MIRA
INFORM REPORT
|
Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
DUROVALVES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F-57-58, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.01.1997 |
|
|
|
|
Com. Reg. No.: |
105518 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.35.970 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300MH1997PTC105518 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKD00927D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
and Exporter of Engine Valves, Engine Parts, Auto Components Steel Forgings,
Axle Shafts and Gears |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1069468 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well 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 concern can be considered normal for 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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/Factory : |
F-57-58, MIDC Industrial Area, Waluj, Aurangabad – 431136,
Maharashtra, India |
|
Tel. No.: |
91-240-2564161 |
|
Fax No.: |
91-240-2555956 |
|
E-Mail : |
DIRECTORS
AS ON 21.07.2011
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
|
Address : |
Bhagwati Bhawan, 31-B, M L Dahanukar Marg, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
11.02.1935 |
|
Date of Appointment : |
03.09.1997 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
L45400MH1962PLC012385 |
HERCULES HOISTS LIMITED |
Director |
20/09/1972 |
20/09/1972 |
- |
Active |
NO |
|
2 |
U28920MH1988PTC047335 |
VARROC ENGINEERING PRIVATE
LIMITED |
Director |
11/05/1988 |
11/05/1988 |
- |
Active |
NO |
|
3 |
U25209MH1995PTC090037 |
VARROC POLYMERS PRIVATE
LIMITED |
Director |
28/06/1995 |
28/06/1995 |
- |
Active |
NO |
|
4 |
U28113MH1995PTC092249 |
ENDURANCE SYSTEMS (INDIA)
PRIVATE LIMITED |
Director |
28/08/1995 |
28/08/1995 |
- |
Amalgamated |
NO |
|
5 |
U34300MH1997PTC105518 |
DUROVALVES INDIA PRIVATE
LIMITED |
Director |
03/09/1997 |
03/09/1997 |
- |
Active |
NO |
|
6 |
L24100GJ1983PLC006513 |
GHCL LIMITED |
Director |
28/11/1997 |
28/11/1997 |
03/11/2010 |
Active |
NO |
|
7 |
U34102MH1999PLC123296 |
ENDURANCE TECHNOLOGIES
LIMITED (CN) |
Director |
27/12/1999 |
27/12/1999 |
- |
Active |
NO |
|
8 |
U31506MH2000PTC129904 |
VARROC LIGHTING PRIVATE
LIMITED |
Director |
06/12/2000 |
06/12/2000 |
- |
Amalgamated |
NO |
|
9 |
U34300MH2002PTC134738 |
HIGH TECHNOLOGY
TRANSMISSION SYSTEMS (INDIA) PRIVATE LIMITED |
Director |
29/07/2002 |
29/07/2002 |
- |
Active |
NO |
|
10 |
U67120MH1982PTC026669 |
VARROC TRADING PRIVATE
LIMITED |
Director |
21/11/2002 |
21/11/2002 |
- |
Active |
NO |
|
11 |
U29100MH2005PTC151756 |
VARROC EXHAUST SYSTEMS
PRIVATE LIMITED |
Director |
03/03/2005 |
03/03/2005 |
- |
Active |
NO |
|
12 |
U29190MH2005PTC157474 |
VARROC ELASTOMERS PRIVATE
LIMITED |
Director |
22/11/2005 |
22/11/2005 |
- |
Active |
NO |
|
Name : |
Mr. Tarang Jain |
|
Designation : |
Director |
|
Address : |
Halcyon Gut No.41 (P), Opposite Walmi Paithan Road, Aurangabad,
Maharashtra, India |
|
Date of Birth/Age : |
21.03.1962 |
|
Date of Appointment : |
30.01.1997 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U67120MH1982PTC026669 |
VARROC TRADING PRIVATE
LIMITED |
Director |
22/11/1985 |
22/11/1985 |
- |
Active |
NO |
|
2 |
U28920MH1988PTC047335 |
VARROC ENGINEERING PRIVATE
LIMITED |
Managing director |
11/05/1988 |
11/05/1988 |
- |
Active |
NO |
|
3 |
U25209MH1995PTC090037 |
VARROC POLYMERS PRIVATE
LIMITED |
Managing director |
01/04/2007 |
28/06/1995 |
- |
Active |
NO |
|
4 |
U34300MH1997PTC105518 |
DUROVALVES INDIA PRIVATE
LIMITED |
Managing director |
30/01/1997 |
30/01/1997 |
- |
Active |
NO |
|
5 |
U31506MH2000PTC129904 |
VARROC LIGHTING PRIVATE
LIMITED |
Director |
06/12/2000 |
06/12/2000 |
- |
Amalgamated |
NO |
|
6 |
U29100MH2005PTC151756 |
VARROC EXHAUST SYSTEMS
PRIVATE LIMITED |
Director |
03/03/2005 |
03/03/2005 |
- |
Active |
NO |
|
7 |
U29190MH2005PTC157474 |
VARROC ELASTOMERS PRIVATE
LIMITED |
Director |
22/11/2005 |
22/11/2005 |
- |
Active |
NO |
|
8 |
U34300PN2007PTC131148 |
PLASTIC OMNIUM VARROC
