BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
VARDHMAN YARNS AND THREADS LIMITED |
Principal Name 1 |
MR. DARSHAN LAL SHARMA |
|
Status |
GOOD |
Principal Name 2 |
MR. SHRI PAUL OSWAL |
|
|
|
Registration # |
16-027936 |
|
Street Address |
VARDHMAN PREMISES, |
||
|
Established Date |
04.02.2005 |
SIC Code |
-- |
|
Telephone# |
91-161-2228943 - 48 |
Business Style 1 |
MANUFACTURING |
|
Fax # |
91-161-2601048 |
Business Style 2 |
SUPPLY |
|
Homepage |
Product Name 1 |
COTTON THREAD |
|
|
# of employees |
NOT AVAILABLE |
Product Name 2 |
POLYESTER THREAD |
|
Paid up capital |
Rs.570,063,540/- |
Product Name 3 |
MAN MADE FILAMENTS OF POLYESTER (BRAID THREAD) |
|
Shareholders |
FOREIGN HOLDINGS-49.00% BODIES CORPORATE-51.00% |
Banking |
STATE BANK OF |
|
Public Limited Corp. |
NO |
Business Period |
6 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba
(51) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
HOLDING COMPANY |
|
VARDHMAN TEXTILES LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,469,346,000
|
Current Liabilities |
353,073,000
|
|
Inventories |
986,979,000
|
Long-term Liabilities |
706,581,000 |
|
Fixed Assets |
1,794,396,000 |
Other Liabilities |
188,132,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
1,247,786,000 |
|
Invest& other Assets |
252,504,000 |
Retained Earnings |
2,685,375,000 |
|
|
|
Net Worth |
3,255,439,000 |
|
Total Assets |
4,503,225,000 |
Total Liab. & Equity |
4,503,225,000 |
|
Total Assets (Previous Year) |
4,102,769,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
3,771,510,000 |
Net Profit |
413,589,000 |
|
Sales(Previous yr) |
3,365,398,000 |
Net Profit(Prev.yr) |
337,218,000 |
MIRA
INFORM REPORT
|
Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
VARDHMAN YARNS AND THREADS LIMITED |
|
|
|
|
Registered
Office : |
Vardhman Premises, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.02.2005 |
|
|
|
|
Com. Reg. No.: |
16-027936 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.570.064
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17230PB2005PLC027936 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing and supply
threads. |
|
|
|
|
No. of Employees
: |
Not Available |
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 13022000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having good 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 business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Vardhman Premises, |
|
Tel. No.: |
91-161-2228943 - 48 |
|
Fax No.: |
91-161-2601048/ 2602710 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
|
|
|
|
|
Factory 2 : |
Phase VIII, Focal Point, |
|
|
|
|
Factory 3 : |
Plot No. E-13 and H-IO, SIPCOT Industrial Growth Centre, P.V. Palayam
(P.O.), Perundurai, District Erode, |
|
|
|
|
Factory 4 : |
|
DIRECTORS
As on 01.07.2010
|
Name : |
Mr. Darshan Lal Sharma |
|
Designation : |
Managing Director |
|
Address : |
B – XX – 770/ 2, Gurdev Nagar, |
|
Date of Birth/Age : |
10.11.1948 |
|
Qualification : |
M.B.A. |
|
Experience : |
37 Years |
|
Date of Appointment : |
24.02.2005 |
|
DIN No.: |
00727581 |
|
|
|
|
Name : |
Mr. Shri Paul Oswal |
|
Designation : |
Director |
|
Address : |
Auro Mirra Bhawan, 2722, Gurdev Nagar, |
|
Date of Birth/Age : |
08.04.1942 |
|
Date of Appointment : |
04.02.2005 |
|
DIN No.: |
00121737 |
|
|
|
|
Name : |
Mr. Sachit Jain |
|
Designation : |
Director |
|
Address : |
Auro Mirra Bhawan, 2722, Gurdev Nagar, |
|
Date of Birth/Age : |
08.07.1966 |
|
Date of Appointment : |
04.02.2005 |
|
DIN No.: |
00746409 |
|
|
|
|
Name : |
Mr. John Leslie Miller |
|
Designation : |
Director |
|
Address : |
3628, |
|
Date of Birth/Age : |
17.04.1954 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
02133277 |
|
|
|
|
Name : |
Mr. Craig George Stover |
|
Designation : |
Director |
|
Address : |
1261, |
|
Date of Birth/Age : |
26.10.1957 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
02133405 |
|
|
|
|
Name : |
Mr. Freddy Alfred Jackson |
|
Designation : |
Director |
|
Address : |
3671, |
|
Date of Birth/Age : |
07.12.1949 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
