MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAITHAN ISPAT
LIMITED |
|
|
|
|
Formerly Known As : |
MAL INDUSTRIES
LIMITED |
|
|
|
|
Registered Office : |
9, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
27.08.2003 |
|
|
|
|
Com. Reg. No.: |
21-96854 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1811.198 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27109WB2003PLC096854 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALM05936A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCM7360B |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Importer and
Exporter of Metal, Metal Products and Iron or Steel Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
|
|
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 : |
9, |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
600 Sq. ft |
|
Location : |
Rented |
|
|
|
|
Head Office : |
Chirkunda – 828
202, District Dhanbad, |
|
Tel. No.: |
91-6540-293344-47 |
|
Fax No.: |
91-6540-292191 |
|
E-Mail : |
|
|
|
|
|
Factory: |
Kalinganagar
Industrial Complex, Village Dasmania, |
|
Tel. No.: |
91-6726-242411 |
|
Fax No.: |
91-6726-242417 |
|
E-Mail : |
|
|
|
|
|
Branch Office: |
Located At: ·
Mumbai ·
·
·
Bhilai
·
Vishakapatanam
·
Bhubaneshwar
|
DIRECTORS
As on 18.09.2009
|
Name : |
Mr. Basant Kumar
Agarwalla |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
2-C, Mangalam, 35, |
|
Date of Birth/Age : |
16.02.1946 |
|
Date of Appointment : |
27.08.2003 |
|
DIN No.: |
00129140 |
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 |
U26919WB1963PLC025751 |
Maithan Ceramic
Limited |
Director |
01-01-70 |
01-01-70 |
07-04-08 |
Active |
NO |
|
2 |
L27101WB1985PLC039503 |
Maithan Alloys
Limited |
Whole-time
director |
01-04-11 |
19-09-85 |
- |
Active |
NO |
|
3 |
U31200WB1989PLC047100 |
Anjaney Ferro
Alloys Limited |
Director |
15-03-91 |
15-03-91 |
- |
Active |
NO |
|
4 |
U27101ML1999PLC005786 |
Maithan Smelters
Limited |
Director |
12-09-01 |
12-09-01 |
30-04-08 |
Active |
NO |
|
5 |
U27109WB2003PLC096854 |
Maithan Ispat
Limited |
Director |
27-08-03 |
27-08-03 |
- |
Active |
NO |
|
6 |
U27101WB2005PLC101037 |
BMA Maithan
Ferrous Limited |
Director |
07-01-05 |
07-01-05 |
22-11-10 |
Active |
NO |
|
7 |
U27106WB2008PLC129049 |
Anjaney Alloys
Limited |
Director |
03-09-08 |
03-09-08 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Vishal
Agarwalla |
|
Designation : |
Director |
|
Address : |
2-C, Mangalam, 35, |
|
Date of Birth/Age : |
16.09.1971 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.04.2004 |
|
DIN No.: |
00129040 |
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 |
U26919WB1963PLC025751 |
Maithan Ceramic
Limited |
Director |
04-05-94 |
04-05-94 |
- |
Active |
NO |
|
2 |
U51109WB1995PTC069285 |
Maithan
Refractories Private Limited |
Director |
13-03-95 |
13-03-95 |
- |
Active |
NO |
|
3 |
L27101WB1985PLC039503 |
Maithan Alloys
Limited |
Whole-time
director |
22-07-95 |
22-07-95 |
01-04-08 |
Active |
NO |
|
4 |
U51909WB1996PLC078233 |
Maithan
Industries Limited |
Director |
20-03-96 |
20-03-96 |
01-06-11 |
Active |
NO |
|
5 |
U27102WB2001PLC093321 |
Maithan Steel
And Power Limited |
Director |
02-07-01 |
02-07-01 |
01-01-08 |
Active |
NO |
|
6 |
U51909WB2001PLC093941 |
Abha Property
Project Limited |
Director |
14-04-03 |
14-04-03 |
- |
Active |
NO |
|
7 |
U51109WB1994PTC066287 |
Woodhat
Distributors Private Limited |
Director |
14-07-03 |
14-07-03 |
- |
Active |
NO |
|
8 |
U14292OR1999PTC005643 |
AXL-Exploration
Private Limited |
Director |
24-02-04 |
24-02-04 |
- |
Active |
NO |
|
9 |
U27101WB2005PLC101037 |
BMA Maithan
Ferrous Limited |
Director |
07-01-05 |
07-01-05 |
- |
Active |
NO |
|
10 |
U91990WB1919GAP003409 |
The Asansol Club
Limited |
Director |
28-05-06 |
28-05-06 |
25-06-08 |
Active |
NO |
|
11 |
U27109WB2003PLC096854 |
Maithan Ispat
Limited |
Managing
director |
01-04-11 |
31-05-07 |
- |
Active |
NO |
|
12 |
U51109WB2006PTC107451 |
Sunidhi
Tradelink Private Limited |
Director |
25-06-08 |
25-06-08 |
- |
Active |
NO |
|
13 |
U27106WB2008PLC129049 |
Anjaney Alloys
Limited |
Director |
