MIRA INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOHA ISPAAT LIMITED |
|
|
|
|
Registered Office : |
2, Ganesh Kunj, 1st Floor, JVPD Scheme, V.M.Road, Next To Juhu
Police Station, Juhu, Mumbai – 400049, Maharashtra. |
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Country : |
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|
|
Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.12.1988 |
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Com. Reg. No.: |
11-50107 |
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|
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Capital Investment / Paid-up Capital : |
Rs. 637.587 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27200MH1988PLC050107 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUML05501G |
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|
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PAN No.: [Permanent
Account No.] |
AAACL1583C |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturers of H. R.
Coils and C. R. Coils |
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|
|
|
No. of Employees : |
400 (Approximately) |
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 10060468 |
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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 records. Financial
position of the company is good. Trade relations are reported as fair. Business
is active. Payments are reported to be regular as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Rishi |
|
Designation : |
Vice President |
|
Contact No.: |
91-22-26102771 |
|
Date : |
11.06.2011 |
LOCATIONS
|
Registered Office : |
2, Ganesh Kunj, 1st Floor, JVPD Scheme, V.M.Road, Next To
Juhu Police Station, Juhu, Mumbai – 400049, Maharashtra. |
|
Tel. No.: |
91-22-26102771 / 26127174 |
|
Fax No.: |
91-22-26102771 / 26122396 |
|
Email : |
lohaispat@vsnl.net info@lohaispaat.com |
|
Website : |
www.lohaispaat.com |
|
Area : |
1000 sq.fts. |
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
201 A, Kailash Apartment, |
|
Tel. No.: |
9I-22-65224087
/ 89 |
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|
|
|
Factory 1 : |
E-19, MIDC, Taloja, Raigad-410206, |
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Tel. No.: |
91-22-27410838/ 27402647 |
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Fax No.: |
91-22-27412347 / 27410938 |
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E-Mail : |
|
|
Area : |
10000 sq.fts. |
|
Location : |
Owned |
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Factory 2 : |
Village – Ransai, |
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|
International
Offices : |
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DIRECTORS
AS ON 14.07.2010
|
Name : |
Mr. Rajesh G. Poddar |
|
Designation : |
Managing Director |
|
Address : |
42, Gautam Apartment, 31, Juhu Road, Santacruz (W), Mumbai – 400054,
Maharashtra, India |
|
Date of Birth : |
18.12.1965 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.12.1988 |
|
|
|
|
Name : |
Mr. Manish Garg |
|
Designation : |
Whole Time Directors |
|
Address : |
301, Nalanda Building, Ajanta Nalanda Apartment, Sector – 15, Vashi,
Navi Mumbai – 400703, Mahrashtra, India
|
|
Date of Birth : |
27.02.1975 |
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Qualification : |
Graduate |
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E mail : |
|
|
Date of Appointment : |
24.05.2002 |
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|
|
|
Name : |
Mrs. Anju Poddar |
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Designation : |
Director |
|
Address : |
52, Gautam Apt, 31, Juhu Road, Santacruz (W), Mumbai – 400054,
Maharashtra, India |
|
Date of Birth : |
14.12.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
03.05.1991 |
|
|
|
|
Name : |
Mr. Sanjay Bansal |
|
Designation : |
Director |
|
Address : |
J-206, Haware Apartments, Sector – 9, Khanda Colony, New Panvel -
410206, Maharashtra, India |
|
Date of Birth : |
18.12.1965 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
15.03.2004 |
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E Mail : |
KEY EXECUTIVES
|
Name : |
Mr. Adhikrao Bhosale |
|
E mail : |
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|
Name : |
Mr. Pratik Singh |
