MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SANDVIK ASIA PRIVATE LIMITED (w.e.f. 15.03.2010) |
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Formerly Known
As : |
SANDVIK ASIA LIMITED |
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Registered
Office : |
Sandvik Coromant, Mumbai – Pune Road, Dapodi, Pune, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.07.1960 |
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Com. Reg. No.: |
011751 |
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Capital Investment
/ Paid-up Capital : |
Rs.1149.116 Millions |
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CIN No.: [Company Identification
No.] |
U29299PN1960PTC011751 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES00125G / PNES09024B |
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PAN No.: [Permanent Account No.] |
AACCS6638K |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturing
and Trading of tungsten carbide tools, rock processing equipments, thermostatic
electrical bimetal strips, wires, ribbons, heating elements, cold finished
tubes/pipes and manufacturing of hot extruded seamless stainless steel
tubes/pipes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 17279780 |
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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 an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Registered Office : |
Sandvik Coromant, Mumbai – Pune Road, Dapodi, Pune, Maharashtra, India
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Tel. No.: |
91-20-27104800/725 |
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Fax No.: |
91-20-27145022/736 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Ajitkumar D Jadhav |
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Designation : |
Director |
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Date of Birth/Age : |
20.02.1947 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Mr. Suresh N Talwar |
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Designation : |
Director |
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Name : |
Mr. Karl Hakan Solve Kingstedt |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Kiran Kumar Y Acharya |
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Designation : |
Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Trading of tungsten carbide tools, rock processing equipments, thermostatic
electrical bimetal strips, wires, ribbons, heating elements, cold finished
tubes/pipes and manufacturing of hot extruded seamless stainless steel
tubes/pipes. |
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Products: |
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PRODUCTION STATUS AS ON
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Tungsten Carbide products including integral Rock Drill Steels, Bits,Detachable Bits, Extension Drill Steel Equipments, Inserts Tips, Dies, Nibs and other applications |
Tonnes No’s in Millions |
258 |
258 |
5.0 |
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Sandvik Coromant Tools,Wear resisting Parts and similar products, mining
and construction tools |
No's in Millions |
1.48 |
1.48 |
0.88 |
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Taps and solid carbide drills |
No's in Millions |
0.54 |
0.54 |
0.25 |
|
Hydrogen gas |
CU mtrs |
700000 |
700000 |
-- |
|
Cobalt Metal and Compounds |
Tones |
70 |
70 |
67.3 |
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Thermostatic bimetal/strip |
Tones |
100 |
-- |
34.1 |
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High resistance electrical wires, strips and ribbons |
Tones |
600 |
200 |
167.6 |
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Bimetal components, Heating elements and terminal rods |
Nos |
@ |
@ |
2092277 |
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Hot extruded steel pipes |
Tones |
-- |
10000 |
4755 |