02133432 |
KEY EXECUTIVES
|
Name : |
Mr. Shakti Jindal |
|
Designation : |
Secretary |
|
Address : |
B – X – 653, |
|
Date of Birth/Age : |
23.07.1969 |
|
Date of Appointment : |
01.04.2008 |
|
Date of Ceasing : |
01.01.2011 |
|
PAN No.: |
ABOPJ0309C |
|
|
|
|
Name : |
Mr. Gurgeet Arneja |
|
Designation : |
Chief Marketing Officer |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
B.A. (Honors) Economics, LL.B., PGDPM |
|
Experience : |
33 Years |
|
Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vardhman Textiles Limited, |
|
29072180 |
|
Shri Paul Oswal |
|
10 |
|
Darshan Lal Sharma |
|
10 |
|
Sachit Jain |
|
10 |
|
Neeraj Jain |
|
10 |
|
Rajeev Thapar |
|
10 |
|
Mahesh Arora |
|
10 |
|
Adinath Investment and Trading Company Limited, |
|
1000 |
|
American and Efird Inc., |
|
27933114 |
|
Total |
|
57006354 |
As on 01.07.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
|
Bodies
corporate |
|
51.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing and supply
threads. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
Threads |
MT |
|
|
12000 |
|
|
|
|
|
|
|
Particulars |
Unit |
|
|
Actual
Production |
|
Sewing Thread |
MT |
|
|
10402 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
v
State
Bank of v
State
Bank of |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
* The term loans
from banks are secured by
mortgage created or to be created on all
immovable assets of the Company , both present and future; and
hypothecation of all the
movable assets both present and future (except book debts), subject to
charges created or to be created in favour of the bankers for securing the
working capital limits. * Includes
Rs.78.814 millions (previous year Rs.70.457 millions) filling due for payment
within one year ** Working
capital borrowings from banks are secured by hypothecation of entire present
and future movable assets of the Company. |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
L 41, Connaught Circus, |
|
Tel. No.: |
91-11-42787070 |
|
Fax No.: |
91-11-42787071 |
|
E-Mail: |
|
|
|
|
|
Holding Company : |
Vardhman
Textiles Limited, CIN No.: L17111PB1973PLC003345 |
|
|
|
|
Company which exercise significant influence : |
American and Efird Inc., |
|
|
|
|
Fellow Subsidiary Companies : |
v
Vardhman Acrylics Limited v
VMT Spinning Company Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
57006354 |
Equity Shares |
Rs.10/- each
|
Rs.570.064
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 |
570.064 |
570.064 |
0.510 |
|
|
2] Equity Share Capital pending allotments pursuant to the Scheme of
‘Arrangement and Demerger’ |
0.000 |
0.000 |
40.000 |
|
|
3] Reserves & Surplus |
2685.375 |
2400.363 |
157.918 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3255.439 |
2970.427 |
198.428 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
706.581 |
678.387 |
87.935 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
706.581 |
678.387 |
87.935 |
|
|
DEFERRED TAX LIABILITIES |
37.409 |
26.266 |
6.777 |
|
|
|
|
|
|
|
|
TOTAL |
3999.429 |
3675.080 |
293.140 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1794.396 |
1766.280 |
97.563 |
|
|
Capital work-in-progress (including capital advances) |
18.056 |
51.864 |
0.522 |
|
|
|
|
|
|
|
|
Intangible Assets |
225.977 |
254.224 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
8.471 |
8.471 |
0.010 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
986.979
|
741.564
|
43.213 |
|
|
Sundry Debtors |
685.397
|
637.579
|
48.651 |
|
|
Cash & Bank Balances |
340.797
|
122.701
|
40.822 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
443.152
|
520.086
|
77.532 |
|
Total
Current Assets |
2456.325
|
2021.930
|
210.218 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
321.369
|
263.836 |
11.196 |
|
|
Other Current Liabilities |
31.704
|
45.075
|
2.807 |
|
|
Provisions |
150.723
|
118.778
|
1.170 |
|
Total
Current Liabilities |
503.796
|
427.689
|
15.173 |
|
|
Net Current Assets |
1952.529
|
1594.241
|
195.045 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3999.429 |
3675.080 |
