MIRA
INFORM REPORT
|
Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
GHATGE PATIL INDUSTRIES LIMITED |
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Registered
Office : |
Uchgaon, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.07.1960 |
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Com. Reg. No.: |
25-11738 |
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Capital
Investment / Paid-up Capital : |
Rs.125.185 millions |
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CIN No.: [Company Identification
No.] |
U31103PN1960PLC011738 |
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IEC No.: |
0388012501 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPG00564E |
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PAN No.: [Permanent Account No.] |
AAACG6595R |
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Legal Form : |
Closely held public limited liability company. |
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Line of Business
: |
Manufacturer of Casting and Power transmission
for Petrol and Oil |
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No. of Employees
: |
1000 (Approximately) |
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 2200000 |
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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 a well established and reputed company having fine track.
General financial position is good. Fundamentals are strong and healthy.
Trade relations are reported as fair. Payments are reported to be correct 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.
INFORMATION PARTED BY
|
Name : |
Mr. M.L. Shinde |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9923551505 |
|
Date : |
26.05.2011 |
LOCATIONS
|
Registered Office : |
Uchgaon, |
|
Tel. No.: |
91-231-2608000 |
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Mobile No.: |
91-9923551505 (Mr. M.L. Shinde) |
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Fax No.: |
91-231-2608080 |
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E-Mail : |
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Website : |
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Area : |
29 Acres |
|
Location : |
Owned |
DIRECTORS
As on 17.07.2010
|
Name : |
Mr. Jay Kumar Bharamgouda Patil |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Chandrika, 9- Surve Colony, New Sahupuri, 416 003, |
|
Date of Birth/Age : |
17.08.1923 |
|
Date of Appointment : |
02.07.1960 |
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Qualification : |
Under – Graduate |
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DIN No. : |
00536073 |
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|
|
Name : |
Mr. Kiran Jay Kumar Patil |
|
Designation : |
Managing Director |
|
Address : |
R.S. No. 35/1, Ujalaiwadi, |
|
Date of Birth/Age : |
20.05.1953 |
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Date of Appointment : |
15.01.2007 |
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Qualification : |
B.E. (Mech), M.S. (Ind.Engg), M.B.A. ( |
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DIN No. : |
00221662 |
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Name : |
Mr. Prabhakar Dattatraya Gune |
|
Designation : |
Director |
|
Address : |
Karishma, 138, National Co-op. Hsg Society, |
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Date of Birth/Age : |
20.09.1926 |
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Previous Employment: |
Ex – Officer of Kirloskar Group of Company |
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Date of Appointment : |
31.03.1973 |
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DIN No. : |
00052376 |
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Name : |
Ms. Megha Kiran Patil |
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Designation : |
Whole-time Director |
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Address : |
R.S. No. 35/1, Ujalaiwadi, |
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Date of Birth/Age : |
23.07.1964 |
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Date of Appointment : |
26.09.2009 |
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DIN No. : |
00683225 |
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Name : |
Mr. Jayant Balakrishna Diwale |
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Designation : |
Director |
|
Address : |
Flat No. 602, Plot No. 26, Kamal Palace, 6th Floor, Central
Bazar Road, Ramdas Peth, 440 010, Nagpur, India. |
|
Date of Birth/Age : |
01.04.1942 |
|
Date of Appointment : |
06.09.2003 |
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Qualification : |
B.Com, F.C.A. |
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DIN No. : |
00276876 |
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|
Name : |
Mr. Ashok Vishwasrao Chowgule |
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Designation : |
Director |
|
Address : |
Baina, Vasco-da-Gama, Goa – 403 802, |
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Date of Birth/Age : |
25.01.1948 |
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Date of Appointment : |
29.07.2006 |
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DIN No. : |
00018970 |
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Name : |
Mr. Luciano Franco Gilardo |
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Designation : |
Director |
|
Address : |
A-1, Orchid’s Apartments, North Main Road, Lane E, Koregaon Park, Pune
– 411 001, Maharashtra, India |
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Date of Birth/Age : |
14.06.1943 |
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Date of Appointment : |
29.07.2006 |
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DIN No. : |
00220680 |
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Name : |
