MIRA
INFORM REPORT
|
Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
HONDA SIEL CARS INDIA LIMITED |
|
|
|
|
Registered
Office : |
3 & 4/48, Enkay House, 2nd Floor, Malcha Marg Shopping
Complex, Chanakyapuri, New Delhi – 110021 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
05.12.1995 |
|
|
|
|
Com. Reg. No.: |
20-23013 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15114UP1995PLC023013 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MRTH00616A/ MRTH00160G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACH1765Q |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturer of Motors Cars. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 36724596 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between Honda Motor Co Limited Japan and
Siel Limited a Siddharth Shriram Group Company. The company is incurring some
losses from two years however, the networth of the company is satisfactory.
Financial position of the company appears to be sound. Trade relations are
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considerd normal for good 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 : |
3 & 4/48, Enkay House, 2nd Floor, Malcha Marg Shopping Complex,
Chanakyapuri, New Delhi – 110021, India |
|
Tel. No.: |
91-11-41680694 |
|
Fax No.: |
91-11-41680696 |
|
|
|
|
Factory : |
Plot No. A-1, Sector 40/ 41, |
|
Tel. No.: |
91-120 - 234 1313/ 1321/ 1327/ 1801/ 1806/ 1802 |
|
Fax No.: |
91-120 – 2341261/ 300 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Zonal Mumbai
Office : |
D-126, TTC Industrial Area, MIDC Shiravane, Nerul, Thane-Belapur Road,
Navi Mumbai- 400706, Maharashtra, India |
|
Tel. No.: |
91-22-67895000/ 5001/ 5002/ 5003 |
|
|
|
|
Zonal Chennai
Office : |
25/26, |
|
Tel No.: |
91-44-28211094/ 95/ 96/ 97 |
DIRECTORS
AS ON 19.08.2010
|
Name : |
Mr. Sambommatsu Toshio |
|
Designation : |
Whole Time Director |
|
Address : |
B-1/2, First Floor, Vasant Vihar, |
|
Date of Birth/Age : |
14.12.1958 |
|
Date of Appointment : |
01.07.2005 |
|
|
|
|
Name : |
Mr. Sudo Motohide |
|
Designation : |
Director |
|
Address : |
Ruamsuk Condominium Unit 16, C 16/49, 16th Floor, Soi
Sukhumuit 26, Klongtoey, |
|
Date of Birth/Age : |
08.09.1954 |
|
Date of Appointment : |
16.06.2005 |
|
Date of Ceasing : |
31.03.2006 |
|
|
|
|
Name : |
Mr. Oyama Tatsuhiro |
|
Designation : |
Director |
|
Address : |
1-27-1-305, Tabata, Kita Ku |
|
Date of Birth/Age : |
09.07.1950 |
|
Date of Appointment : |
01.04.2006 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Whole Time Director |
|
Address : |
C-56, Anand Niketan, |
|
Date of Birth/Age : |
21.02.1964 |
|
Date of Appointment : |
01.04.2006 |
|
|
|
|
Name : |
Mr. Siddharth Shriram |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
3-A, The Green, Opposite Airforce Station Rajokari No – 110038, |