293.140 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
3771.510 |
3365.398 |
238.440 |
|
|
|
Other Income |
43.270 |
26.329 |
56.478 |
|
|
|
TOTAL (A) |
3814.780 |
3391.727 |
294.918 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
1130.145 |
961.130 |
114.383 |
|
|
|
Manufacturing Expenses |
1159.355 |
980.042 |
57.354 |
|
|
|
Personnel Expenses |
390.574 |
358.713 |
21.766 |
|
|
|
Administrative and Other Expenses |
154.592 |
144.398 |
11.462 |
|
|
|
Selling and Distribution Expenses |
190.637 |
162.347 |
7.949 |
|
|
|
(Increase)/ Decrease in Work in process Finished
Goods |
(39.318) |
64.510 |
3.556 |
|
|
|
TOTAL (B) |
2985.985 |
2671.140 |
216.470 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
828.795 |
720.587 |
78.448 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
27.211 |
36.100 |
2.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
801.584 |
684.487 |
76.282 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
195.492 |
201.804 |
10.916 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
606.092 |
482.683 |
65.366 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
192.503 |
145.465 |
2.238 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
413.589 |
337.218 |
63.128 |
|
|
|
|
|
|
|
|
|
Less |
Prior period
items |
0.282 |
0.366 |
0.736 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
172.371 |
62.230 |
(0.162) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
|
|
|
|
|
- On Equity Shares |
110.022 |
91.210 |
0.000 |
|
|
|
- Corporate dividend tax thereon |
18.273 |
15.501 |
0.000 |
|
|
|
Transferred to General Reserve |
150.000 |
120.000 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
307.383 |
172.371 |
62.230 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB amount of Exports |
178.351 |
159.926 |
20.688 |
|
|
TOTAL EARNINGS |
178.351 |
159.926 |
20.688 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
132.022 |
65.995 |
17.494 |
|
|
|
Components and Spare Parts |
40.856 |
18.677 |
2.395 |
|
|
|
Capital Goods |
50.843 |
17.297 |
2.816 |
|
|
TOTAL IMPORTS |
223.721 |
101.969 |
22.705 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.25 |
6.02 |
15.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.84 |
9.94
|
21.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.07 |
14.34
|
27.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.26 |
12.74
|
21.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.16
|
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.97 |
0.37
|
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.88 |
4.73
|
13.85 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND AND NATURE OF OPERATIONS
The Company
incorporated in February 2005, under the Companies Act 1956 is engaged in the
business of manufacturing and supply threads. Currently, the Company has four
manufacturing facilities, at
FINANCIAL RESULTS:
During the year, the
gross sales of the Company were Rs.3771.626 millions as against Rs.3365.516 millions in the previous
year, registering an increase of 12.07 percent. The net profit increased from Rs.337.218 millions in the previous
year to Rs.413.589 millions during the year, showing an increase of 22.65
percent. The production of sewing thread during the year was 10,679 MT as
compared to 9,759 MT in the previous year. The FOB value of exports of the
Company during the year was Rs.178.351 millions as against Rs.159.926 millions
in the previous year, registering an increase of 11.52 percent.
BUSINESS SCENARIO:
The economic
situation started showing signs of improvement in the second half of the last
fiscal year which resulted in the improvement of the growth rate of the
manufacturing sector. The textile industry also witnessed surge in the capacity
utilization across the entire value chain.
The export
performance of the clothings, home textiles and leather goods witnessed growth
trends in line with the improved retail off-take in the US and European
Markets. Consumer demand in the domestic market also improved and supported the
positive growth in the company's sales revenue in both industrial and consumer
segments.