Mr. Sunil Chamanlal Patel |
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Designation : |
Director |
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Address : |
36, Vijay Amar Society, S. No. 44/2, Erandawane, Pune – 411 001, |
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Date of Birth/Age : |
08.07.1949 |
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Date of Appointment : |
26.09.2008 |
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Qualification : |
B.E. (Mech), M.M.S. |
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Previous Employment : |
Ex – Officer of Tata Motors and Managing Director of Greaves
Lombardini Limited |
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DIN No. : |
02057191 |
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|
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Name : |
Mr. Vijay Narayan Bedekar |
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Designation : |
Director appointed in casual vacancy |
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Address : |
A-405, Sprigfields, Off. |
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Date of Birth/Age : |
12.03.1948 |
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Date of Appointment : |
28.03.2009 |
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DIN No. : |
02508347 |
KEY EXECUTIVES
|
Name : |
Mr. Mukund Laxmanrao Shinde |
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Designation : |
Company Secretary and Accounts Manager |
|
Address : |
Parijat, C-3, |
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Date of Birth/Age : |
11.01.1952 |
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Date of Appointment : |
22.12.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.07.2010
|
Names of Shareholders |
No. of Shares |
|
Abhinandan Dharma Patravali |
3261 |
|
Gautam Achyut Kulkarni |
18261 |
|
Gajanan Madhavrao Sahasrabudhe |
16500 |
|
Vishwanath Madhavrao Sahasrabudhe |
33000 |
|
Madan Mahadeo Palvankar |
15652 |
|
Madhav Vishnu Ghatge |
19696 |
|
Mrinalini S Kirloskar |
29609 |
|
P Rajesh |
28043 |
|
Prabha Arun Bhagwat |
32609 |
|
Prabhakar Dattatraya Gune and Aruna Prabhakar Gune |
57783 |
As on 17.07.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
94.53 |
|
Other
top fifty shareholders |
|
5.47 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Casting and Power transmission
for Petrol and Oil |
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Products : |
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Exports : |
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Products : |
Grey Iron, S.A. Iron Casting |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 / 60 / 90 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
|
Grey Iron Castings |
M.T. |
60000 |
25662 |
|
S.G. Iron Castings |
M.T. |
12000 |
1549 |
|
Mechanical Industrial Clutches and Power Take Offs |
Nos. |
9000 |
989 |
|
Marine Gear Boxes |
Nos. |
3000 |
517 |
|
Electromagnetic Clutches and Brakes |
Nos. |
6000 |
-- |
|
Automotive Power Take Offs |
Nos. |
1000 |
226 |
|
Fluid Coupilings |
Nos. |
2500 |
499 |
|
Pneumatic Clutches and Brakes |
Nos. |
3500 |
-- |
|
Agreegates of
Earth Moving Machinery |
Nos. |
5000 |
1340 |
|
Gate Valves |
Nos. |
100000 |
4226 |
|
Core Shooter Cold Box Process with curing Equipment |
Nos. |
25 |
-- |
|
Hydraulic Brake Assembly |
Nos. |
25000 |
-- |
Installed Capacity
Most of the Plant Machinery are common for different products
manufactured by the Company. Installed capacity is dependent on the product mix
which in turn is decided by the actual demand for various products manufactured
from time to time. In addition, considering the sub-contract facilities, it is
not feasible for the Company to indicate the exact installed capacity
GENERAL INFORMATION
|
Customers : |
OEM’s and End users |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Nature of Security (i) Term Loans from
Banks have been secured by way of exclusive first charge on the specific
assets purchased out of the said loans and personal guarantee of Mr. Kiran J.
Patil, Managing Director. (ii) Long Term
Working Capital Loan from Export Import Bonk of India have been secured by
way of first pari passu charge on the entire fixed assets of the Company,
both present and future, second charge on the entire current assets of the
Company both present and future and personal guarantee of Mr. J. B. Patil,
Chairman and Managing Director and Mr. Kiron J. Patil, Managing Director. (ii) Production
Equipment Finance Programme Loon from Export import Bank of India hove been
secured by way of exclusive charge by way of hypothecation of the specific
moveable fixed assets acquired out of the said loan, first pari passu charge
on the entire fixed assets of the Company, both present and future and
personal guarantee of Mr. Kiran J. Patil, Managing Director. (iv) Cash/
Export credit facilities have been secured by way of hypothecation of current
assets of company stock and book debts and first pari passu
charge on the fixed assets of company.
Notes: The Sales-tax
Interest free Loan is repayable after ten years from the initial
disbursements. First installment of repayment starts from 1st
April, 2011. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deshpande and Mahatme Chartered Accountant |
|
Address : |
Gabmar Apartments, Vasco-Da-Gama – 403802, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
Total |
|
Rs.260.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12518479 |
Equity Shares |
Rs.10/- each |
Rs.125.185
millions |
|
|
|
|
|
Out of the Above:
1,209,500 Equity
Shares of Rs.10/- each are allotted as Fully Paid up Bonus Share by Capitalisation
of Free Reserve
8,679,479 Equity
Shares of Rs.10/- each are allotted as Fully Paid up Bonus Shares by
Capitalisation of Revaluation Reserves.