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E mail : |
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|
Name : |
Mr. Diren Singh |
|
Designation : |
Accounts Manager |
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|
Name : |
Mr. Hardik Shah |
|
Designation : |
Export |
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|
Name : |
Mr. Rishi |
|
Designation : |
Vice President |
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|
|
|
Name : |
Ms. Shobhana Vasant Sinkar |
|
Designation : |
Company Secretary |
|
Address : |
208, Tara Apatment, Bhoir Pada, Jivadani Road, Behind Om Smruti CHS., Virar
(East), Thane – 401303, Maharashtra, India
|
|
Date of Birth : |
14.05.1970 |
|
Date of Appointment : |
03.08.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.07.2010
|
Share/Debenture Holder's
Name |
Number of Shares/ Debentures Held |
|
Rajesh
Poddar |
49583587 |
|
Ayush
Poddar |
24524 |
|
Anushka
Poddar |
1017551 |
|
Manish
Garg |
67007 |
|
Dhanidevi
Processors Private Limited, Mumbai |
7862504 |
|
Rajesh
Poddar HUF |
545033 |
|
Gaurishankar
Poddar |
134 |
|
Goyal Financials (India) Limited, Indore |
499000 |
|
Volplast Limited, Surat |
494500 |
|
Tribhuvan Housing Limited, Surat |
500000 |
|
Aarki Steels and Metal Private
Limited, Mumbai |
41000 |
|
Suryadeep Salt refinery and chemicals
works Limited, Mumbai |
498500 |
|
Kailash Ficom Limited, Baroda |
330000 |
|
RFL International Limited, Gujarat |
39200 |
|
Lexus InfoTech Limited, Mumbai |
100000 |
|
Terry Towel Industries Limited,
Mumbai |
103000 |
|
Pushpanjali Tradvin Private
Limited, West Bengal |
16000 |
|
Seatrans Dan Shipping Private
limited, Mumbai |
59000 |
|
CACI Mercantile Private Limited,
Mumbai |
16000 |
|
Loha Investments Private Limited,
Mumbai |
39940 |
|
Nexus Software Limited, Gujarat |
100000 |
|
JMD Sounds Limited, West Bengal |
23000 |
|
Nimbus Industries Limited, Mumbai |
27400 |
|
Genus-Commutrade Limited, Gujarat |
40000 |
|
Ken Securities Limited, Gujarat |
39800 |
|
Highland Industries Limited,
Gujarat |
40000 |
|
Unisys Software and Holdings
Industries Limited, West Bengal |
18700 |
|
Twenty First Century (India)
Limited, West Bengal |
200000 |
|
Fairmount Venture Private Limited,
Mumbai |
128000 |
|
G R Industries and Finance
Limited, West Bengal |
40000 |
|
Gopikar Supply Private Limited,
West Bengal |
143000 |
|
Sonal Cosmetics (Exports) Limited,
Gujarat |
101700 |
|
Lovely Commercial Private Limited,
West Bengal |
60000 |
|
Prime Capital Market Limited,
Orissa |
62000 |
|
Kumaon Engineering Co. Private Limited,
West Bengal |
100000 |
|
Warner Multimedia Limited, West
Bengal |
95000 |
|
Oasis Cine Communication Limited,
West Bengal |
40000 |
|
Piyush Vyappar Private Limited,
West Bengal |
20000 |
|
Kalnid Barter Private Limited,
West Bengal |
20000 |
|
Bhagwati Commercial Private
Limited West Bengal |
20000 |
|
B. Jhanwar & Co. Private
Limited, West Bengal |
20000 |
|
Anurodh Commodities Private
Limited, West Bengal |
19000 |
|
Cosmat Vinimay Private Limited,
West Bengal |
30000 |
|
Rajwara Traders Private limited,
West Bengal |
27000 |
|
Bhawani Vanijya Private Limited,
West Bengal |
20000 |
|
MSK Vyapaar Private Limited, West
Bengal |
20000 |
|
Dreiser Traders Private limited,
West Bengal |
20000 |
|
Yamini Barter Private Limited, West
Bengal |
20000 |
|
Mangalgouri Vanijya Private
Limited, West Bengal |
18000 |
|
Blazer Venture Private Limited,
Mumbai |
45000 |
|
CRM Systems Private Limited, West
Bengal |
40000 |
|
Alishan Estates Private Limited,
West Bengal |
40000 |
|
Linkpoint Infrastructure Private
Limited, West Bengal |
45000 |
|
Relax Agencies Private Limited
West Bengal |
18000 |
|
Hamsafar Investment Consultants
Private Limited, West Bengal |
18000 |
|
Makesworth Projects &
Developers Private Limited, West Bengal |
42000 |
|
Seashell Venture Private Limited,
West Bengal |
16000 |
|
Matrix Systel Private Limited,
West Bengal |
18000 |
|
Total |
63631080 |
AS ON 14.07.2010
|
Share/Debenture |
Debenture |
|
Rajesh
Poddar |
1881000 |
|
Anushka
Poddar |
119000 |
|
Total |
|
Equity Share Breakup AS ON 14.07.2010
|
Category |
|
Percentage |
|
Bodies Corporate |
|
19.47 |
|
Directors or relatives of directors |
|
79.67 |
|
Others Top Fifty Shareholders |
|
0.86 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of H. R.