|
Date of Birth/Age : |
18.01.1945 |
|
Date of Appointment : |
09.01.1996 |
|
|
|
|
Name : |
Mr. Nandan Kumar Goila |
|
Designation : |
Director |
|
Address : |
A-65 / 1, SFS Flats, Saket, |
|
Date of Birth/Age : |
14.04.1947 |
|
Date of Appointment : |
09.01.2001 |
|
|
|
|
Name : |
Mr. Daikichiro Yano |
|
Designation : |
Whole Time Director |
|
Address : |
W-65, Greater Kailash – 11, |
|
Date of Birth/Age : |
22.10.1954 |
|
Date of Appointment : |
10.06.2002 |
|
|
|
|
Name : |
Mr. Yukihiro Aoshima |
|
Designation : |
Director |
|
Address : |
E 5/6, First Floor, Vasant Vihar, |
|
Date of Birth/Age : |
03.09.1943 |
|
Date of Appointment : |
01.04.2003 |
|
|
|
|
Name : |
Mr. Atsushi Igaki |
|
Designation : |
Director |
|
Address : |
S 31, First Floor Panchsheel park, |
|
Date of Birth/Age : |
21.01.1963 |
|
Date of Appointment : |
30.04.2004 |
|
|
|
|
Name : |
Mr. Masahiro Takedagawa |
|
Designation : |
Whole Time Director |
|
Address : |
C / o Metropoliton Nikko, |
|
Date of Birth/Age : |
28.04.1968 |
|
Date of Appointment : |
08.04.2005 |
|
|
|
|
Name : |
Mr. Yutaka Ishikawa |
|
Designation : |
Director |
|
Address : |
W – 148A, Second Floor, Greater Kailash, |
|
Date of Birth/Age : |
17.02.1961 |
|
Date of Appointment : |
18.04.2005 |
|
|
|
|
Name : |
Mr. Tatsuya Natsume |
|
Designation : |
Whole Time Director |
|
Address : |
B/18, Second Floor, Shanti Niketan, New Delhi-110021, |
|
Date of Birth/Age : |
16.03.1964 |
|
Date of Appointment : |
01.04.2005 |
|
|
|
|
Name : |
Mr. Raman Sharma |
|
Designation : |
Whole Time Director |
|
Address : |
House No. 70, Sector -9, Faridabad-121006, |
|
Date of Birth/Age : |
12.01.1965 |
|
Date of Appointment : |
01.04.207 |
|
|
|
|
Name : |
Mr. Yuji Matsuzaki |
|
Designation : |
Whole Time Director |
|
Address : |
S-328, Ground Floor, Greater Kailash -11, New Delhi-110048, |
|
Date of Birth/Age : |
20.02.1952 |
|
Date of Appointment : |
01.06.2007 |
|
|
|
|
Name : |
Mr. Hindeyoshi Takarada |
|
Designation : |
Nominee Directors |
|
Address : |
C-9/5, First Floor, Vasant Vihar, New Delhi-110057, |
|
Date of Birth/Age : |
18.10.1963 |
|
Date of Appointment : |
19.06.2008 |
|
|
|
|
Name : |
Mr. Fumihiko Ike |
|
Designation : |
Nominee Director |
|
Address : |
A-51-4, Nakadai, Itabashi- Ku, Tokyo, Japan-1740054 |
|
Date of Birth/Age : |
26.05.1962 |
|
Date of Appointment : |
19.06.2008 |
|
|
|
|
Name : |
Mr. Akira Taniguchi |
|
Designation : |
Director |
|
Address : |
C-551, Second Floor, New Friends Colony, New Delhi-110066, |
|
Date of Birth/Age : |
15.01.1960 |
|
Date of Appointment : |
05.05.2008 |
|
|
|
|
Name : |
Mr. Taushiro Qyaha |
|
Designation : |
Nominee Director |
|
Address : |
5-24-15, Matsuga Oka, Tsurugashima city, Saitama-3502205 |
|
Date of Birth/Age : |
13.01.1960 |
|
Date of Appointment : |
19.06.2008 |