As on 17.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39000000 |
Equity Shares |
Rs.10/- each |
Rs.390.000 millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
Total |
|
Rs.400.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12518479 |
Equity Shares |
Rs.10/- each |
Rs.125.185
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 |
125.185 |
125.185 |
125.185 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
415.122 |
326.241 |
230.342 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
540.307 |
451.426 |
355.527 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
569.758 |
703.757 |
843.405 |
|
|
2] Unsecured Loans |
119.827 |
81.381 |
165.012 |
|
|
TOTAL BORROWING |
689.585 |
785.138 |
1008.417 |
|
|
DEFERRED TAX LIABILITIES |
1.874 |
0.000 |
17.211 |
|
|
|
|
|
|
|
|
TOTAL |
1231.766 |
1236.564 |
1381.155 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
534.197 |
564.930 |
576.473 |
|
|
Capital work-in-progress |
12.032 |
40.152 |
35.184 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.371 |
2.371 |
2.371 |
|
|
DEFERREX TAX ASSETS |
0.000 |
7.839 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
423.880
|
427.590 |
439.769
|
|
|
Sundry Debtors |
343.257
|
372.972 |
769.278
|
|
|
Cash & Bank Balances |
57.308
|
55.552 |
55.854
|
|
|
Other Current Assets |
11.892
|
16.447 |
23.407
|
|
|
Loans & Advances |
257.825
|
239.490 |
342.550
|
|
Total
Current Assets |
1094.162
|
1112.051 |
1630.858 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
269.955
|
352.733 |
666.091 |
|
|
Other Current Liabilities |
3.080
|
2.982 |
115.021
|
|
|
Provisions |
142.961
|
135.064 |
82.619
|
|
Total
Current Liabilities |
415.996
|
490.779 |
863.731 |
|
|
Net Current Assets |
678.166
|
621.272 |
767.127 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1231.766 |
1236.564 |
1381.155 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2326.575 |
2970.071 |
2783.085 |
|
|
|
Other Income |
10.437 |
14.482 |
9.761 |
|
|
|
TOTAL (A) |
2337.012 |
2984.553 |
2792.846 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
1113.372 |
1650.067 |
1491.418 |
|
|
|
Employee Related Expenses |
229.447 |
266.345 |
259.561 |
|
|
|
Operating and Other Expenses |
676.530 |
864.318 |
831.642 |
|
|
|
Increase/(Decrease) in Finished Goods |
8.690 |
(76.762) |
(16.512) |
|
|
|
TOTAL (B) |
2028.039 |
2703.968 |
2566.109 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
308.973 |
280.585 |
226.737 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
86.264 |
98.385 |
81.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
222.709 |
182.200 |
145.086 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
72.306 |
74.526 |
64.579 |
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT
BEFORE OTHER ADJUSTMENTS (E-F) (G) |
150.403 |
107.674 |
80.507 |
|
|
|
|
|
|
|
|
|
Add |
Other Income |
1.646 |
1.439 |
3.786 |
|
|
|
Previous Year Adjustments
|
0.000 |
79.971 |
0.000 |
|
|
|
Profit /Loss of
Capital Nature (Net) |
3.978 |
(29.906) |
0.609 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (H) |
156.027 |
159.178 |
84.902 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
52.500 |
48.633 |
42.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(H-I) (J) |
103.527 |
110.545 |
41.926 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
251.241 |
155.342 |
128.062 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
12.518 |
12.518 |
12.518 |
|
|
|
Tax on Dividend |
2.128 |
2.128 |
2.128 |
|
|
BALANCE CARRIED
TO THE B/S |
340.122 |
251.241 |
155.342 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
445.549 |
1033.986 |
870.315 |
|
|
|
Development Cost |
31.698 |
6.833 |
1.293 |
|
|
TOTAL EARNINGS |
477.247 |
1040.819 |
871.608 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10.345 |
12.536 |
18.039 |
|
|
|
Stores & Spares |
15.696 |
25.355 |
2.369 |
|
|
|
Plant and Machinery |
0.146 |
63.757 |
77.298 |
|
|
TOTAL IMPORTS |
26.187 |
101.648 |
97.706 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.27 |
8.83 |
3.18 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
2500.000 (Approximately) |
Expected Sales ( 2011-2012 ) : Rs.3000.000 Millions
The above information has been parted by Mr. M.L. Shinde
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.43
|
3.70 |
1.50
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.71
|
5.36 |
3.05
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.58
|
9.49 |
3.85
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.35 |
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
2.83 |
5.26
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.63
|
2.26 |
1.89
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
: |
|
|
|
|
i) Acceptances |
6.507 |
13.737 |
19.836 |
|
ii) For Goods Supplied/Services rendered |
240.874 |
307.908 |
617.688 |
|
iii) Others |
22.574 |
31.088 |
28.567 |
OVERALL PERFORMANCE AND OUTLOOK:
The company
achieved turnover of Rs.2327.000 millions in the previous year which did not
register encouraging growth due to global recession but could sustain the
business.
