1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Stumpp, Schuele and Somappa Private Limited |
Principal Name 1 |
Mr. Ramesh Ramanna Machani |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Satish Ramesh Machani |
|
|
|
Registration # |
08-1378 |
|
Street Address |
139/2, Hosur Road, Koramangala,
Bangalore – 560095, Karnataka, India |
||
|
Established Date |
19.02.1960 |
SIC Code |
-- |
|
Telephone# |
91-80-25532335 (8 lines)/
25532282/ 25521538/ 25531929 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-80-25530622/ 25532379 |
Business Style 2 |
Dealers |
|
Homepage |
Product Name 1 |
Springs |
|
|
# of employees |
350 (Approximately) |
Product Name 2 |
Capacitors |
|
Paid up capital |
Rs.29,850,000/- |
Product Name 3 |
Metallised Plastic Films |
|
Shareholders |
Bodies Corporate-10.00%,
Director or Relatives of Directors- 90.00% |
Banking |
State Bank of India |
|
Public Limited Corp. |
No |
Business Period |
51 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
Ba
(50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
Stumpp Schuele and Somappa Springs Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
116,845,000 |
Current Liabilities |
195,551,000 |
|
Inventories |
46,908,000 |
Long-term Liabilities |
107,312,000 |
|
Fixed Assets |
231,836,000 |
Other Liabilities |
45,041,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
347,904,000 |
|
Invest& other Assets |
268,288,000 |
Retained Earnings |
286,123,000 |
|
|
|
Net Worth |
315,973,000 |
|
Total Assets |
663,877,000 |
Total Liab. & Equity |
663,877,000 |
|
Total Assets (Previous Year) |
1511,375,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
829,582,000 |
Net Profit |
2,958,000 |
|
Sales(Previous yr) |
1780,715,000 |
Net Profit(Prev.yr) |
6,685,000 |
MIRA
INFORM REPORT
|
Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
STUMPP, SCHUELE AND SOMAPPA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
139/2, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.02.1960 |
|
|
|
|
Com. Reg. No.: |
08-001378 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31901KA1960PTC001378 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS14986G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS2285G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturers and Dealers of all
kinds of Springs, Capacitors and Metallised Plastic Films, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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 / Head Office : |
139/2, |
|
Tel. No.: |
91-80-25532335 (8 lines)/ 25532282/
25521538/ 25531929 |
|
Fax No.: |
91-80-25530622/ 25532379 |
|
E-Mail : |
sss.blr@smo.springrpg.ems.vsnl.net.in sss-india.com ravi@sss-india.com |
|
Website : |
|
|
Area : |
30000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Sales Offices: |
Post Box No. 275, New |
|
Tel. No.: |
+1 (248) 4123367 |
|
Fax No.: |
+1 (248) 2645000 |
|
Email : |
|
|
|
|
|
Factory : |
Ř
139/2, Tel. No.
91-80-2553 2335 (5 Lines) Fax No.
91-80-2553 0622 E
Mail: inks@incowax.com
Ř
Unit I – No. 115,
Bommasandra Industrial Area, Off Tel.
No. 91-80-2572 1585 Fax No.
91-80-2572 1871 Area –
10000 Sq. ft (Owned) Location
– Commercial Ř
Unit II – Pl-4,
Industrial Area, Bommasandra, Tel.
No. 91-80-2553 2239 Fax No.
91-80-2553 2242 Area –
10000 Sq. ft (Owned ) Location
– Commercial Ř
Electronic Division
– Tel.
No. 91-80-2661 0074 / 7024 / 2124 Fax No.
91-80-2660 4189 Telex:
0845-2406 NIPN IN Area –
10000 Sq. ft (Owned) Location – Industrial |
|
|
|
|
Branches : |
Located At: Ř
Sapphire Complex,
Flat No. 16, No. 31/32, Mumbai – Pune Road, Pune – 411 012, Maharashtra Tel.