|
|
|
|
Name : |
Mr. Katsuhiro Harda |
|
Designation : |
Whole-Time Director |
|
Address : |
541-1-210, Imaizumi-cho, Utsunomiya Shi Tochigi-3210962 |
|
Date of Birth/Age : |
15.03.1960 |
|
Date of Appointment : |
01.04.2009 |
|
|
|
|
Name : |
Mr. Keiichi Yasuda |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.04.1967 |
|
Date of Appointment : |
01.04.2010 |
|
|
|
|
Name : |
Mr. Haruhito Murai |
|
Designation : |
Whole time director |
|
Date of Birth/Age : |
06.07.1955 |
|
Date of Appointment : |
01.04.2010 |
|
|
|
|
Name : |
Mr. Takashi Nagai |
|
Designation : |
Whole time director |
|
Date of Birth/Age : |
07.02.1959 |
|
Date of Appointment : |
01.04.2010 |
KEY EXECUTIVES
|
Name : |
Mr. S. Ramaswamy |
|
Designation : |
Company Secretary |
|
Address : |
Flat No – 105, First Floor, GH – 06, Gharonda Sehkari Housing Society
Alpha – 1, Greater Noida – 201306, |
|
Date of Birth/Age : |
15.04.1962 |
|
Date of Appointment : |
15.07.1996 |
|
|
|
|
Name : |
Mr. Alok Goel |
|
Designation : |
Company Secretary |
|
Address : |
A1A / 14A, |
|
Date of Appointment : |
12.03.2007 |
|
|
|
|
Name : |
Mr. Arun Pratap Singh |
|
Designation : |
Secretary |
|
Address : |
Falt No. B-210, Black Gold Apartments, Sector- Omega- I, Greater
Noida, Gautam Suon Nagar-201308, |
|
Date of Birth/Age : |
01.02.1972 |
|
Date of Appointment : |
20.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Honda Motor Company Limited, Japan |
|
350639995 |
|
Siel Holdings Limited |
|
9360000 |
|
Honda Motor Company Limited Jointly With Katsuhiro Harada |
|
1 |
|
Honda Motor Company Limited Jointly With Hideyoshi Takarada |
|
1 |
|
Honda Motor Company Limited Jointly With Tatsuya Natsume |
|
1 |
|
Honda Motor Company Limited Jointly With Nagai Takashi |
|
1 |
|
Honda Motor Company Limited Jointly With Murai Haruhito |
|
1 |
|
Total |
|
360000000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
97.40 |
|
Bodies corporate |
2.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Motors Cars. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Cars |
Nos |
100,000 |
65,550 |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
UFJ
Bank Limited [Formerly The Sanwa Bank Limited] Head Office : 5-6,
Fushimimachi, 3-Chome, Chou-Ku, Branch Office : Mercantile House,
15, Kasturba Gandhi Marg, ·
Bank of
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
A. F. Ferguson and Company Chartered Accountants |
|
Address : |
9, Scindia House, Kasturba Gandhi Marg, |
|
|
|
|
Holding Company: |
Honda Motor Company Limited, Japan |
|
|
|
|
Joint Venture : |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
360,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 3600.000 Millions |
|
|
|
|
|
Note – 350,640,000 equity shares are held by Honda
Motor Co. Ltd. Japan, the holding company and its nominees.
