MIRA INFORM REPORT

 

 

Report Date :

03.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ARJUN CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

FL-5, II Floor, Park View Apartments, 94, G N Chetty Road, T Nagar, Chennai – 600 017, Tamilnadu 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

22.11.1989

 

 

Com. Reg. No.:

18-18374

 

 

Capital Investment / Paid-up Capital :

Rs. 26.830 Millions

 

 

CIN No.:

[Company Identification No.]

U24119TN1989PTC018374

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEA00899D

 

 

PAN No.:

[Permanent Account No.]

AAACA5195M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter of chemicals for the Pulp and Paper Industry and imported of raw material.

 

 

No. of Employees :

150 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1500000

 

 

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.

 

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. Shanmujn

Designation :

Account officer

Contact No.:

91-9884542152

Date :

01.10.2011

 

LOCATIONS

 

Registered Office :

FL-5, II Floor, Park View Apartments, 94, G N Chetty Road, T Nagar, Chennai – 600 017, Tamilnadu, India  

Tel. No.:

91-44-28156020/30453045

Mobile No.:

91-9884542152 ( Mr. Shanmujn)

Fax No.:

91-44-28158546/30453000

E-Mail :

acl.marketing@arjunchemicals.com

prasad@arjuntec.com

pvasanthakumar@arjunchemicals.com

Prasad@arjungroup.com

Website :

http://www.arjunchemicals.com

Location:

Owned

 

 

Factory :

78 and 79, Sipcot – II, Ranipet – 632 403

Tel. No.:

91-4172-244625 / 247817

Fax No.:

91-4172-244852

E-Mail :

arjunworks@vsnl.com

 

 

Sales Office for
Sizing and retention Chemicals :

Located at

 

·         Delhi

·         Chennai

·         Pune

 

 

Sales Office for
Speciality Chemicals :

Located at

Pune

 

 

Sattelite Office :

Located at

 

·         Hoshiyarpur, Punjab

·         Muktasar, Punjab

·         Muradabad, Uttar Pradesh

·         Sahranpur, Uttar Pradesh

·         Vapi, Gujarat

·         Kanoor, Tamilnadu

·         Erode, Tamilnadu

·         Coimbatore

·         Raigada, Orissa

·         Bhadrachalam Andhra Pradesh

·         Dandeli, Karnataka

 

DIRECTORS

 

As on 27.07.2011

 

Name :

Mr. Chandrashekar Padmanabhan 

Designation :

Director

Address :

E 1, Benweg – 21, D 61440, Oberuset, Germany

Date of Birth/Age :

20.02.1946

Date of Appointment :

02.04.1990

Din No:

00909885

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

U27209TN1987PTC014052

C P ENGINEERING (INDIA) PRIVATE LIMITED

Director

26-02-87

26-02-87

-

Active

NO

2

U24119TN1989PTC018374

ARJUN CHEMICALS PRIVATE LIMITED

Director

02-04-90

02-04-90

-

Active

NO

3

U29309TN1998PLC039865

ARJUN TECHNOLOGIES (INDIA) LIMITED

Director

09-02-98

09-02-98

-

Active

NO

4

U21020TN2007PTC064172

ARJUN PULP AND PAPER (INDIA) PRIVATE LIMITED

Director

04-07-07

04-07-07

-

Active

NO

5

U15410TN2008PTC069033

Colonial Trading House Private limited

Director

27-08-08

27-08-08

-

Active

NO

6

U21093TN2008PTC070012

Arjun Health and Hygiene Private Limited

Director

27-11-08

27-11-08

-

Active

NO

7

U15400TN2009PTC072131

Arjun Farm Products (India) Private Limited

Director

30-06-09

30-06-09

-

Active

NO

8

U74210TN2007PTC081093

E&S TECHNOLOGIES INDIA PRIVATE LIMITED

Director

23-08-10

02-07-09

-

Active

NO

9

U74200TN2010PTC074808

SB Industrial Engineering Private Limited

Director

08-03-10

08-03-10

-

Active

NO

 