No.91-20-2316606 / 07 Ř
Devedarshan, 207
Ground Floor, No. 1, Tel.
No.91-44-2642 7155 Ř
60/124, Tel.
No.91-33-2472 5216 Ř
Malargam, 1st
Floor, No. 66, Ř
Flat No. 305, 3rd
Floor, Ansal Bhavan, No. 10, Kasturba Gandhi Marg, Curzon Road, New Delhi –
110 001 Tel.
No.91-11-2331 3450 Ř
C/O Ladiwale Joshi
and Sons, 364/C, D. Tel.
No.91-22-24304394 Ř
Nos. 1 and 2, 2nd
Floor, Emerald House, Tel. No.91-40-2784 4644 |
|
|
|
|
Regional Offices : |
Located at: ·
Pune : 91-20-5898956/ 656 ·
Chennai : 91-44-26810028/ 0727 ·
· Kolkata : 91-33-24222265 |
DIRECTORS
(AS ON 29.09.2010)
|
Name : |
Mr. Ramesh Ramanna Machani |
|
Designation : |
Executive Chairman |
|
Address : |
No.456, Kothanur Cross, Bannerghatta Road, Arekere Village, I I M Post, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
15.03.1946 |
|
Date of Appointment : |
06.04.2009 |
|
|
|
|
Name : |
Mr. Satish Ramesh Machani |
|
Designation : |
Managing Director |
|
Address : |
No.456, Kothanur Cross, Bannerghatta Road, Arekere Village, I I M
Post, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
03.09.1971 |
|
Date of Appointment : |
06.04.2009 |
|
Email : |
|
|
|
|
|
Name : |
Mr. |
|
Designation : |
Joint Managing Director |
|
Address : |
No.456, Kothanur Cross, |
|
Date of Birth/Age : |
08.08.1973 |
|
Date of Appointment : |
06.04.2009 |
|
Email : |
|
|
Tel No.: |
91-80-25525190 |
|
|
|
|
Name : |
Mrs. Deepa Anil Kumar |
|
Designation : |
Executive Director |
|
Address : |
No.456, Kothanur Cross, Bannerghatta Road, Arekere Village, I I M
Post, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
03.03.1976 |
|
Date of Appointment : |
25.05.2007 |
|
|
|
|
Name : |
Mr. M. R. Ganganna |
|
Designation : |
Director |
|
Address : |
1/1400, HBS Colony, Yemmiganpur, 518360, |
|
Date of Birth/Age : |
03.02.1944 |
|
Date of Appointment : |
27.09.1999 |
|
|
|
|
Name : |
Mr. M. R. Gangadhar |
|
Designation : |
Director |
|
Address : |
M. G. Brothers automobiles Private Limited, Dargamitta, |
|
Date of Birth/Age : |
18.09.1958 |
|
Date of Appointment : |
27.09.1999 |
|
|
|
|
Name : |
Mr. Alexander Joseph |
|
Designation : |
Director |
|
Address : |
507, CMH Road, Indra Nagar, Bangalore – 560038, Karnataka, India |
|
Date of Birth/Age : |
08.08.1938 |
|
Date of Appointment : |
09.12.1995 |
|
|
|
|
Name : |
Mr. Murali Ananthasivan |
|
Designation : |
Director |
|
Address : |
77 and 78, 6th Cross, Bhuvaneshwaarinagar, Hebbal- Dasarahalli, Off
Bellary Road, Bangalore – 560052, Karnataka, India |
|
Date of Birth/Age : |
20.05.1959 |
|
Date of Appointment : |
13.08.2007 |
|
|
|
|
Name : |
Mr. Sajan Kumar Sharma |
|
Designation : |
Director |
|
Address : |
37/8, Sri, |
|
Date of Birth/Age : |
20.12.1936 |
|
Date of Appointment : |
13.08.2007 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Machani Pakeerappa Somanna |
|