03-09-08 |
03-09-08 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Aditya
Agarwalla |
|
Designation : |
Director |
|
Address : |
2-C, Mangalam, 35, |
|
Date of Birth/Age : |
28.12.1974 |
|
Date of Appointment : |
15.06.2004 |
|
DIN No.: |
00140683 |
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 |
U26919WB1963PLC025751 |
Maithan Ceramic
Limited |
Director |
01-08-03 |
01-08-03 |
- |
Active |
NO |
|
2 |
U27109WB2003PLC096854 |
Maithan Ispat
Limited |
Whole-time
director |
01-01-08 |
15-06-04 |
- |
Active |
NO |
|
3 |
U70101WB1991PTC051241 |
R.H. Builders
Private Limited |
Director |
25-06-05 |
25-06-05 |
- |
Active |
NO |
|
4 |
U70101WB1987PTC042519 |
Mangalam
Construction Private Limited |
Director |
25-06-05 |
25-06-05 |
01-08-09 |
Active |
NO |
|
5 |
L27101WB1985PLC039503 |
Maithan Alloys
Limited |
Whole-time
director |
23-07-08 |
01-04-08 |
- |
Active |
NO |
|
6 |
U51109WB2006PTC107451 |
Sunidhi
Tradelink Private Limited |
Director |
25-06-08 |
25-06-08 |
- |
Active |
NO |
|
7 |
U13100WB2008PLC130114 |
Anjaney Minerals
Limited |
Director |
22-10-08 |
22-10-08 |
- |
Active |
NO |
|
8 |
U51909WB1995PTC070975 |
Anindra Sales
Private Limited |
Director |
01-06-11 |
01-06-11 |
- |
Active |
NO |
|
9 |
U51909WB1995PTC067947 |
Toyoma Exports
Private Limited |
Director |
01-06-11 |
01-06-11 |
- |
Active |
NO |
|
10 |
U70109WB1991PLC052777 |
Raccie Housing
and Finance Limited |
Additional
director |
01-06-11 |
01-06-11 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Christopher David Martin |
|
Designation : |
Director |
|
Address : |
15, Camborne Road, Singapore-299 851 |
|
Date of Birth/Age : |
06.01.1967 |
|
Date of Appointment : |
21.02.2008 |
|
DIN No.: |
02069820 |
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 |
U27109WB2003PLC096854 |
Maithan Ispat
Limited |
Director |
23-08-08 |
21-02-08 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. John Colston Parker |
|
Designation : |
Director |
|
Address : |
Sonnenweg, 24, Windeck Hurst, Windeck-51570 |
|
Date of Birth/Age : |
24.04.1948 |
|
Date of Appointment : |
09.05.2008 |
|
DIN No.: |
02219487 |
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 |
U27109WB2003PLC096854 |
Maithan Ispat
Limited |
Director |
23-08-08 |
09-05-08 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Sipani |
|
Designation : |
Company Secretary |
|
Address : |
106, K C, Singha road, Howrah-711 102, West Bengal, India |
|
Date of Birth/Age : |
06.12.1973 |
|
Date of Appointment : |
01.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Basant Agarwalla |
|
1313000 |
|
Sumit Agarwalla |
|
1195000 |
|
Vishal Agarwalla |
|
225000 |
|
Jagdish Prasad
Agarwalla |
|
415000 |
|
Binod Kumar
Agarwalla |
|
205000 |
|
Amit Agarwalla |
|
1155000 |
|
Aditya Agarwalla |
|
767950 |
|
Sunsudha Sales Private Limited, |
|
11530000 |
|
Bimal Nsth Impex Private Limited, |
|
5900000 |
|
Woodhat Distrinutors Private Limited, |
|
3620000 |
|
Anindra Sales Private limited, |
|
8400000 |
|
Aditya Agarwalla
(HUF) |
|
10000 |
|
Basant Agarwalla
(HUF) |
|
680000 |
|
Binod Kumar
Agarwalla (HUF) |
|
1200000 |
|
Jagdish Prasad
Agarwalla (HUF) |
|
160000 |
As on 18.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
25.40 |
|
Bodies
corporate |
|
67.32 |
|
Directors
or relatives of directors |
|
7.23 |
|
Others |
|
0.05 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Exporter
of Metal, Metal Products and Iron or Steel Products. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Sponge Iron |
MT |
230000 |
144321 |
|
Billets |
MT |
246000 |
121598 |
|
Captive Power Plant |
Mn. Kwh. |
200 |
13575 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Bank of ·
Allahabad Bank, Stephen House
Branch, Kolkata - 700001, West ·
Punjab National Bank ·
Oriental Bank of Commerce ·
Bank of ·
State Bank of ·
Dena Bank ·
Indian Overseas Bank |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
**Including
Rs.391.317 millions repayable within one year
* Including Rs. Nil repayable
within one year |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batllboi