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Recycling of inserts |
Tones |
750 |
750 |
243.9 |
@ There is no separate licensed and installed capacity.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Banker : |
·
The Hong Kong And Shanghai Banking Corporation
Limited, 52/60; Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra,
India ·
Citi Bank N A., 2413, Parmar House, East Street
Camp, Pune 411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountant |
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Address : |
703, 7th Floor, Godrej Castlemaine, Bund Garden Road, Pune
411001, Maharashtra, India |
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Holding Company: |
Sandvik AB, Sweden |
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Subsidiaries : |
Sandvik Mining and Construction Tools India Private Limited (formerly Sandvik Mining and Construction Tools India Limited) CIN No.: U29299PN2004PTC018921 |
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Affiliates / Fellow Subsidiaries: |
Argentina ·
Sandvik Argentina S.A. Australia ·
Sandvik Australia Pty Limited ·
SMC Australia UDR PU ·
Sandvik Mining and Construction Adelaide Limited ·
Sandvik Mining and Construction Australia Pty
Limited Austria ·
Sandvik Mining and Construction G.m.b.H. ·
Sandvik Mining and Construction Materials
Handling GmbH Brazil ·
Sandvik do Brasil S.A. ·
Sandvik Materials Technology do Brasil S.A ·
Sandvik Mining and Construction do Brasil S.A. Canada ·
Sandvik Canada, Inc. ·
Sandvik Materials Technology Canada SU ·
Sandvik Materials Technology Canada PU ·
Sandvik Mining and Construction Canada Inc. Chile ·
Sandvik Chile S.A. ·
Sandvik Mining and Construction Chile SA. China ·
Sandvik (Qingdao) Limited ·
Sandvik Materials Technology (China) Limited ·
Sandvik International Trading (Shanghai) Company
Limited ·
Sandvik Mining and Construction Wuxi Czech Republic ·
Sandvik Chomutov Precision Tubes Spol. s.r.o. Finland ·
SMC Region SEM, Turkey ·
Sandvik Mining and Construction OY ·
Sandvik SMC Breakers Lahti ·
Sandvik Mining and Construction Finland Oy ·
SMC Hollola PU France ·
Gunther Tools S.A.S. ·
Sandvik Mining and Construction Lyon S.A.S. ·
Sandvik Materials Technology Precitube ·
Sandvik Hard Materials S.A.S Germany ·
Walter AG ·
Sandvik Tooling Deutschland GmbH ·
Prototyp-Werke GmbH ·
Sandvik Tooling Deutschland GmbH, ZN Sandvik
Tooling Supply Renningen ·
Sandvik Materials Technology Deutschland GmbH, ZN
Sandvik Surface Solutions ·
Sandvik Wire and Heating Technology ZN der SMT
Deutschland GmbH ·
Sandvik Mining and Construction Central Europe
GmbH ·
Sandvik Materials Technology Deutschland GmbH, ZN
Sandvik Process Systems ·
Sandvik Materials Technology Deutschland GmbH, ZN
Sandvik P and P ·
Sandvik Tooling Deutschland GmbH, BU Sandvik
Coromant ·
Sandvik Materials Technology Deutschland GmbH, BU
Sandvik Materials Technology (Sales) ·
Sandvik Mining and Construction Materials Handling
GmbH Holland ·
Sandvik Finance BV Hongkong ·
Sandvik Hongkong Limited India ·
Walter Tools India Private Limited ·
Seco Tools India Private Limited Indonesia ·
P.T. Sandvik Indonesia ·
PT Sandvik Mining and Construction Indonesia Ireland ·
Sandvik Mining and Construction Logistics Limited ·
Fintec Crushing and Screening Limited Italy ·
Sandvik Italia S.p.A. ·
Dormer Italia S.p.A. Japan ·
Sandvik KK ·
Sandvik Mining and Construction Japan K. K. ·
Sandvik Tooling Supply Japan K.K. Korea ·
Sandvik Korea Limited ·
Sandvik Suhjun Limited Malaysia ·
Sandvik Malaysia Sdn Bhd ·
Sandvik Mining and Construction (M) Sdn Bhd Middle East ·
Sandvik Middle East Netherlands Sandvik DC Venlo
B.V. New Zeland ·
Sandvik New Zealand Limited Peru ·
Sandvik del Perú S.A. Philippines ·
Sandvik Tamrock (Philippines), Inc. Singapore ·
Sandvik South East Asia Pte. Limited ·
Asia Pacific Distribution Center (APDC) ·
Kanthal Electroheat (S.E.A) Pte Limited ·
Sandvik Mining and Construction S.E.A. Pte.