Coils and C. R. Coils |
|
|
|
|
Products : |
·
H. R. Coils and C. R. Coils · Hot rolled black coil/ sheets. · Hot rolled pickled – oiled coil/ sheets · Hot rolled skin pass coil and sheets. · Cold rolled closed annealed coils/sheets. · Galvanised plain coils and sheets / galvanised corrugated sheets · Tin plate coils/sheets. · Cold rolled grain oriented and non grain oriented coil / sheets. · Hot rolled structural, chequered, high tensile, boiler and pressure vessel quality plates. · Structural (angles, channels, beams/joists etc.) ·
bars,
rods, rebars and wire rods |
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|
|
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Terms : |
|
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Purchasing : |
Cash, Credit |
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|
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Selling : |
Cash, Credit |
PRODUCTION STATUS AS ON 31.03.2009
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
H. R. Coils and C. R. Coils |
MT |
|
|
900000 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
400 (Approximately) |
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Financial Institution: |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mr. John Morish Chartered Accountants |
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|
Address : |
9, Sahana Uttam Society, St. Antony Road, Chambur, Mumbai-400071,
Maharashtra, India |
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Subsidiary : |
Loha Ispaat Middle East FZCO |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
64000000 |
Equity Shares |
Rs. 10/- each |
Rs.
640.000 millions |
|
2000000 |
8% Redeemable Preferences Shares |
Rs. 10 /- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs.
660.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
61758660 |
Equity Shares |
Rs. 10/- each |
Rs. 617.587 millions |
|
2000000 |
8% Redeemable Preferences Shares |
Rs. 10 /- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs.
637.587 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 |
653.311 |
637.587 |
270.002 |
|
|
2] Share Application Money |
150.000 |
174.810 |
191.090 |
|
|
3] Reserves & Surplus |
1711.806 |
483.433 |
166.683 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2515.117 |
1295.830 |
627.775 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2609.090 |
1504.584 |
782.581 |
|
|
2] Unsecured Loans |
0.000 |
221.444 |
186.301 |
|
|
TOTAL BORROWING |
2609.090 |
1726.028 |
968.882 |
|
|
DEFERRED TAX LIABILITIES |
131.938 |
39.873 |
29.116 |
|
|
|
|
|
|
|
|
TOTAL |
5256.145 |
3061.731 |
1625.773 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1213.057 |
516.545 |
285.349 |
|
|
Capital work-in-progress |
10.106 |
28.454 |
23.752 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.396 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3161.589
|
1737.214
|
708.727
|
|
|
Sundry Debtors |
2095.072
|
1926.879
|
1068.388
|
|
|
Cash & Bank Balances |
163.629
|
270.605
|
40.664
|
|
|
Other Current Assets |
120.686
|
76.167
|
125.144
|
|
|
Loans & Advances |
348.687
|
191.322
|
28.303
|
|
Total
Current Assets |
5889.663
|
4202.187
|
1971.226 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1595.049
|
1531.986
|
604.045
|
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Provisions |
273.092
|
153.469
|
50.509
|
|
Total
Current Liabilities |
1868.141
|
1685.455
|
654.554
|
|
|
Net Current Assets |
4021.522
|
2516.732
|
1316.672
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.064 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5256.145 |
3061.731 |
1625.773 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income for Operations |
15220.782 |
9439.101 |
4093.976 |
|
|
|
Other Income |
16.790 |
5.728 |
2.653 |
|
|
|
TOTAL (A) |
15237.572 |
9444.829 |
4096.629 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
14015.163 |
8767.086 |
3801.327 |
|
|
|
Direct Cost |
67.115 |
39.788 |
20.834 |
|
|
|
Employees Costs |
32.321 |
20.920 |
14.725 |
|
|
|
Administrative and Others Expenses |
59.002 |
34.817 |
22.937 |
|
|
|
TOTAL (B) |
14173.601 |
8862.611 |
3859.823 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1063.971 |
582.218 |
236.806 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
354.959 |
227.187 |
110.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
709.012 |
355.031 |
126.469 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.389 |
10.417 |
5.834 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
670.623 |
344.614 |
120.635 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
210.864 |
115.257 |
23.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
459.759 |
229.357 |
97.310 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
231.170 |
155.685 |
62.247 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.000 |
2.000 |
2.000 |
|
|
|
Proposed Dividend on Preference Shares |
1.872 |
1.872 |
1.872 |
|
|
|
Issue of Bonus Shares |
0.000 |
150.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
687.057 |
231.170 |
155.685 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.26 |
3.71 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.02 |
2.43 |
2.38
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.41 |
3.65 |
2.94
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.44 |
7.30 |
5.35
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.28 |
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.78 |
2.74 |
2.59
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15 |
2.49 |
3.01
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
1595.049
|
1531.986
|
604.045
|
NOTE:
The Registered Address of the company has been shifted from 001, Varun
Amin Villa 17, Dattatraya Road, Santacurz (West), Mumbai-400054, Maharashtra,
India to the present address w.e.f. 20.08.2008.
