/- each
into 28500000 equity shares of Rs.10 each aggregating Rs.285.000 millions.
c) converted
secured loan of Rs.60.000 millions of India Debit Management Private Limited
along with corresponding premium of Rs.10.800 millions into 7080000 equity
shares of Rs.10 each to them aggregating to Rs.70.800 millions.
d) cancelled
1200000 Zero Coupon Bonds of Rs.100/- issued to ARCIL for a value of Rs.120.000
millions and issued 12000000 equity shares of Rs.10 each to ARCIL aggregating
to Rs.120.000 millions.
e) redeemed
4521000 preference shares of Rs.100/- each issued to IFCI Limited and issued
19129578 equity shares of Rs.10 each to them aggregating to Rs.191.200
millions.
One of the working
capital banker converted part of the working capital limit i.e. Rs.429.200
millions into working capital term loan repayable equally over a period of 10
years.
All these steps
augur well to consolidate the financial strength of the company in the time to
come. The company has been taking adequate steps to raise need based working
capital from banks as well as outside sources. Continued loss has deprived the
company to raise working capital from existing bankers.
Since the net
worth of the company is eroded by more than 50% but less than 100%, as part of
the compliance, it has made reference under section 23 of the SICA Act during
the current year. Appropriate steps are being taken to restructure the finances
and business of the company that include among other the following steps:-
a) Large focus on
well established industrial markets like
b) Increase in
value addition in the export market;
c) Focus towards
untapped conversion business;
d) Option to
change the status of unit from 100% EOU to domestic tariff area unit;
e) Expand the
product suit by producing high value added products like cups and disc;
f) Bring down the
debt of the company at sustainable level by offering negotiated settlement
proposal;
g) Convert
irregular portion of the working capital into working capital terms loans
repayable over a longer period to match the redemption with the cash flow;
h) Reduction in
rate of interest and bank charges by the existing lenders/ banks;
i) Raise margin
money towards working capital;
j) Reduce working
capital cycle to the extent possible by reducing the credit period and
k) reduction in manufacturing cost wherever possible
PROJECT - ON GOING AND
BALANCING EQUIPMENT
During the financial
year 2009-10, the company took steps towards completion of expansion project,
contemplated earlier, to manufacture cups and disc at a total cost of Rs.42.700
millions. The project is now scheduled to be completed by the end of the
current fiscal year and commence trial run soon thereafter.
SUBSIDIARY COMPANY
The company has
formed a subsidiary company namely Capital Market Products in the
FORM 8:
|
Corporate
identity number of the company |
U29230MH1997PLC106475 |
|
Name of the
company |
|
|
Address of the registered
office or of the principal place of
business in |
36/37, Mittal Chambers, Nariman Point, Mumbai – 400 021, E-Mail: N.Mahadevan@metacopper.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80024023 |
|
Type of charge |
Immovable Property Book debts Movable property (not being pledge) Others (Accepted hundies / documents of title to goods) |
|
Particular of
charge holder |
Indian Overseas
Bank, Panjim Branch, E-Mail: panjibr@goasco.iobnet.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement dated
07.02.2011 for adhoc limit of Rs.50.000 millions for LC (DP/Usance) which is
now enhanced from Rs.64.600 millions to Rs.114.600 millions, Adhoc of
Rs.194.300 millions for foreign Bills purchase enhanced from Rs.96.200
millions to Rs.290.500 millions and LG limits being reduced from Rs.106.000
millions to Rs.56.000 millions. |
|
Date of
instrument Creating the charge |
07.02.2011 |
|
Amount secured by
the charge |
Rs.1133.700
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: BPLR -1% With
Minimum interest rate of 11% p.a. for Working Capital Term Loan. For Bill
discounting facility interest to be levied as per circulars issued from time
to time presently 11% p.a. Terms of
Repayment: on demand Margin: TL Nil For CC- 25% on
stocks and Book debts PC-10% Bills -Nil LG 10% (Foreign)
and 15%(inland) LC 10% (Foreign)
and 15%(inland) Extent and
Operation of the charge: For Working
Capital Term Loan Extension of second charge on the fixed assets of the
company on pari passu basis with Canara Bank. For Bill Discounting Facility
Hypothecation of charge on book debts on pari passu basis /accepted hundies /
documents of title to goods/hypothecation of stocks, first charge on the
current assets of the company on paripassu basis with Canara Bank |
|
Short particulars
of the property charged |
First Charge, on the
current assets, on paripassu basis, with Canara Bank the other member in
consortium. Second Charge on
Fixed assets of the company, on paripassu basis, with canara bank for working
capital exposure. Documents to
title of goods for LG counter guarantee of party |
|
Particulars of
the present modification |
Additional adhoc
foreign bills discount facility enhanced from Rs.96.200 millions to 240.500
millions, additional inland LC Limit of Rs.50.000 millions and Additional
foreign bills limit of Rs.50.000 millions under ECGC cover. Reduction of LG
limits from Rs.106.000 millions to Rs.50.600 millions. All the above facility
are valid for 90 days only. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Description |
31.03.2010 (Rs. in millions)
|
|
(a) Outstanding
guarantees given by the - Company's bankers in favour of government
authorities and others. |
260.425 |
|
(b) Claims
against the Company not acknowledged as debts (excluding claims where amount of
liability cannot be ascertained) |
6.646 |
|
(c) Bills/
cheques discounted (Domestic) with banks |
76.340 |
|
(d) Disputed
sales tax demand in respect of which the Company preferred an appeal and the respective
Appellate Authority/ Tribunal has re-directed the concerned assessing officer
to take the matter freshly. |
15.073 |
FIXED ASSETS:
Tangible Assets
v
v
Buildings
v
Plant and Machinery
v
Computers and Software System
v
Office Equipments
v
Furniture and Fixtures
v
Vehicles
Intangible Assets
v
Trade Mark
WEBSITE DETAILS:
PROFILE:
Located at the Port town of
Manufacturing is done under a controlled environment. The process data is
recorded, monitored and preserved through Baan ERP System which guarantees 100%
adherence to the customer’s specifications at all levels and ensures trace
ability to the raw material supplies. Vertical Slab Casting, Jet Floatation
Annealing,
This man, machines and fine raw materials combination along with locational
advantage makes
They are committed to understand the requirements and translate them into
delivered products in totality.
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 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.43.95 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
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.