Limited South Africa ·
Sandvik (Pty) Limited ·
Sandvik Mining and Construction RSA (Pty) Limited ·
Sandvik Mining and Construction Delmas Pty
Limited Spain ·
Sandvik Espańola S.A. Sweden ·
AB Sandvik Coromant ·
Sandvik Tooling Sverige AB ·
Sandvik Mining and Construction Tools AB ·
Sandvik Mining and Construction Köping AB ·
AB Sandvik Hard Materials ·
AB Sandvik Materials Technology ·
Wire Sandviken AB ·
AB Sandvik Process Systems ·
Sandvik IT Services AB ·
Sandvik Mining and Construction AB ·
Sandvik Mining and Construction Sverige AB ·
Sandvik Materials Technology EMEA AB ·
Sandvik Systems Development AB ·
Sandvik Rotary Tools AB ·
Dormer Tools AB ·
Sandvik Heating Technology AB ·
Sandvik SRP AB Switzerland ·
Sandvik AG ·
Santrade Limited Taiwan ·
Sandvik Hard Materials Taiwan Pty. Limited UK ·
Sandvik Tooling Supply GB ·
Sandvik Holdings Limited ·
Dormer Tools (UK) ·
Kanthal UK ·
Extec Screens and Crushers Limited ·
Sandvik Osprey Ltd ·
Sandvik Materials Technology UK ·
Sandvik Saxon ·
Sandvik Bioline UK ·
SHM Powder Production UK ·
SHM Coventry UK USA ·
Sandvik Medical Solutions Alabama ·
Sandvik Hard Materials US ·
SHM US - PU ·
Valenite LLC ·
Sandvik Coromant US ·
Sandvik Coromant Production US ·
America Distribution Center ·
Tooling Supply Westminster ·
Sandvik Materials Technology Company ·
Kanthal Palm Coast ·
Sandvik MGT ·
Driltech Company ·
SMC Region USA / Canada ·
Sandvik Mining and Construction USA LLC |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
2000000 |
Equity Shares |
Rs.100 each |
Rs. 200.000 millions |
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|
87788000 |
2% Redeemable Cumulative Preference Shares |
Rs. 10 each |
Rs. 877.880 millions |
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3145000 |
2% Redeemable Cumulative Preference Shares |
Rs. 25 each |
Rs. 78.625 millions |
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|
1232000 |
9% Redeemable Cumulative Preference Shares |
Rs. 25 each |
Rs. 30.800 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1926246 |
Equity Shares |
Rs.100 each |
Rs.192.625
millions |
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|
87787700 |
2% redeemable
cumulative preference shares of Rs.10 each,
fully paid up (Redeemable at par after completion of fifteen years from the
date of issue,i.e. 11 February 2003. The Company has an option to call for an
early redemption of the said shares, wholly or partly, after completion of 5
years from the date of issue, which has not been exercised as of date.) |
Rs. 10 each |
Rs.877.877
millions |
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|
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|
3144565 |
2% redeemable cumulative
preference shares of Rs.25 each, fully paid up (Redeemable at par after
completion of fifteen years from the date of issue, i.e. 11 February 2003.
The Company has an option to call for an early redemption of the said shares,
wholly or partly, after completion of 5 years from the date of issue, which
has not been exercised as of date) |
Rs. 25 each |
Rs.78.614
millions |
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|
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|
Rs. 1149.116 millions |
Issued, subscribed
and paid up includes
Equity Shares:
36,000 (2009: 36,000)
equity shares of Rs.100 each (alloted as fully paid-up for consideration
received other than in cash).
125,000 (2009:
125,000) equity shares of Rs.100 each fully paid up (alloted to Sandvik Finance
BV pursuant to the scheme of amalgamation of Titex India Private Limited with
the Company).
1,734,869 (2009:
1,734,869) equity shares of Rs. 100 each (allotted as fully paid-up bonus
shares by capitalisation of the general reserve).
1,801,246 (2009: 1,801,246)
equity shares of Rs.100 each fully paid up held by Sandvik AB, Sweden, the
holding company
Preference Shares:
87,787,700 (2009:
87,787,700) 2% redeemable cumulative preference shares of Rs.10 each, 3,144,565
(2009: 3,144,565) 2% redeemable cumulative preference shares of Rs.25 each
(were alloted pursuant to the scheme of amalgamation of erstwhile Sandvik Steel
Asia Private Limited and erstwhile Kanthal India Limited with the Company).
14,229,000 (2009:
14,229,000) 2% redeemable cumulative preference shares of Rs.10 each are held
by Sandvik AB Sweden, the holding company.