Fixed Assets
- Furniture and Fixture
- Plant and Machinery
- Building
- Land Leasehold
- Land Freehold
- Vehicles
form 8:-
|
Corporate identity number of the company |
U27200MH1988PLC050107 |
|
Name of the company |
LOHA ISPAAT LIMITED |
|
Address of the registered office or of the
principal place of business in |
2, Ganesh Kunj, 1st Floor, JVPD Scheme, V.M.Road, Next To
Juhu Police Station, Juhu, Mumbai – 400049, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Any Interest in Immovable Property Immovable Property Movable Property Floating Charge |
|
Particular of charge holder |
SBICAP TRUSTEE COMPANY LIMITED |
|
Nature of instrument creating charge |
Indenture of Mortgage executed by the Company
on 6th April 2011 to create charge over its immovable properties, flats at
Santacruz, Andheri, other movable assets, etc (more particularly described in
the attached Indenture) to secure repayment of financial assistance granted
by various lenders |
|
Date of instrument Creating the charge |
06/04/2011 |
|
Amount secured by the charge |
Rs.5100.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest As Per The Facility Agreement Terms of Repayment As Agreed Between The Lenders And
Borrowers Margin As
Per Respective Lenders Terms Extent and Operation of the charge The charge extends to the immovable
properties, flats and other movable assets which are expressly permitted under
the Finance Documents and Security Documents and as are disclosed to the
Lenders and the Security Trustee. Others |
|
Short particulars of the property charged |
First Pari Passu charge on entire stocks, book
debts/receivables and other current assets of the Borrower, both present and
future First Pari Passu mortgage/charge on a) Land and building at E -19, MIDC Taloja, Dist Raigad, Maharashtra
admeasuring about 2400 square meters b) Land and building at A - 69, MIDC
Taloja, Dist Raigad Maharashtra admeasuring about 880 square meters. c) Land and building at A-79, MIDC Taloja,
Dist .- Raigad Maharashtra admeasuring
about 1000 square meters d) L and B at Plot E-6/1, MIDC Taloja,
Dist. Raigad, Mah.adm. about 990sq mtrs. e) Land and building at Ransai,
Taluka Khalapur, Dist Raigad,
Maharashtra admeasuring about 76039.37 square meters f) Mortgage of residential flat situated
at E-202, Sameer Co-operative Housing Society, Versova, Andheri (West),
Mumbai - 400 058 belonging to Smt Anju
Poddar g) Mortgage of residential flat in the name of Mr Manish
Garg at 3, Ground Floor, Santacruz
Premsagar Co operative Housing Society, Santacruz (West), Mumbai - 400
054 |
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U27200MH1988PLC050107 |
|
Name of the
company |
LOHA ISPAAT LIMITED |
|
Address of the
registered office or of the principal place of business in |
2, Ganesh Kunj, 1st Floor, JVPD Scheme, V.M.Road, Next To
Juhu Police Station, Juhu, Mumbai – 400049, Maharashtra, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 – D, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
20.06.2009 |
|
Amount secured by
the charge |
Rs. 11.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.61% p.a. Terms of
Repayment Tenure of 45
Months Margin Nil Extent and
Operation of the charge First and exclusive
charge by way of Hypothecation in favour of Kotak Mahindra Bank on the assets
financed. |
|
Short particulars
of the property charged |
First and
exclusive charge by way of Hypothecation in favour of Kotak Mahindra Bank on
Model Indital Forklift F – 32 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90165166 |
|
Corporate
identity number of the company |
U27200MH1988PLC050107 |
|
Name of the
company |
LOHA ISPAAT LIMITED |
|
Address of the
registered office or of the principal place of business in |
001, Varun Amin Villa 17, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
A) Supplemental Agreement of Loan for
Increase in the Overall Limit (Form C.1-4) B) Supplemental Agreement of Hypothecation of