Operating profit
for the year has increased by 39.68% over the previous year. Operating profit
achieved for the year is Rs.150.400 millions as against Rs.107.670 millions for
the previous year.
Profit after tax
for the year is Rs.104.650 millions as against Rs.110.540 millions for the
previous year.
PROSPECTS FOR THE
CURRENT YEAR:
Demand for their
products used in oil and gas sector is improving. Similarly demand for
hydraulic aggregates, marine gear boxes etc is also encouraging. Certain
products developed by them during previous year will generate additional sales.
Demand for tractor components and castings has improved tremendously and they
expect greater utilization of foundry capacity. In general demand for castings
has increased substantially with improvement in auto sector. During the year
they have planned expansion of machining facilities by acquiring new machines
from
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs. in
millions) |
|
Claims against the company not acknowledged
as debts. |
|
|
a) Central Excise |
18.714 |
|
b) Sales Tax |
23.326 |
|
c) Income Tax |
Nil |
|
d) Labour Matter |
5.088 |
|
e) Claims not acknowledged as
Debts and disputed by the Company |
2.980 |
|
f) Sales Bills purchased by Bank |
176.125 |
i. Guarantees/ undertakings
issued to Banks, lending institutions and others in respect of facilities
granted to other companies and parties are NIL.
ii. Other
Guarantees given to Government Authorities, for which the Company is
contingently liable to Rs.31.738 millions.
iii. The Company
does not expect any liability to devolve in respect of the claims listed in 1,
2 and 3 above and therefore, no provision has been held in the accounts.
iv. The Income Tax
Department had issued notices under section 153A of the Income Tax Act 1961 and
reopened the income tax assessments for the financial years 2002-03 to 2008-09
in view of search operations carried out in September 2008. The Company has
filed returns in response to the said notices and assessment proceedings are
not yet completed. The exact liability if any on account of these notices is
not ascertainable.
v. Similarly, the
Department had issued notice u/s 148 of the Income Tax act 1961 for the
financial year 2001-02 and had reopened the assessment. The assessment has been
completed resulting into an addition of Rs.2.918 millions but no additional tax
was demanded due to losses carried forward. The Company has disputed the
addition in the appeal. Further the department has issued notice u/s 271 (1)
(c) which has been appropriately replied denying any infringement of law. The
Company has not provided any liability in the books of account as the demand is
disputed.
vi. Income tax
department has filed appeals in ITAT Pune. For assessment years 2003-04,
2004-05 and 2005-2006 challenging the relief’s granted by the CIT (Appeals).
The exact liability, if any is not ascertainable.
FORM 8 :
|
Corporate
identity number of the company |
U31103PN1960PLC011738 |
|
Name of the
company |
GHATGE PATIL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Uchgaon, |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10275638 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Export Import Bank of |
|
Nature of
instrument creating charge |
No Instrument
executed. A Mortgage was created by Ghatge Patil Industries
Limited ("the Borrower") in favour of Export-Import Bank of |
|
Date of
instrument Creating the charge |
31.03.2011 |
|
Amount secured by
the charge |
Rs.75.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Commission @
1.50% of the SBLC amount plus applicable service tax, payable upfront. Terms of
repayment : Not applicable as
non-fund based facility. However, tenor of the facility shall be 1 year from
the date of issuance of SBLC. Extent and
operation of the charge : The charge
constituting security under the said mortgage shall operate as a continuing
security by way of first pari passu charge in favour of Exim Bank over the
Borrower's immovable properties described in Second Schedule of MOE, for
securing the said SBLC facility of USD 1.50 million. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Particulars of
the present modification |
The SBLC facility
of USD 1.50 million which is secured by the charge created under the Deed of
Hypothecation dated 26/03/2011 is now further secured by way of mortgage by deposit
of title deeds created by the Borrower on 31/03/2011 by way of first charge
in favour of Exim Bank, over the Borrower's lands & immovable properties
mentioned in Second Sch of MOE. |
TRADE REFERENCE
- Cooper Cameron,
- Bharat Earth Movers Limited
- Kirloskar Oil Engines Limited
FIXED ASSETS:
v
v Building
v Plant and Machinery
v Vehicles
v Furnitures and Fittings
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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.