Designation : |
Director |
|
Address : |
No. 40/ 37 L – 16, River View
Colony, |
|
Date of Birth/Age : |
01.04.1934 |
|
Date of Appointment : |
21.09.1989 |
KEY EXECUTIVES
|
Name : |
Mr. Sam |
|
Designation : |
Deputy General Manager |
|
Tel No.: |
91-80-25532279 |
|
Email : |
|
|
|
|
|
Name : |
Mr. N. C. Srinivasan |
|
Designation : |
President |
|
Tel No.: |
91-80-25532281 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Amar Babu |
|
Designation : |
General Manager - Business Development |
|
Tel No.: |
91-80-25532858 |
|
Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
M L |
|
198 |
|
M |
|
14 |
|
M C Nagaraj |
|
179 |
|
M R Satish |
|
18146 |
|
M Chaitanya Nagappa |
|
5369 |
|
M G Raghavendra |
|
4381 |
|
M G Gopalkrishna |
|
4090 |
|
Bhagya Rekha Rangaswamy |
|
5000 |
|
M R Ramesh |
|
161579 |
|
Machani Ramanna Gangadhar |
|
4065 |
|
M R |
|
13591 |
|
M G Metallic Springs Private Limited, India |
|
29872 |
(AS ON 30.09.2010)
|
Category |
Percentage |
|
|
|
|
Bodies Corporate |
10.00 |
|
Director or Relatives of Directors |
90.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Dealers of all
kinds of Springs, Capacitors and Metallised Plastic Films, etc. |
||||||||||
|
|
|
||||||||||
|
Products : |
· Engine Valve Springs · Fuel Injector Springs · Stabilizers Bars · Suspension Springs · Wire Forms · Tension and Torsion Springs · Spiral Springs · Diaphragm Springs · Pressed Components · Dye Springs · Hose Clamps |
GENERAL INFORMATION
|
Suppliers : (As on 31.03.2009) |
· G. World, · Kanematsu Corporation, Japan · Totto International Inc., Japan · · Marubeni Corporation, Japan · Toray International Inc., Japan · Kopafol Electrofoiin · S. K. Sonderkeramaik and Company · Stahl and Draftwerk Roslau · Garphyttan Wire AB, · G. Wored, · Blastwell Enterprises · · Arvind International Rubber · Pavithra Powder Coaters ·
|
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|
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|
Customers : (As on 31.03.2009) |
· Ashok Leyland Limited (Hinduja Group) · Bajaj Tempo Limited (Bajaj Group) · Cummins · Defence Establishments (Government of · · Diesel Loco Works (Indian Railways) · Escorts Tractors Limited (Escort Group) · Ford · General Motors · Honda Motors · Hyundai Motor · Kirloskar Copland (Kirloskar Group) · Lucas-TVS Limited (TVS Group) · Mahindra and Mahindra (Mahindra Group) · Maruti Udyog Limited (Suzuki Group) · Mico Bosch Limited (Bosch Group) · Tata Motors Limited (Tata Group) · Toyota Kirloskar Motor Limited ( · TVS Motors · Yamaha Motor (Yamaha) · Multitech Industries, · PT Perkasa ( · Daikin Clutch ( · Industrial Equipments ( · Fiberona (Theran) |
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
350 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
·
Canara Bank Address: Cantonment Branch, M.