PRIVATE LIMITED |
Director |
17/12/2007 |
17/12/2007 |
- |
Active |
NO |
|
9 |
U70102MH2010PTC208318 |
RUDRITARA PROPERTIES
PRIVATE LIMITED |
Director |
27/09/2010 |
27/09/2010 |
- |
Active |
NO |
|
10 |
U91120MH2005NPL158483 |
MARATHWADA AUTO CLUSTER |
Additional director |
18/10/2011 |
18/10/2011 |
- |
Active |
NO |
|
Name : |
Mr. Albertina Scarpa |
|
Designation : |
Director |
|
Address : |
Via Galvani luigi n 105-20025, Legnano 20025, Legnano, Italy |
|
Date of Birth/Age : |
01.05.1951 |
|
Date of Appointment : |
26.08.1999 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U34300MH1997PTC105518 |
DUROVALVES INDIA PRIVATE
LIMITED |
Director |
26/08/1999 |
26/08/1999 |
- |
Active |
NO |
|
Name : |
Mr. Sanjiv Kumar |
|
Designation : |
Director |
|
Address : |
Flat No.24 6th Floor, Sangam, B Wing Juhu – V, Ersova Link
Road, Andheri, Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1990 |
|
Date of Appointment : |
28.06.2010 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U29130TN2006PLC059088 |
NSK-ABC BEARINGS LIMITED |
Alternate director |
18/10/2007 |
18/10/2007 |
- |
Active |
NO |
|
2 |
U28920MH1988PTC047335 |
VARROC ENGINEERING PRIVATE
LIMITED |
Whole-time director |
23/08/2010 |
15/03/2010 |
04/05/2011 |
Active |
NO |
|
3 |
U34300MH1997PTC105518 |
DUROVALVES INDIA PRIVATE
LIMITED |
Director |
15/07/2010 |
28/06/2010 |
04/05/2011 |
Active |
NO |
|
4 |
U29100MH2005PTC151756 |
VARROC EXHAUST SYSTEMS
PRIVATE LIMITED |
Director |
26/07/2010 |
28/06/2010 |
04/05/2011 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. T R Nandan Sachida |
|
Designation : |
Secretary |
|
Address : |
Flat No.30, Nirala Apartment, Govind Nagar, Off Station Road,
Aurangabad – 431004, Maharashtra, India
|
|
Date of Birth/Age : |
01.07.1955 |
|
Date of Appointment : |
01.04.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bajaj Auto Limited, India |
|
565000 |
|
Scarpa and Colombo SRL, Italy |
|
754000 |
|
Varroc Engineering Private Limited, India |
|
2052920 |
|
Tarang Jain |
|
10 |
|
Naresh Chandra |
|
10 |
|
Freccia International SRL, Italy |
|
225074 |
|
Total |
|
3597014 |
AS ON 21.07.2011
|
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 |
27.22 |
|
Bodies corporate |
72.78 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Engine Valves, Engine Parts, Auto Components Steel Forgings, Axle Shafts and Gears |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
The Saraswat Co-Operative Bank Limited, Khadkeshwar Branch,
Khadkeshwar, Aurangabad - 431001, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note: 1
Term
Loan from IDBI Bank Ltd. is secured by first exclusive charge by way of
hypothecation of movable fixed assets of the Company both present and future
located at Plot No. F-57-58, MIDC, Waluj, Aurangabad and equitable mortgage
of immovable properties of the Company
located at F-57-58, MIDC, Waluj, Aurangabad. 2 Working capital facilities availed from the Banks are secured by pari-passu first charge by way of hypothecation of stocks of Raw Materials, Stock in Process, Finished Goods, Consumables Stores & Spares, Packing Materials and Receivables of the Company both present and future and are further secured by Joint Mortgage of Immovable Properties of the Company situated at Plot No. F-57-58 MIDC, Waluj, Aurangabad.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
|
|
|
|
Holding Company : |
Varroc Engineering
Private Limited |
|
|
|
|
Subsidiaries : |
·
Varroc
Exhaust Systems Private Limited ·
Varroc
European Holding BV ·
Industrial
Mechanical E Stampaggio s.p.a., ITALY · Industrial Mechanical E Stampaggio Sp. Z.o.o., POLAND |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3700000 |
Equity Shares |
Rs.10/- each |
Rs.37.000 Millions |
|
5800000 |
Equity Shares |
Rs.10/- each |
Rs.58.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3597014 |
Equity Shares |
Rs.10/- each |
Rs.35.970
Millions |
|
|
|
|
|
[Out of above 2,052,920
(Previous year 1,580,980) equity shares are held by Varroc Engineering Private Limited, the
Holding Company.]