 

Name :

Mr. Vasantakumar Padmanabhan 

Designation :

Director

Address :

No. 21 (10), B1, Sivagana Apartments, Wheatcrofts Road, Nungabakkam, Chennai – 600 034, Tamilnadu, India

Date of Birth/Age :

22.04.1941

Date of Appointment :

22.11.1989

Din No.:

00239229

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

U27209TN1987PTC014052

C P ENGINEERING (INDIA) PRIVATE LIMITED

Director

26-09-89

26-09-89

-

Active

NO

2

U24119TN1989PTC018374

ARJUN CHEMICALS PRIVATE LIMITED

Director

22-11-89

22-11-89

-

Active

NO

3

U29309TN1998PLC039865

ARJUN TECHNOLOGIES (INDIA) LIMITED

Director

09-02-98

09-02-98

-

Active

NO

4

U15410TN2008PTC069033

Colonial Trading House Private limited

Director

27-08-08

27-08-08

-

Active

NO

5

U21093TN2008PTC070012

Arjun Health and Hygiene Private Limited

Director

27-11-08

27-11-08

-

Active

NO

6

U74210TN2007PTC081093

E&S TECHNOLOGIES INDIA PRIVATE LIMITED

Director

23-08-10

02-07-09

-

Active

NO

7

U74200TN2010PTC074808

SB Industrial Engineering Private Limited

Director

08-03-10

08-03-10

-

Active

NO

 

 

Name :

Mr. Venkataraman Ramachandran 

Designation :

Director

Address :

No. 48, Seethamma Road, Alwarpet, Chennai – 600 018, Tamilnadu, India 

Date of Birth/Age :

04.11.1946

Date of Appointment :

31.12.1994

Din No.:

00095733

 

 

 

 

Name :

Mr. Sivasubramanian Gopalakrishnan

Designation :

Director

Address :

Venkatadhri Apartments, New No. 23, Venkataraman Street, T Nagar, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

16.02.1958

Date of Appointment :

04.12.1995

Din No.:

00162297

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

U24119TN1989PTC018374

ARJUN CHEMICALS PRIVATE LIMITED

Director

04-12-95

04-12-95

-

Active

NO

2

U21020TN2007PTC064172

ARJUN PULP AND PAPER (INDIA) PRIVATE LIMITED

Director

04-07-07

04-07-07

-

Active

NO

3

U67190MH2008PLC179480

CREDIT MARKET SERVICES LIMITED

Additional director

01-07-08

01-07-08

26-08-09

Active

NO

4

U15410TN2008PTC069033

Colonial Trading House Private limited

Director

27-08-08

27-08-08

-

Active

NO

5

U15400TN2009PTC072131

Arjun Farm Products (India) Private Limited

Director

30-06-09

30-06-09

-

Active

NO

6

U64202TN2005PTC056761

PlanetHR Peoplesource Private Limited

Director

16-02-11

16-02-11

-

Active

YES

7

U74899DL2005PTC143835

IDCUBE INDENTIFICATION SYSTEMS PRIVATE LIMITED

Director

11-04-11

11-04-11

-

Active

YES

 

 

KEY EXECUTIVES

 

Name :

Mr. Shanmujn

Designation :

Account officer

 

 

Name :

Mr. P L Ganeshan

Designation :

Chief operating officer

Qualification :

M.E (Chemical Engineering)

 

 

Name :

Mr. Rapheal Jose

Designation :

Chief operating officer – Arjun Health and hygiene

Group Vice President – Marketing and Business

Qualification :

B.E (Mechanical), MBA (International Trade)

 

 

Name :

Mr. B S Vyastheertha

Designation :

General Manager – Marketing and Technical Services

Date of Birth/Age :

B.A.Sc (Pulp and Paper)

 

 

Name :

Mr. Shashikeerthy

Designation :

General Manager – Technical and Business Development

Qualification :

B.A.Sc (Pulp and Paper)

 

 

Name :

Mr. AKG Sekar

Designation :

Assistant General Manager – Sales

Qualification :

B.E.Machanical, MBA

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 27.07.2011

 

Names of Shareholders

 

No. of Shares

Arjun Global Holdings Mauritius Limited, Mauritius

 

223961

Sahyadri Trust, India

 

44340

TOTAL

 

268301

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

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

83.47

Other top fifty shareholders

16.53

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter of chemicals for the Pulp and Paper Industry and imported of raw material.