G. Road, Queens Road, Bangalore – 560 001, Karnataka, India ·
The Karnataka Bank
Limited Address: Jayanagar, 9th
Block Branch, Bangalore – 560 069, Karnataka, India ·
State Bank of India Address: Industrial Finance Branch,
Residency Road, Bangalore – 560 025, Karnataka, India ·
State
Bank of Travancore Address: Residency Road Branch, Bangalore –
560 025, Karnataka, India ·
State
Bank of Address: Industrial Finance Branch, 85,
Richmond Road, Bangalore – 560025, Karnataka, India · ABN Amro Bank N.V. Prestige Towers, 99 and 100, Residency Road, Bangalore – 560025, Karnataka, India |
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|
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|
Facilities : |
NOTES: Term Loans from Banks are secured on Paripassu fist charge basis. · On all movable fixed assets of the company and · Equitable mortgage on the company’s land and building situated at Hosur Road, Koramangala, Garvebhavipalya and Basavanagudi, Bangalore and Karnai Village, Tamilnadu Working Capital Facilities from banks are secured by · First Charge way of hypothecation of company’s entire stocks and book debts on paripassu basis. · Paripassu second charge on land and buildings and Plant and Machinery situated at Hosur Road, Koramangala, Garvebhavipalya, Bangalore and at Karnai Village, Tamilnadu All the secured loans except loan from others are guaranteed by Chairman and Managing Director Other secured loans are secured by Hypothecation of
specific assets financed by them. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K P Rao and Company Chartered Accountants |
|
Address: |
No.25, Madras Bank Road, Bangalore – 560 001, Karnataka, India |
|
|
|
|
Subsidiaries : |
· Stumpp Schuele and Somappa Springs Private Limited U29299KA1996PTC038742 · Stumpp Schuele and Somappa USA Inc. · Stumpp Schuele and Somappa GmbH – Germany |
|
|
|
|
Associates : |
· L and P Somappa Comforts Private Limited ·
M G Metallic Springs
Private Limited ·
Market Seals (India)
Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
298500 |
Equity Shares |
Rs.100/- each |
Rs.29.850 millions |
|
|
|
|
|
NOTES:
(Include 72,500 Equity Shares issued as fully
paid bonus shares by capitalisation of General Reserve and 12,000 Equity Shares
of Rs.100/- each allotted to the share holders of erstwhile Nippon Electronics
(India) Limited.
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 |
29.850 |
29.850 |
29.850 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
286.123 |
292.850 |
299.704 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
315.973 |
322.700 |
329.554 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
77.921 |
805.959 |
632.014 |
|
|
2] Unsecured Loans |
29.391 |
38.126 |
22.728 |
|
|
TOTAL BORROWING |
107.312 |
844.085 |
654.742 |
|
|
DEFERRED TAX LIABILITIES |
11.118 |
9.547 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
434.403 |
1176.332 |
984.296 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
231.836 |
363.272 |
352.709 |
|
|
Capital work-in-progress |
0.000 |
228.149 |
30.802 |
|
|
|
|
|
|
|
|
INVESTMENT |
268.288 |
72.579 |
6.484 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.908
|
308.877 |
302.764 |
|
|
Sundry Debtors |
55.729
|
373.756 |
384.654 |
|
|
Cash & Bank Balances |
17.595
|
42.260 |
43.320 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
43.521
|
122.482 |
110.590 |
|
Total
Current Assets |
163.753
|
847.375 |
841.328 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
235.424 |
122.488 |
|
|
Other Current Liabilities |
|
42.817
|
73.177
|
|
|
Provisions |
33.923
|
56.802
|
51.362
|
|
Total
Current Liabilities |
229.474
|
335.043 |
247.027
|
|
|
Net Current Assets |
(65.721)
|
512.332 |
594.301 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
434.403 |
1176.332 |
984.296 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
INCOME |
829.582 |
1780.715 |
1563.297 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
40.180 |
75.003 |
112.052 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.063 |
60.803 |
54.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.117 |
14.200 |
58.014 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(2.841) |
7.515 |
25.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.958 |
6.685 |
33.014 |
|
|
|
|
|
|
|
|
|
|
INCOME/
(EXPENSES) RELATING TO EARLIER YEARS |
(0.953) |
0.360 |
(2.203) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.987 |
6.434 |
4.910 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.500 |
2.000 |
20.555 |
|
|
|
Interim Dividend |
7.463 |
2.985 |
5.970 |
|
|
|
Final Dividend |
0.000 |
0.000 |
1.493 |
|
|
|
Tax on Dividend |
1.268 |
0.507 |
1.269 |
|
|
BALANCE CARRIED
TO THE B/S |
0.761 |
7.987 |
6.434 |
|
|
|
|
|
|
|
|
|
|
Export Value
|
86.694 |
89.370 |
92.085 |
|
|
|
|
|
|
|
|
|
|
Import Value
|
205.664 |
399.485 |
305.169 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.91 |
22.40 |
110.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.01
|
0.80 |
3.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.03
|
1.17 |
4.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.04 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
3.65 |
2.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71
|
2.53 |
3.41 |
LOCAL AGENCY FURTHER INFORMATION
SLUMP SALE OF SPRINGS
DIVISION OF STUMPP, SEHUDE AND SOMAPPA PRIVATE LIMITED
During the years 2009-10, the Company effected slump sale of its springs Division in to a separate 100% subsidiary viz. Stump, Schuele and Somappa Springs Private Limited w.e.f. 01.08.2009.