[Out of above 697,014
(Previous year Nil) equity shares were issued on conversion of preference shares]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.790 |
87.000 |
87.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
231.397 |
146.426 |
135.327 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
267.367 |
233.426 |
222.327 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
164.509 |
145.664 |
201.928 |
|
|
2] Unsecured Loans |
77.184 |
76.742 |
76.783 |
|
|
TOTAL BORROWING |
241.693 |
222.406 |
278.711 |
|
|
DEFERRED TAX LIABILITIES |
13.689 |
14.357 |
19.541 |
|
|
|
|
|
|
|
|
TOTAL |
522.749 |
470.189 |
520.579 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
291.502 |
276.384 |
289.195 |
|
|
Capital work-in-progress |
15.913 |
6.150 |
0.287 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.050 |
0.050 |
0.050 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
138.729
|
138.565 |
140.759 |
|
|
Sundry Debtors |
111.141
|
90.672 |
122.356 |
|
|
Cash & Bank Balances |
45.684
|
34.625 |
22.921 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
24.978
|
26.059 |
32.905 |
|
Total
Current Assets |
320.532
|
289.921 |
318.941 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.244
|
59.448 |
60.828 |
|
|
Other Current Liabilities |
7.874
|
6.919 |
5.116 |
|
|
Provisions |
22.130
|
35.949 |
21.950 |
|
Total
Current Liabilities |
105.248
|
102.316 |
87.894 |
|
|
Net Current Assets |
215.284
|
187.605 |
231.047 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
522.749 |
470.189 |
520.579 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
697.600 |
628.310 |
596.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
144.450 |
113.670 |
124.650 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.690 |
18.520 |
24.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
131.760 |
95.150 |
100.350 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.850 |
42.600 |
46.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
85.910 |
52.550 |
54.280 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
26.640 |
17.700 |
37.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
59.270 |
34.850 |
16.460 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.420 |
41.810 |
41.050 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend on Preference Shares |
3.990 |
14.500 |
12.720 |
|
|
|
Tax on Interim Dividend Preference Shares |
0.660 |
2.460 |
2.160 |
|
|
|
Proposed Dividend on Equity Shares |
8.040 |
5.800 |
0.000 |
|
|
|
Tax on Proposed Dividend on Equity Shares |
1.340 |
0.990 |
0.000 |
|
|
|
Transfer to General Reserve |
5.930 |
3.490 |
0.820 |
|
|
BALANCE CARRIED
TO THE B/S |
88.730 |
49.420 |
41.810 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
147.792 |
184.168 |
262.532 |
|
|
TOTAL EARNINGS |
147.792 |
184.168 |
262.532 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
134.407 |
146.878 |
129.849 |
|
|
|
Stores & Spares |
0.768 |
0.569 |
0.251 |
|
|
|
Capital Goods |
10.747 |
2.145 |
5.717 |
|
|
TOTAL IMPORTS |
145.922 |
149.592 |
135.817 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.00 |
9.09 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.50
|
5.55 |
2.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.03
|
9.28 |
8.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.23 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
1.39 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
2.83 |
3.63 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
Increase in
installed capacity from 13 million valves to 45.500 Millions Valves coupled
with better capacity utilization resulted in increase in production volumes by 14.6%. The
Domestic Net Sales were higher by 26% at Rs.528 Million as against Rs.419
Million during last year. Owing to sow recovery of European economy from global
meltdown, exports during the year could not match even last year volume and
were down by 21% to Rs.151 Million as against Rs.191 Million in the previous
year. The cost of materials were lower by 3°%at 32°% of net sales as against 35°%
last year. Judicious working capital management led to decrease
in interest cost to Rs. 12.69 Million as against Rs.18.53 Million in the
previous year. Net Sales / Other Income was higher by 11.03% at Rs.697.60
Million as compared to Rs.628.31 Million in the previous year. Profit After Tax
increased by 70% to Rs.59.27 Million from Rs.34.85 Million in the previous year
manly on account of lower materials and interest costs. Appreciable growth in
domestic demand has led to satisfactory working results.