 

 

Products :

Product Description

ITC Code

Fortified Rosin

3806.90

Fortified Rosin - Dispersion 

3806.90

Alkyl Ketene Dimer

2914.90

Cationic Rosin Dispersion

3806.90

Bewoten

2921.00

Surface Sizing Chemicals

3809.90

Modified Starch

3505.20

Calcium Carbonate

2936.90

Lubricant LB-50

3505.20

De-inking

2915.90

 

 

Exports :

 

Products :

Chemicals

Countries :

Dubai

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Korea

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS

 

As on 31.03.2011

 

Particulars

Unit

Licensed / Installed Capacity

Actual Production

Fortified Rosin

MTs

6000

322

Fortified Rosin Dispersion 

MTs

5000

0

Alkyl Ketene Dimer

MTs

12000

12,282

Cationic Rosin Dispersion

MTs

12000

9,900

Surface Sizing Chemicals

MTs

NA

0

Modified Starch

MTs

NA

0

Others

 

Na

1,298

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

150 (Approximately)

 

 

Bankers :

State Bank of India, Commercial Branch, Palar Towers, MBT Road, Walajapet – 632513, Tamilnadu, India

ICICI Bank

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Cash Credit

-          Hypothecation of entire current assets of the company

-          Equitable mortgage over lease hold rights of landed property of 8.75 acres and buildings located at SIPCOT, Ranipet

-          Equitable mortgage over land of area of 2.94 acres in Thandalam Village, Sriperumbudur belonging to a group company.

-          Charge over Short Term Deposit Receipt

-          Second charge over plant and machinery belonging to the company. 

99.811

10.790

Total

99.811

10.790

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

R G N Price and Company

Chartered Accountant

Address :

Simpson’s Buildings, Post Box No. 335, 861 Anna Salai, Chennai – 600 002, Tamilnadu, India

PAN.:

AAAFR0651G

 

 

Associates/Subsidiaries :
  • Arjun Technologies (India) Limited, Chennai
  • Arjun Pulp and Paper (India) Private Limited, Chennai
  • CP Engineering (India) Private Limited, Chennai
  • SB Industrial Engineering Private Limited
  • Arjun EPI (India) Private Limited, Chennai
  • E and S Technologies (India) Private Limited, Chennai
  • Colonial Trading House Private Limited, Chennai
  • CP Engineering Gmbh, Germany

 

 

Holding Company :

Arjun Global Holding Mauritius Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

300000

Equity Shares

Rs.100/- each

Rs. 30.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

268301

Equity Shares

Rs.100/- each

Rs. 26.830 Millions

 

 

 

 

 

Of the above 223,961 Equity Shares of Rs. 100 Each are held by the  holding company, Arjun Global Holding (Mauritius) Limited.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

26.830

26.830

26.830

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

349.891

290.841

245.321

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

376.721

317.671

272.151

LOAN FUNDS

 

 

 

1] Secured Loans

99.811

10.790

27.996

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

99.811

10.790

27.996

DEFERRED TAX LIABILITIES

10.063

12.980

13.304

 

 

 

 

TOTAL

486.595

341.442

313.451

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

90.566

97.613

105.784

Capital work-in-progress

0.000

0.050

0.022

 

 

 

 

INVESTMENT

 

 

 

DEFERREX TAX ASSETS

44.010

0.090

0.090

 

0.000

0.000

0.000

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
159.098

62.466

81.602

 

Sundry Debtors
215.779

176.140

157.831

 