Consequent to the sale. all the movable assets of Springs division including all banking facility have been transferred to Stumpp, Schuele and Somappa Springs Private Limited (4S). Appropriate agreements effecting these transactions are in place and have been duly approved by their legal advisors. All land and buildings continue Id he owned by Stumpp, Schuele and Somappa Private Limited (35) and the manufacturing plants are operated by the Stumpp, Sehuele and Somappa Springs Private Limited under a lease agreement.
PERFORMANCE
Consequent to the sale of Springs Division, the performance of which is covered under Stumpp, Schuele and Somappa Springs Private Limited, performance of other businesses in Sturnpp, Schucle and Somappa Private Limited viz Auto Lamp Division, Electronic Division and Yashram Division have been steady and these divisions were cash positive for the year.
FUTURE OUTLOOK:
The outlook for Autolamp, Electronic and Yashram looks bright and business is expected to grow over the year.
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U31901KA1960PTC001378 |
|
Name of the company |
Stumpp, Schuele and Somappa Private Limited |
|
Address |
139/2, Hosur Road, Koramangala, Bangalore- 560095,
Karnataka, India |
|
This Form is for |
Modification of
charge |
|
Type of Charges |
Immovable
property |
|
Particular of the charge holder
|
State Bank of India Industrial Finance Branch, Residency Road,
Bangalore – 560025, Karnataka, India Email : sbi09077@sbi.co.in |
|
Nature or description of the instrument creating charge |
Letter from The State Bank of India |
|
Date of the instrument creating charge |
05.01.2011 |
|
Amount Secure by the charge |
Rs.580.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: As may be prescribed from time to time Terms of Repayment: As applicable to respective credit limits Margin: Prescribed by the Respective Bankers Extent and operation of the Charge: The charge operates as security for the
due repayment of the entire principal together with interest, additional
interest, default interest, fees cost and damages. |
|
Short particulars of the
Property charged |
EM of immovable properties comprising land
together with all buildings and structures thereon, all plant and machinery Properties located at Karnai Village, Kollamedu, Tiruvallur TQ., Sub
Regn Dist of Perambakkam and No. 139/2, Hosur Road, Koramangala, Bangalore,
Sy. No. 115, Hongasandra, Begur Hobli, Garvebavipalya, Hosur Road, Bangalore |
|
Particulars of the Present Modification |
Property of the company situated at Karnai Village, Kollamedu,
Tiruvallur Tq. Sub Regn Dist of Perambakkam, tamil nadu, which was provided
as Collateral Security for the Term Loans/Corporate Loans extended to Stumpp,
Schuele and Somappa Springs Private Limited has been released to an extent of
4.72 acres. |
|
Name of the company |
STUMPP SCHUELE AND SOMAPPA PRIVATE LIMITED |
|
Presented By |
State Bank of Industrial
finance Branch, M/s Stumpp
Schuele and Somappa Private Limited |
|
1) Date and
description of instrument creating the change |
Date 25.01.2006 Agreement of
hypothecation of goods and assets Letter regarding the
grant of individual limit within the overall limit Form A - Letter
confirming deposit of title deeds Form A – Letter
confirming deposit of title deeds All the above
pertain to same charge. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.15.000
millions [Cash Credit
(hyp) Rs.60.000 millions , Corporate loan – Rs.60.000 millions, LC –
Rs.30.000 millions , and BG Rs.10.000 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 |
Hypothecation of
all present and future goods, book debts and all other movable assets of the
borrower including document of title to the goods, outstanding monies
receivables including receivable 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