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 |
3600.000 |
3600.000 |
3600.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5581.149 |
5934.304 |
7899.947 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9181.149 |
9534.304 |
11499.947 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3346.027 |
2246.149 |
0.000 |
|
|
2] Unsecured Loans |
2742.212 |
7168.084 |
0.000 |
|
|
TOTAL BORROWING |
6088.239 |
9414.233 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.386 |
|
|
|
|
|
|
|
|
TOTAL |
15269.388 |
18948.537 |
11501.333 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12198.947 |
11581.451 |
7235.911 |
|
|
Capital work-in-progress |
1611.623 |
4163.281 |
1693.708 |
|
|
|
|
|
|
|
|
INVESTMENT |
256.437 |
256.437 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1332.970 |
1263.744 |
271.980 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5167.701
|
3038.594 |
5163.967 |
|
|
Sundry Debtors |
540.619
|
655.201 |
183.486 |
|
|
Cash & Bank Balances |
387.650
|
324.873 |
455.097 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2922.773
|
3223.920 |
2079.399 |
|
Total
Current Assets |
9018.743
|
7242.588 |
7881.949 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8991.419
|
5225.092 |
|
|
|
Other Current Liabilities |
18.771
|
176.182 |
5417.498 |
|
|
Provisions |
139.142
|
157.690 |
164.717 |
|
Total
Current Liabilities |
9149.332
|
5558.964 |
5582.215 |
|
|
Net Current Assets |
(130.589)
|
1683.624 |
2299.734 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15269.388 |
18948.537 |
11501.333 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
40811.068 |
34834.668 |
39747.086 |
|
|
|
Other Income |
1233.271 |
426.133 |
650.107 |
|
|
|
TOTAL (A) |
42044.339 |
35260.801 |
40397.193 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
38949.761 |
36609.521 |
35086.109 |
|
|
|
Change in excise duty on finished goods |
431.247 |
(514.509) |
470.502 |
|
|
|
TOTAL (B) |
39381.008 |
36095.012 |
35556.611 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2663.331 |
(834.211) |
4840.582 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
181.045 |
164.698 |
0.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2482.286 |
(998.909) |
4840.192 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2904.670 |
1934.423 |
1222.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(422.384) |
(2933.332) |
3617.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(69.226) |
(967.692) |
1257.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(353.158) |
(1965.640) |
2359.822 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5934.307 |
7899.947 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5581.149 |
5934.307 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
265.625 |
12.258 |
NA |
|
|
TOTAL EARNINGS |
265.625 |
12.258 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13055.053 |
10841.014 |
NA |
|
|
|
Stores & Spares |
508.590 |
1516.095 |
NA |
|
|
|
Capital Goods |
63.664 |
4030.318 |
NA |
|
|
TOTAL IMPORTS |
13627.307 |
16387.427 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.83)
|
(5.57) |
5.84
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.03)
|
(8.42) |
9.10
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.90)
|
(15.58) |
23.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.30) |
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.65
|
1.57 |
0.49
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
1.30 |
1.41
|
LOCAL AGENCY FURTHER INFORMATION
Note – The registered
office address of the company has been shifted from Plot No. A-1, Sector 40/
41,
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Furniture,
Fixture and Office Equipments
- Computers and
data processing machines
- Vehicles
- Computer
Software
Form 8
|
Corporate
identity number of the company |
U15114UP1995PLC023013 |
||||||
|
Name of the
company |
HONDA SIEL CARS INDIA LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
3 & 4/48, Enkay House, 2nd Floor, Malcha Marg Shopping
Complex, Chanakyapuri, New Delhi – 110021 |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book debts |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Supplemental Agreement
For Hypothecation Of Stock In Trade, Book Debts And Other Movable Assets For
Increasing The Overall Limit |
||||||
|
Date of
instrument Creating the charge |
18.03.2011 |
||||||
|
Amount secured by
the charge |
Rs. 2000.000
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter no. Bpd/nd/248/10-11 and supplemental agreement of loan for increase
in the overall limit for secured advances dated 18.03.2011 Terms of Repayment
As per sanction
letter no. Bpd/nd/248/10-11 and supplemental agreement of loan for increase
in the overall limit for secured advances dated 18.03.2011 Margin As per sanction
letter no. Bpd/nd/248/10-11 and supplemental agreement of loan for increase
in the overall limit for secured advances dated 18.03.2011 Extent and
Operation of the charge Pari-Passu Charge Others Nil |
||||||
|
Particulars of
the property charged |