Cash & Bank Balances
29.465

35.491

30.040

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
160.182

134.399

78.987

Total Current Assets
564.524

408.496

348.460

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
78.321

71.291

71.198

 

Other Current Liabilities
0.000

0.000

0.000

 

Provisions
134.184

93.516

69.707

Total Current Liabilities
212.505

164.807

140.905

Net Current Assets
352.019

243.689

207.555

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

486.595

341.442

313.451

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

772.361

541.239

476.830

 

 

Other Income (Including Increase/ Decrease stock)

38.539

23.349

17.486

 

 

TOTAL                                     (A)

810.900

564.588

494.316

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

685.434

469.662

417.64

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

125.466

94.926

74.676

 

 

 

 

 

Less

INTEREST                                                         (D)

7.759

3.901

12.224

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

117.707

91.025

62.452

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

13.060

14.171

12.994

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

104.647

76.854

49.458

 

 

 

 

 

Less

TAX                                                                  (I)

33.047

24.626

17.814

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

71.600

52.228

31.644

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

--

218.958

197.186

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

--

5.223

3.164

 

 

Dividend

--

6.708

6.708

 

BALANCE CARRIED TO THE B/S

--

259.255

218.958

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

   Commission Received

3.240

5.711

5.960

 

  FOB Value Exports

20.788

9.187

13.432

 

 

 

 

 

 

IMPORTS VALUE

412.393

238.334

238.149

 

 

 

 

 

 

Earnings Per Share (Rs.)

266.86

194.66

117.94

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

Net Profit Margin

(PBT/Sales)

(%)
13.54

14.20

10..37

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
15.97

15.19

10.89

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.28

0.24

0.18

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.83

0.55

0.62

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.66

2.48

2.47

 

 

 

LOCAL AGENCY FURTHER INFORMATIO

 

DETAILS OF CREDITORS

 

Particulars

31.03.2011

31.03.2010

31.03.2009

Sundry Creditors

 

 

 
  • Capital Works

0.090

0.575

1.852
  • Supplies

35.439

41.010

38.778
  • Others

42.791

29.706

30.568

TOTAL

78.321

71.291

71.198

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year Of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type Of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

No
  1. Estimation for coming financial year

No
  1. Capital in Business

Yes
  1. Details of Sister Concern

Yes
  1. Major Suppliers

No

  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

Yes
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

No
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

PERFOMANCE AND OPERATIONS:

 

The Net sales of Rs. 772.360 Millions during the year ending 31st March 2011 recorded an increase of 42.71% over that of the Previous Year. The Profit Before tax increases by 36.17% The production of Alkyl Ketene Dimer has increased by 22.29% against 9.15% in the previous year for Cationic Rosin Emulsion the production in current year has increased by 13.78% against 22.98% in the previous year.

 

 

CONTIGENT LIABILITY:

                                                                                                                ( Rs in Millions)

PARTICULAR

2010-11

2009-10

letters of Credit & Bank Guarantees

 

 
  • Differential tax on account of Sales Tax forms submission
  • Guarantee given on behalf of Group Company
  • Demands against the Company not acknowledged as debt:
  • Income Tax Demands
  • Excise duty

36.768

6.814

259.000

11.662

3.427

 

 

44.716

8.033

127.600

8.096

3.427

 

 

 

1 During the current year". in earlier years, the Company has received demands towards additional income tax payable amounting to RS. 809.600 Millions on account of certain disallowances Deemed income. The Company has appealed against those demands. The same are pending before the Commissioner of Appeals, Income tax. As the Company is confident of succeeding those appeals, no liability is recognized in the books.