draw back credit scheme or any other scheme, bills, invoice, documents,
contracts, insurance policies, guarantee engagement, securities, investment
and right and pledge/ hypothecation of the present machinery listed in the
schedule hereunto and all future machinery belonging to or in possession of
or under the control of the borrower wherever lying stored and kept and
whether in possession of the borrower of the bank or of any third party
whether in India or elsewhere throughout world including all such goods ,
machineries, movables and other assets as may be in course of shipment ,
transit or delivery and the security of the company immovable properties. A] All that piece
and parcel of converted land bearing Sy. No. 115, Hongsandra ., Begur Hobli
Road, Bangalore – 560 095 now coming under the limits of Bangalore Measuring
6000 sq. yards and bounded by the East by : Mrs.
Ammini Nayars Lands West by: North by: Tank
Bed South by: Private
road 30 ft. belonging to Sivaram Industrial Estate. B] all that piece
and parcel of converted land bearing 139/2, Koramangala, Hosur Road,
Bangalore – 560 v095 now coming under htel imts of Bangalore Measuring 4
Acres and 21 guntas and bouded by the: East by: Cart Track West by: North by: Sy No.
138, International Instrument Private Limited, South by:
Chikamuniswamy Reddy As first charge
to state Bank of India Now obtained will
cover the entire credit facility of Rs. 160.000 millions. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate
of Interest: Cash credit
– 1.50% below SBAR, present effective rate 8.75% p.a plus interest tax if any
with monthly rests, rising or falling therewith. Corporate
Loan- 1.50% below SBAR ,
present effective rate 8.75% p.a plus interest tax if any with monthly rests,
rising or falling therewith Repayment: Cash Credit – On Demand Corporate Loan – 20 equal monthly
installments beginning from April 2006 of Rs.3.000 millions. |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of Address: Industrial Finance Branch,
Residency Road, |
FIXED ASSETS
Ř Land – Freehold
Ř Land – Leasehold
Ř Building
Ř Plant and Machinery
Ř Electrical Installation
Ř Know How
Ř Furniture and Fixture
Ř Vehicle
WEBSITE DETAILS:
Subject is a part of the MG Brothers Group, a 60 year old enterprise
which has various businesses such as Transportation, Auto Dealerships,
Agriculture and Real Estate to name a few.
With a capacity to convert 15,000 tons
of steel into springs each year; the company is the "Number 1"
spring maker of high quality springs in
The company has the capability of manufacturing 0.15mm wire diameter to 24mm wire diameter, for the automotive and
various other industries the world over and with 11 plants manufacturing more than 4,000 varieties of springs, they
have in their fold over 600 skilled professionals who are committed to quality
and excellence.
FACILITY:
CNC Facility: The Company can boast of some of the best
machinery to manufacture springs. A CNC enabled facility comprising of 6 axes CNC controlled machines is constantly
updated to produce precision springs.
This facility at the company is state-of-the-art and is capable of
manufacturing the single coil and
double coil kick-starter springs for the automotive industry.
CNC Coiling: CNC coiling
Machines such as the left hand coil machine with rotary cut motion and CNC
Winding machines have been setup to maintain a constant supply of springs.
The Hi-Tech Wafios
CNC compression spring coiling machines with automatic diameter
and length controls are also used.
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.44.38 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
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 |
|
50 |
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.