Hypothecation by
way of first charge on pari passu basis on all present and future goods, book
debts and other movable assets of the company. |
||||||
|
Particulars of
the present modification |
Overall limit for
credit facilities sanctioned to the company enhanced from rs.500,000,000/- to
rs.2,000,000,000/- and accordingly charge of mizuho corporate bank ltd. By
way of hypothecation on goods, book debts & other movable assets of the
company stands enhanced to Rs.2000.000 millions |
Bankers Charges
Report as per Registry
|
Name of the company |
HONDA SIEL CARS
INDIA LIMITED |
||||||||
|
Presented By |
S. RAMASWAMY,
COMPANY SECRETARY |
||||||||
|
1) Date and description of instrument creating the change |
Deed of
Hypothecation of Account receivables / Book debts executed on December 20, 1997
in favour of The Sanwa Bank Limited |
||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 71.200
Millions being the overall fund based limits fir availing Cash credit /
Demand Loan. |
||||||||
|
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 |
First charge on
all such hypothecated book debts more particularly outstanding moneys,
receivables claims and bills which are now due and owing or which may at any
time hereafter during continuance of this security become due and owing to
the company and more specifically described in the deed of Hypothecation of
Account receivables / Book dents dated December, 20, 1997. |
||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the Bank having agreed to grant the working capital facilities the company
has interalia agreed to - Create security by way of first charge on
all the book debts, outstanding moneys receivables, claims and bills both
present and future to secure the loan amount of Rs. 71.200 Millions and
interest all costs charge and expenses incurred by the Bank in relation
thereto. - Pay interest on daily balance in the Cash Credit
/ Loan Account and on all other moneys payable at the rate of 14 % or such
rate as may from time to time be fixed by the Bank with quarterly rests. Charge over the
said assets referred to above shall rank paripassu with the charges created
and / or to be created in favour of institutions / bank for their respective
working receivables / book debts both present and future. |
||||||||
|
5) Name and Address and description of the person entitled to the charge. |
UFJ Bank Limited
[Formerly The Sanwa Bank Limited] Head Office : 5-6,
Fushimimachi, 3-Chome, Chou-Ku, Branch Office : Mercantile House,
15, Kasturba Gandhi Marg, |
||||||||
|
6) Date and brief description of instrument modifying the charge |
08.05.2003 Agreement of Demand
loan / Cash Credit and hypothecation of accounts receivables / book debts This is not a
fresh charge but modification of the already created charge over the moveable
and current assets both present and future more specifically described in the
deed of Hypothecation of Account receivables / Book dents dated December, 20,
1997 and registered with the Registrar of Companies.
|
||||||||
|
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. |
Agreement of
packing credit and hypothecation. Agreement of demand loan / Cash Credit and
Hypothecation of account receivables / book debts entered into on 08.05.2003
of enhanced overall limits for fund based working capital limits sanctioned
to the company and with this the overall charge of UFJ Bank over the whole of
the movable and tangible assets including
goods, book debts, stock stand created
and increased from Rs. 71.200 Millions to Rs. 265.000 Millions However the total
fund based loan a ailment from to a maximum of Rs. 1250 Millions only. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10101870 |
|
Corporate
identity number of the company |
U15114UP1995PLC023013 |
|
Name of the
company |
HONDA SIEL CARS INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. A-1, Sector 40/ 41, |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 7th Floor, |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
24.03.2009 |
|
Amount secured by
the charge |
Rs. 750.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter dated 28.01.2009 and addendum dated 19.02.2009 Terms of
Repayment As per sanction
letter dated 28.01.2009 and addendum dated 19.02.2009 Margin As per sanction
letter dated 28.01.2009 and addendum dated 19.02.2009 Extent and
Operation of the charge Pari passu charge Others The above is to
secure the following facilities: Working Capital
Demand Loan (WCDL) – Rs. 750.000 Millions Short Term Loan:
- (Rs. 750.000 Millions) Cash Credit –
(Rs. 500.000 Millions) Bank Guarantee –
(Rs. 100.000 Millions) Letters of Credit
( Inland and foreign) – Rs. 100.000 Millions Letters of Credit
(Inland and Foreign) for Capex – (Rs. 100.000 Millions) |
|
Short particulars
of the property charged |
First Pari Passu
charge by way of hypothecation over the current assets of the company, both
present and future, situated at plot no. A-1, Sector 40/41, |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.