 

2 The Company has received show cause notice from The Additional Commissioner, Customs & Central Excise· Jammu, demanding Rs. 210.700 Millions  stating that erroneous self credit was taken by the Company for March 2007 and also interest on the same. The Company has replied to the show cause notice In view of the reasonings enunciated in the reply, the management is of the opinion that the demand from excise department shall not be sustained

 

3 Tile Company has also received audit directive from the Office of Central Excise· Jammu,  to debit excess availment of Cenvat credit to the extent of Rs. 131.900 Millions on account of outward freight included in the assessable value. The Company has replied to the show cause notice. In view of the reasonings enunciated in the reply, the management is of the opinion that the demand from excise department shall not be sustained

 

 

 

 

 

FORM 8:

 

Corporate identity number of the company

U24119TN1989PTC018374

Name of the company

ARJUN CHEMICALS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

FL-5, II Floor, Park View Apartments, 94, G N Chetty Road, T Nagar, Madras- 17, Tamilnadu, India Email Id: Prasad@arjungroup.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90306061

Type of charge

  • Any Interest in immovable property
  • Book Debts
  • Movable Property (not being pledge)

Particular of charge holder

Nationalised Bank

State Bank of India, Commercial Branch, Palar Towers, MBT Road, Walajapet, Tamilnadu – 632513, India

Email Id: sbi.04035@sbi.co.in

Nature of instrument creating charge

  1. Extension of equitable mortgage of leasehold rights and buildings for the banking limits extended to the Company, enhanced from Rs.186.700 Millions to Rs.270.000 Millions .
  2. Corporate guarantee of the Company.
  3. Agreement of hypothecation of goods and assets - Form C2.
  4. Corporate Guarantee of Arjun Technologies (India) Ltd. - Form C4
  5. Letter regarding the grant of individual limits within overall limits - Form C5.
  6.  Form C10 dated 21.09.2010.

Date of instrument Creating the charge

21.09.2010

Amount secured by the charge

Rs. 270.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate Of Interest :

  • CC-0.25% above SBAR (Present effective rate being 12.00%)
  • SLC-1.25% above SBAR (Present effective rate being 13.00%)
  • c. TL-1.00% above SBAR (Present effective rate being 12.75%)

 

Terms of Repayment:

Term Loan Rs 69.000 Millions repayable in 20 quarterly installments of Rs. 345.000 Millions each.

 

Margin:

  • Cash Credit - Raw Materials - 25%
  • Cash Credit - Stock-in-Process - 35%
  • Cash Credit - Finished Goods - 40%
  • Cash Credit - Receivables - 50%
  • Term Loan - 25%
  • Letter of Credit - 10%
  • Bank Guarantee - 10%

 

Short particulars of the property or asset(s) charged (including complete address and location of the property)
  • EM over leasehold rights of 8.75 acres of land situated at 78 & 79, Phase II, SIPCOT, Ranipet 632403, Tamil Nadu, India

 

  • EM over buildings situated at 78 & 79, Phase II, SIPCOT, Ranipet 632403, Tamil Nadu, India

 

  • EM over 2.94 acres of landed properties belonging to Arjun Technologies (India) Ltd. bearing survey numbers 27/8, 27/9, 26/5, 26/13, 26/20, 28/21, 26/4, 26/6, 26/9, 26/17, 28/21, 27/7 and 26/18 at:

 

  • Thandalam Group, Vellanthangal Village, Irungattukottai, Sriperumbudur 620105, Tamil Nadu, India.

 

  • EM over leasehold rights of 15.60 canals of land situated at Phase I, SIDCO, Samba, J&K, India.

Date of instrument modifying the charge

25.11.2004

Particulars of the present modification

Limit enhanced from Rs. 186.700 Millions to Rs. 270.000 Millions hypothecation charge, first charge over fixed assets, EM over immovable properties and corporate guarantee enhanced from Rs. 186.700 Millions to Rs. 270.000 Millions 2.94 acres of landed properties of Arjun Technologies (India) Ltd. offered as collateral security

 

 

Fixed Assets

 

·         Leasehold Land

·         Freehold Land

·         Building

·         Plant and Machinery

·         Equipments

·         Vehicles

·         Furniture and Fittings

·         IT Equipments

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.49.42

UK Pound

1

Rs.76.72

Euro

1

Rs.65.85

 

 

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

5

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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

-