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 |
1149.116 |
1154.484 |
1154.484 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3170.829 |
3022.406 |
3159.393 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4319.945 |
4176.890 |
4313.877 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
457.668 |
850.000 |
0.000 |
|
|
2] Unsecured Loans |
1668.263 |
2694.252 |
1305.946 |
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|
TOTAL BORROWING |
2125.931 |
3544.252 |
1305.946 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6445.876 |
7721.142 |
5619.823 |
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
3115.442 |
3493.625 |
2878.238 |
|
|
Capital work-in-progress |
387.334 |
466.160 |
586.745 |
|
|
|
|
|
|
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INVESTMENT |
20.250 |
105.250 |
20.250 |
|
|
DEFERREX TAX ASSETS |
324.541 |
212.803 |
125.852 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2032.629
|
2958.310 |
3007.890 |
|
|
Sundry Debtors |
2140.258
|
2136.876 |
2111.401 |
|
|
Cash & Bank Balances |
192.280
|
429.903 |
246.288 |
|
|
Other Current Assets |
422.576
|
129.250 |
18.334 |
|
|
Loans & Advances |
1212.135
|
1344.402 |
1086.431 |
|
Total
Current Assets |
5999.878
|
6998.741 |
6470.344 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2155.101
|
2886.583 |
3516.547 |
|
|
Other Current Liabilities |
655.333
|
340.986 |
484.158 |
|
|
Provisions |
591.135
|
327.868 |
460.901 |
|
Total
Current Liabilities |
3401.569
|
3555.437 |
4461.606 |
|
|
Net Current Assets |
2598.309
|
3443.304 |
2008.738 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6445.876 |
7721.142 |
5619.823 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
12344.072 |
12827.794 |
11191.842 |
|
|
|
Service Income |
0.000 |
184.150 |
174.137 |
|
|
|
Other Income |
0.000 |
827.787 |
915.163 |
|
|
|
TOTAL (A) |
12344.072 |
13839.731 |
12281.142 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
11863.205 |
13053.016 |
10712.704 |
|
|
|
TOTAL (B) |
11863.205 |
13053.016 |
10712.704 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
480.867 |
786.715 |
1568.438 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
215.184 |
53.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
480.867 |
571.531 |
1514.807 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
750.997 |
602.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
480.867 |
(179.466) |
912.798 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
149.812 |
(64.860) |
277.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
331.055 |
(114.606) |
635.578 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2550.660 |
2687.647 |
2260.271 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
35.000 |
0.000 |
70.000 |
|
|
|
Preference Shares Dividend |
0.000 |
19.130 |
19.130 |
|
|
|
Preference Shares Dividend (including dividend
distribution tax and education cess) |
22.307 |
0.000 |
0.000 |
|
|
|
Tax on Preference Shares Dividend |
0.000 |
3.251 |
3.251 |
|
|
|
Dividend on Equity Shares |
0.000 |
0.000 |
98.997 |
|
|
|
Dividend on Equity Shares (including dividend distribution tax and
education cess) |
120.063 |
0.000 |
0.000 |
|
|
|
Tax on Dividend on Equity Shares |
0.000 |
0.000 |
16.824 |
|
|
BALANCE CARRIED
TO THE B/S |
2704.345 |
2550.660 |
2687.647 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4456.971 |
5946.066 |
5957.614 |
|
|
|
Commission Earnings |
415.714 |
372.037 |
306.790 |
|
|
|
Other Earnings |
4.015 |
2.083 |
3.928 |
|
|
TOTAL EARNINGS |
4876.700 |
6320.186 |
6268.332 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1984.976 |
3941.191 |
4123.691 |
|
|
|
Stores & Spares |
95.961 |
263.064 |
306.895 |
|
|
|
Capital Goods |
231.387 |
525.119 |
804.082 |
|
|
|
Traded Goods |
1890.681 |
2398.777 |
1833.898 |
|
|
TOTAL IMPORTS |
4203.005 |
7128.151 |
7068.566 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
156.30 |
(69.20) |
309.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.68
|
(0.82) |
5.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.89
|
(1.39) |
8.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.27
|
(1.71) |
9.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
(0.04) |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.27
|
1.70 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.96 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
Background
Subject (formerly
Sandvik Asia Limited) was incorporated on 8 July 1960 under the Companies Act, 1956
as a subsidiary of Sandvik AB. Sandvik AB is a body corporate registered in
Sweden and having its registered office in Sandviken. Sandvik Asia Private
Limited has its primary work location and registered office at Pune and
additional manufacturing work locations at Chiplun (Maharashtra), Mehsana
(Gujarat), Patancheru (Andhra Pradesh) and Hosur (Tamil Nadu) in India. The
Company’s principal activities comprise manufacturing and trading of tungsten
carbide tools, rock processing equipments, thermostatic electrical bimetal
strips, wires, ribbons, heating elements, cold finished tubes/pipes and
manufacturing of hot extruded seamless stainless steel tubes/pipes.