Goods and Assets for Increase in the Overall Limit (Form C.2-A) C) Letter Regarding the Grant of Individual
Limits within the Overall Limit (Form C.5) All the above Agreements
constitute a single modification. |
|
Date of
instrument Creating the charge |
23.10.2007 |
|
Amount secured by
the charge |
Rs. 1157.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Demand Cash
Credit : 1% Over SBAR |
|
Short particulars
of the property charged |
A First Charge by
way of hypothecation of the Borrowers entire goods, movables and other assets
present and future including documents of title to goods and other assets,
such as book-debts outstanding moneys, receivables, including receivables by
way of cash assistance and / or cash
incentives under the cash incentive scheme or any other scheme, claims,
including claims by way of refund of customs/ excise duties under the duty
drawback credit scheme, or any other scheme (Details as per Annexure) |
|
Date of latest
modification prior to the present modification |
20.11.2006 |
|
Particulars of
the present modification |
Now by the present
modification dated 23.10.2007 The Limit has been increased from Rs. 591.500
Millions To Rs. 1157.900 Millions (As per Annexure) |
|
Name of the company
|
LOHA ISPAAT
LIMITED |
||||||||||||
|
Presented By |
State Bank of |
||||||||||||
|
1) Date and description of instrument creating the change |
A) Agreement of
loan for overall limit (Form C.1) B) Agreement of
hypothecation of goods and assets (Form C-2) Both the above
Agreement constitute a single charge. |
||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.600
Millions |
||||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A first charge by
way of hypothecation of the Borrower’s entire goods, movables and other
assets present and future including documents to the goods and other assets,
such as book-debts, outstanding moneys, receivables by way of cash assistance
and / or cash Incentives under the cash Incentives Scheme or any other
Scheme, claims, including claims by way of refund of customs/ excise duties
under the duty drawback credit scheme contracts, or any other Scheme, bills,
invoices, documents engagements, securities, investments right uncalled
capital and all present and future machinery. |
||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. As would
be determined by the Bank from time to time. |
||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
||||||||||||
|
6) Date and brief description of instrument modifying the charge |
a) Supply
Agreement of loan for increase in the overall limit F.C. 1-A b)Supplementary
Agreement of Hypothecation of goods and assets for increase in the overall
limit F.C.2-A c) Letter regarding
the grant of individual limits within the overall limit F.C.5 All the above
agreements are dated 18.01.2006 executed fro the creation of a single
modification |
||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge was created on 13.04.1996 for Rs. 8.600 Millions 1stly modified on
17.09.1998 for Rs. 11.000 Millions 2ndly modified kon 31.03.2000 for Rs.
75.000 Millions an addl. Collateral security over the company’s immovable
properties. 4thly modified onf 23.10.2002 for Rs. 88.200 Millions. 5thly
modified on dated 10.10.2003 by giving an company’s immovable properties
6thly modified on 10.10.2003 for Rs. 110.200 Millions. 7thly modified on
29.12.2003 by giving an additional properties. 8thly modified on 15.12.2004
for Rs. 222.300 Millions. 9thly modified on 19.03.2005 by giving an
additional security. 10thly modified on 19.05.2005 the limit converted into
CNRB (DL) of US$ 22700000 within the overall limit of Rs. 222.300 Millions
form and out of the deposits held by the Bank limit has been increased from
Rs. 222.300 Millions to Rs. 300.000 Millions. The limits are as follows. :
|
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] 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.44.72 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.