and Company Chartered Accountants |
|
Address : |
22, |
|
|
|
|
Group Companies: |
· Maithan Ceramic Limited ·
Maithan
Alloys Limited ·
Maithan
Smelters Limited ·
Anjaney
Ferro Alloys Limited ·
Maithan
Steel and Power Limited ·
Maithan
International ·
Bimalnath
Impex Private Limited ·
Woodhut
Distributors Private Limited ·
Mangalam
Construction Private Limited ·
Meghalaya
Carbide and Chemicals Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
185000000 |
Equity Shares |
Rs.10/- each |
Rs.1850.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
181119798 |
Equity Shares |
Rs.10/- each |
Rs.1811.198
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 |
1811.198 |
1811.198 |
1811.198 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
180.730 |
180.730 |
180.730 |
|
|
4] (Accumulated Losses) |
(558.508) |
(397.772) |
(52.396) |
|
|
NETWORTH |
1433.420 |
1594.156 |
1939.532 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4155.260 |
3680.613 |
2790.431 |
|
|
2] Unsecured Loans |
365.942 |
48.938 |
202.449 |
|
|
TOTAL BORROWING |
4521.202 |
3729.551 |
2992.880 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5954.622 |
5323.707 |
4932.412 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2667.482 |
2826.498 |
1109.540 |
|
|
Capital work-in-progress |
2586.153 |
2000.739 |
2887.631 |
|
|
Pre operative and trial run expenses |
737.178 |
404.699 |
482.528 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.233 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
27.246 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
550.514
|
604.129 |
442.791 |
|
|
Sundry Debtors |
79.235
|
29.062 |
42.211 |
|
|
Cash & Bank Balances |
128.049
|
133.708 |
100.747 |
|
|
Other Current Assets |
2.976
|
3.735 |
1.585 |
|
|
Loans & Advances |
150.828
|
155.669 |
219.664 |
|
Total
Current Assets |
911.602
|
926.303 |
806.998 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
525.849
|
579.406 |
324.971 |
|
|
Other Current Liabilities |
416.445
|
250.220 |
53.593 |
|
|
Provisions |
5.499
|
4.906 |
3.302 |
|
Total
Current Liabilities |
947.793
|
834.532 |
381.866 |
|
|
Net Current Assets |
(36.191)
|
91.771 |
425.132 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.102 |
|
|
|
|
|
|
|
|
TOTAL |
5954.622 |
5323.707 |
4932.412 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2660.532 |
2296.911 |
1424.148 |
|
|
|
Other Income |
43.542 |
7.883 |
5.443 |
|
|
|
TOTAL (A) |
2704.074 |
2304.794 |
1429.591 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
1831.801 |
1704.668 |
989.574 |
|
|
|
Personnel Cost |
62.040 |
48.718 |
20.123 |
|
|
|
Manufacturing, Selling, Administrative Expenses |
514.107 |
521.162 |
314.044 |
|
|
|
Excise Duty and Cess on Stocks |
3.162 |
(11.663) |
19.928 |
|
|
|
Increase / Decrease in Stock |
33.612 |
(15.077) |
(76.525) |
|
|
|
TOTAL (B) |
2444.722 |
2247.808 |
1267.144 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
259.352 |
56.986 |
162.447 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
245.138 |
218.821 |
113.445 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.214 |
(161.835) |
49.002 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
174.810 |
155.210 |
72.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
(160.596) |
(317.045) |
(23.271) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.140 |
28.000 |
(7.112) |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
(160.736) |
(345.376) |
(16.159) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
397.772 |
52.396 |
36.237 |
|
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|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
558.508 |
397.772 |
52.396 |
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|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
15.582 |
93.088 |
|
|
|
Interest received from debtors |
0.000 |
0.470 |
2.589 |
|
|
TOTAL EARNINGS |
0.000 |
16.052 |
95.677 |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
360.762 |
325.682 |
244.902 |
|
|
|
Stores & Spares |
33.493 |
59.108 |
0.000 |
|
|
|
Capital Goods |
13.055 |
28.118 |
148.563 |
|
|
TOTAL IMPORTS |