Profitability:
Sandvik Asia
continues to be a significant source of high quality products for the Sandvik
Group. During the year, the Company’s net sales amounted to Rs. 11,341 Million
compared to Rs. 12,828 Million in the year 2008-09. The result before tax for
the year 2009-10 was profit before tax of Rs.481 Million as against loss of Rs.
179 Million in the earlier year.
Developments:
System 21 for
Sandvik Mining and Construction, India Sales Unit was implemented from 2nd
April .With the new ERP system, there will be better integration between the
order Desk, Logistics and Finance processes. The Drill Rig- DD210L, a low
profile single boom electro hydraulic drilling machine for underground mining
application was successfully assembled and lunched. Sandvik Mining and
Construction participated in STONA- the International
Granite and
Natural Stones Exhibition 2010: Sandvik Booth received a favourable response
from visitors and the company finalized order for number of High value
equipments. A new function – Tooling Engineering Centre (TEC) was inaugurated
in Pune on July 1. The TEC will support all product areas within Sandvik
Tooling with engineering services and will be part of Sandvik Tooling
Competence Centre for CAD/CAM/CAE. ‘Goransson Centrum’ was inaugurated in Pune
on 4th September 2009. It is another milestone towards employee welfare. The community
centre has an employee club with world class health and welfare facility for
Dining, Indoor-Sports, Gymnasium, and Library and is planning for a future
Crčche.
Achievements:
Sandvik Tooling
Supply India, celebrated its out going quality level as per the Spot Check
results of international benchmarking. The inserts and TCC (Tooling catridge
center) have achieved the highest ever spot check score in the year 2009. SMC
Supply Chain PU Chiplun has developed and implemented the technology of carbide
separation from dull tools. This unit is already certified for all the three
certifications: ISO 9001, ISO 14001 and OHSAS 18001 in its first year of
operations in 2009. Patancheru PU was conferred with SA8000 Social
Accountability certification–a significant step for global Sandvik operations.
The first Gyratory
Crusher supplied for iron ore application by Sandvik in India for Tata Steel
Limited (Client) has been commissioned on load. SMT was successful in closing a
major deal with Bharat Heavy Electrical Ltd., Ranipet for a large order of ESP
wire. The entire volume will be invoiced in this calender year. With this
order, SMT Sales is one step ahead in our BRIC 2010 plans with strong presence
in energy segment. PU Mehsana Tube Mill handed over a modernised production
unit to Sandvik global process on February 25th, 2009. The unit will be a key
supplier to central stocks of tubes and pipes in Europe. In this regards, first
order has been received by PU Mehsana from ST (European Stock).
FIXED ASSETS:
Tangibles
·
Land
·
Office and Factory
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipments
·
Vehicle
Intangibles
·
Technical Know How
·
Brand Rhino
·
Brand Widia
·
Goodwill
FORM 8:
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U29299PN1960PLC011751 |
|
Name of the company |
SANDVIK ASIA LIMITED |
|
Address of the registered office or of the
principal place of business in |
Pune - 411012, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
CITIBANK N.A Address: 2413,
Parmar House, East Street Camp, Pune 411001, Maharashtra, India Email: vinod.raghavan@citi.com |
|
Nature of description of the instrument
creating or modifying the charge |
Joint Deed of Hypothecation |
|
Date of instrument Creating the charge |
09.07.2008 |
|
Amount secured by the charge |
Rs.1000.000 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate
of Interest As notified by the banks in their sanction
letters Terms
of Repayment As notified by the banks in their sanction
letters Margin
As notified in the sanction letters of the
respective banks Extent
and Operation of the charge Parri passu first charge on all the
hypothecated assets of the company. Others
Charge created for the fund based credit
facilities provided by the banks. |
|
Short particulars of the property charged |
All the present and future stocks of
finished goods, raw materials and work in progress of the borrower. All the
present and future book debts, outstanding monies, receivables, claims and
bills which are now due and owing and which may at any time hereafter during
the continuance of security become due and owing to the Borrower in the
course of business. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.