FUTURE
OUTLOOK
Global
growth concerns re-emerged during May-August 2010, centered on Europe's
sovereign debt issues. Policymakers continue to remain concerned about a
potential developed word slowdown and no benign outcome is expected wherein
inflation will moderate soon without meaningful deceleration in growth over the
next 12 months. Indeed, the longer the developed world sustains a moderate
growth environment and the longer the region's policymakers remain slow in
policy exit, the higher the likelihood of inflationary pressures. Once
inflation expectations get sticky, the sacrifice of growth required to bring
them back to the comfort zone will only rise. To quote China's Premier Wen
Jiabao, "Inflation is like a tiger; once it gets free, it is difficult to
put it back in the cage".
In
2010, vehicle sales in the country, one of the fastest growing auto markets in
the worid, grew 31 per cent. This was possible due to strong fundamentals
leading to robust economic growth. In 2010-11 thus far, component makers have
witnessed an increase in sales, but looking ahead, rising input costs are seen
weighing on margins. Inflation continues to remain one of the most serious
concerns faced by the auto industry. Economists feel that the upside risks to
inflation have increased and supply side constraints coupled with high global
commodity prices could dampen the impact of tight monetary policy. The industry
growth in the current fiscal is expected to be between 12% to 15%.
The
Company's foray into four wheeler market has been successful. The Company has
commenced supplies to Maruti Suzuki. Approximately 45% of the exports turnover
in the year under review has been on account of supplies to four wheeler
industry.
The
Company is working also on modernization pan of its existing facilities
including proposal to increase the capacities. The modernization will help in
improving the quality of Valves and bring in further efficiencies in
operations. Negotiations are already underway with the existing and some new
customers for modus-operandi of financing the modernization pan.
The
Company is committed to the improvement of environment, safety, health and
society and the same has been incorporated in the Company's Mission Statement
and Quality Policy. By way of reinforcing its commitment, the Company has
already obtained ISO/TS 16949 / ISO-14001 / OHSAS-18001 Certifications.
FORM 8:
|
Corporate identity number of the company |
U34300MH1997PTC105518 |
|
Name of the company |
DUROVALVES INDIA PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Durovalves India Pvt Ltdf-57-58 Midc Indl
Area Waluj, Aurangabad – 431136, Maharashtra,
India |
|
This form is for |
Creation of charge Modification of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
The Saraswat Co-Operative Bank Limited |
|
Nature of instrument creating charge |
Agreement of Inter chargeability of limits
and Agreement of Hypothecation of Movable Property both dated 03.05.2011 |
|
Date of instrument Creating the charge |
03/05/2011 |
|
Amount secured by the charge |
Rs.100.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest ROI - As may be decided by the Bank from
time to time Terms of Repayment As per Bank rules Margin Margin 30% for packing credit and 10% for
post shipment finance Extent and Operation of the charge The Bank has sanctioned Packing Credit cum
postshipment facility of Rs. 20.000 Millions which is inner limit to Cash
Credit facility of Rs. 100.000 Millions. Now the said facility is also
secured by way of Hypothecation of Movable property including current assets,
stocks, book debts etc. on pari-passu charge basis along with other financing
bank lying and being at Borrowers place of business at F-57-58, MIDC, Waluj,
Aurangabad - 431 136 |
|
Short particulars of the property charged |
The Bank has sanctioned Packing Credit cum
postshipment facility of Rs. 20.000 Millions which is inner limit to Cash Credit
facility of Rs. 100.000 Millions. Now the said facility is also secured by
way of Hypo. of Movable property including current assets, stocks, book debts
etc. on pari-passu charge basis alongwith other financing bank lying and
being at Borrowers place of business at F-57-58, MIDC, Waluj, Aurangabad -
431 136 |
|
Date of instrument modifying the charge |
03/05/2011 |
|
Particulars of the present modification |
The Bank has sanctioned Packing Credit cum
postshipment facility of Rs. 20.000 Millions which is inner limit to Cash
Credit facility of Rs. 100.000 Millions. Now the said facility is also
secured by way of Hypo. of Movable property including current assets, stocks,
book debts etc. on pari-passu charge basis alongwith other financing bank
lying and being at Borrowers place of business at F-57-58, MIDC, Waluj,
Aurangabad - 431 136 |
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.50.27 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.