407.31 |
412.908 |
393.465 |
|
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|
|
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|
|
|
Earnings Per
Share (Rs.) |
(0.89) |
(1.91) |
(0.13) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2.009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(5.94)
|
(14.99) |
(1.13) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.04)
|
(13.80) |
(1.63) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.49)
|
(8.45) |
(1.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
(0.20) |
(1.20) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.82
|
2.86 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96
|
1.11 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW
OF OPERATIONS
During
the year, the Company achieved Rs.2660.532 millions in net revenues as against
Rs.2296.911 millions in the previous year showing a growth of 15.83%. The Company achieved EBITDA of Rs.259.358 millions
as against Rs.56.986 millions and achieved a cash profit of Rs.14.074 millions. However, the
Profit after Tax was negative at Rs.160.736 millions.
In the
year, the Company went up the value chain by garnering 100% of its sales from
Steel billets as against 94% In
the previous year. The performance of the Captive Power Plant was improved
during the year reducing the dependence on purchased power from outside.
REVIEW OF ONGOING PROJECTS
During
the year heavy section Mill, Grid synchronization and the Bcam Blank Caster
projects were still under erection. With the conclusion of these projects the
Company will straddle the value chain from raw material to finished steel and
become one of the premier sources for structural steel in
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U27109WB2003PLC096854 |
|
Name of the
company |
MAITHAN ISPAT
LIMITED |
|
Address of the
registered office or of the principal place of business in |
3-F, East India
House, 3rd Floor, 20, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80035365 |
|
Type of charge |
Book Debts Movable Property Others Stock and other
current Assets |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
1. Common Rupee
Loan Agreement dated 30/03/2010 2. Unattested
Memorandum of Hypothecation Amendment Agreement dated 30/03/2010 |
|
Date of
instrument Creating the charge |
30.03.2010 |
|
Amount secured by
the charge |
Rs.3881.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1% below Bank of Terms of Repayment
Common Rupee Loan
Amendment Agreement dated 30/03/2010 Margin No Change Extent and
Operation of the charge Hypothecation of
movable plant and machinery and other assets of the company, situated at
Kalinganagar Industrial Complex, Jajpur, Orissa, in favour of State Bank Of
India, CAG Branch, Kolkata acting for itself and as agent of all other eight
bankers namely PNB, BOB, IOB, SBM, OBC, BOI, DB and AB, towards security for
the Term Loan sanctioned. |
|
Short particulars
of the property charged |
First parri passu
charge by way of hypothecation of company's movable assets (excluding current
assets) including plant and machinery, machinery spares, tools and
accessories, both present and future. Second parri
passu charge by way of hypothecation of Company's moveable assets including
book debts, receivables etc., both present and future. |
|
Date of latest
modification prior to the present modification |
30.06.2009 |
|
Particulars of
the present modification |
By present modification
the existing charge over the movable assets of the company is extended to
cover security of the additional Term Loan of Rs.60.000 millions, sanctioned
by Bank of Baroda (over and above the existing outstanding Term Loan
aggregating to 3821.900 millions) in favour of State Bank of India, who is
acting for itself and on behalf of PNB, BOB, IOB, SBM, OBC, BOI, DB and AB,
other terms and conditions remaining same. |
FIXED ASSETS
·
·
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Computers
·
Office Equipments
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.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.