The business
outlook is expected to be positive with opportunities for growth due to
expectation of higher consumer demand, both in the domestic and international
markets. In addition, the international buyers prefer to source high value
added merchandises in small lots requiring quick changes in fashion with embellishments
etc. from
However, the
market conditions remain difficult due to intense competition and increasing
inflation rate and its consequences on the interest rates. The prices of major
raw materials like cotton and polyester and other input costs have witnessed
significant increases. The manufacturing cost relating to energy and wages are
expected to go up because of the inflationary tendencies.
The stimulant
packages extended by the Government to counter the slow down during the last
year are being withdrawn gradually resulting into further cost push. As a
result, the operating margins have come under pressure due to increasing factor
costs and competitive business environment. The company shall continue to focus
in the direction of improving resource productivity and offering quality
products by meeting the ever-increasing challenges of on - time deliveries and
superior customers services.
EXPANSION:
During the year,
the expansion in the spindlage capacity of the unit at Hoshiarpur was completed
by addition of 10,080 spindles. The Company is also taking steps to rationalize
its capacities to meet the future challenges of growth in demand and
product-mix.
The Scheme of
Arrangement, Re-organization and Demerger (the Scheme) filed under Section
391-394 of the Companies Act, 1956 amongst the Company and Vardhman Textiles
Limited (VTXL), Vardhman Threads Limited
(VTL) and their respective shareholders and creditors was approved by the
Hon'ble High Court of Haryana and
FORM 8
|
Corporate
identity number of the company |
U17230PB2005PLC027936 |
|
Name of the
company |
VARDHMAN YARNS AND THREADS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Vardhman Premises, E-Mail: sjindal@vardhman.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
State Bank of E-Mail: sbn3453@sbindore.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
All the piece and
parcel of land admeasuring 278 kanals 03 marlas (approx.) out of the land
admeasuring 407 kanals situated at Phagwara road, Hoshiarpur in the State of
Punjab together with all the buildings and structures thereon, fixtures,
fittings and all plant and machinery attached to earth of permanently
fastened to anything to the earth, both present and future. |
|
Date of
instrument Creating the charge |
30.06.2010 |
|
Amount secured by
the charge |
Rs.42.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 9.25% (fixed for
3 years) Terms of
Repayment: - First 12
quarterly installments of Rs.0.500 million each starting from 1 July, 2008 - next 12 quarterly installments of Rs.1.000
million each starting from 1 July,
2011 - next 4 quarterly installments of Rs.3.000
millions each starting from 1 July, 2014 - last 4 quarterly installments of Rs.3.125
millions each starting from 1 July, 2015 Margin: 17.5% Extent and
Operation of the charge: 100% |
|
Short particulars
of the property charged |
All the piece and
parcel of land admeasuring 278 kanals 03 marlas (approximately) out of the
land admeasuring 407 kanals situated at Phagwara road, Hoshiarpur in the State
of Punjab. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10105602 |
|
Corporate
identity number of the company |
U17230PB2005PLC027936 |
|
Name of the
company |
VARDHMAN YARNS AND THREADS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Vardhman Premises, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of E-Mail: sbop50463@gmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Joint Deed of
Hypothecation dated 16.10.2008 |
|
Date of
instrument Creating the charge |
16.10.2008 |
|
Amount secured by
the charge |
Rs.602.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: State Bank of State Bank of Punjab National
Bank 0.50% below BPLR ICICI Bank
Limited 2.25% below IBAR Allahabad Bank 1%
below BPLR Terms of Repayment: Repayable on demand Margin: 25% on stocks and book debts upto 3 months Extent and Operation of the charge: 100% Others: First charge on current assets of the company (both present and future)
on pari passu basis with all consortium Banks. |
|
Short particulars
of the property charged |
Charge on raw
material (domestic and imported), stock/ work in progress, finished goods,
stores and spares, receivables/ debtors. |
|
Particulars of
the present modification |
Charge to secure
working capital facilities, earlier created in favour of State Bank of |
CONTINGENCIES AND COMMITMENTS ARE AS FOLLOWS: Particulars |
31.03.2010(Rs. in millions) |
a. Bank guarantees given by the company |
4.027 |
b. Claims against the Company not acknowledged as debts. |
9.601 |
|
|
FIXED ASSETS:
Tangible Assets
v
v
v Buildings
v Plant and Machinery
v Furniture and Fittings
v Vehicles
Intangible Assets
v Brands
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.44.94 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.