|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
WARTSILA INDIA LIMITED |
|
|
|
|
Registered
Office : |
Kesar Solitaire, 21st Floor, Plot No.5, Sector 19, Palm
Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
25.04.1986 |
|
|
|
|
Com. Reg. No.: |
11-062170 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.118.997 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1986PLC062170 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02506A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW0345D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Power Point Equipments, Power Plants and Turnkey
Installation, Generator |
|
|
|
|
No. of Employees
: |
1111 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 12000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track. The company is a subsidiary of wartsila OY, AB of Finland. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions. It can be regarded as a promising business partners in medium to long run. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management Non Co-operative
Tel No.: 91-22-27575361
LOCATIONS
|
Registered Office/ (Power Plants/ Ship Power/ services, WSM and
Corporate Offices) : |
Kesar Solitaire, 21st Floor, Plot No.5, Sector 19, Palm
Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-27818300/ 8550 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Chennai – Sales and Services Office : |
Shreyas Vriddhi, 132, Velachery Main Road, Guindy, Chennai – 600 032, Tamilnadu, India. |
|
Tel. No.: |
91-44-22301080 |
|
|
|
|
EOU, Manufacturing,
WLSA, Marine Workshop : |
Gate No.1, Opposite Govt Rest House, Mumbai – Pune Road, Shilphata,
Khopoli- 410203, District Raigad, India |
|
Tel. No.: |
91-2192-264389/ 264390/ 269712 |
|
Fax No.: |
91-2192-263314 |
|
|
|
|
Spare Parts Stores
: |
Gate No.2, Opposite
Govt Rest House, Mumbai – Pune Road, Shilphata, Khopoli- 410203 District Raigad,
India |
|
Tel. No.: |
91-2192-262896 / 262897 |
|
Fax No.: |
91-2192-262692 |
|
|
|
|
Kolkata - Services
Office : |
Camac Tower, 3rd Floor, Camac Street, Kolkata -700 016, West Bengal,
India India |
|
Tel. No.: |
91-33-22172320 |
|
Fax No.: |
91-33-22497535 |
|
|
|
|
Mangalore - Services
Office : |
B-Wing, 6th Floor, Rama Bhavan Complex, Kodiabail, Mangalore – 575003,
India |
|
Tel. No.: |
91-824-2441722 |
|
Fax No.: |
91-824-2443556 |
|
|
|
|
Noida - Power
Plants and Services Office : |
Plot A-98, Sector 5, Noida, District Gautam Budh Nagar- 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-419 2000 |
|
Fax No.: |
91-120-4192199 |
|
|
|
|
Paradip (Orissa) - Marine Workshop : |
Paradip Port Trust, PO- Paradip Port, District Jagatsinghpur - 754 142,
Orissa, |
|
Tel. No.: |
91-06722- 222047/222125 |
|
Fax No.: |
91-06722-222025 |
|
|
|
|
Secunderabad - Services Office : |
Flat # 301, Oxford Plaza, S. D. Road, Secunderabad- 500003, India |
|
Tel No.: |
91-40-27715383 |
|
Fax No.: |
91-40-27715377 |
|
|
|
|
Vizag - Marine
Workshop : |
Plot No 3, Auto Industrial Nagar, Village – Vadlapudi, Mandal Gajuwaka, Industrial Development Area, D, Block, Visakhapatnam – 530012, India |
|
Tel No.: |
91-891-6457771 |
|
Fax No.: |
91-891-2700210 |
DIRECTORS
(AS ON 13.06.2011)
|
Name : |
Mr. Christoph Carl Eric Vitzthum |
|
Designation : |
Director |
|
Address : |
Johanneksenrinne, 1 B 55, F I, 00120, Helsinki, Finland-00120 |
|
Date of Birth/Age : |
05.07.1969 |
|
Date of Appointment : |
26.02.2005 |
|
DIN No : |
00170518 |
|
|
|
|
Name : |
Mr. Vesa Tapio Riihimaki |
|
Designation : |
Director |
|
Address : |
Liito-Oravankatu, 17, Vaasa, Finland-65350 |
|
Date of Birth/Age : |
21.03.1966 |
|
Date of Appointment : |
29.06.2010 |
|
DIN No : |
03137446 |
|
|
|
|
Name : |
Mr. Aaron Gordon Bresnahan |
|
Designation : |
Director |
|
Address : |
949, Jenkins Drive, Virginia Beach, Virginia-23464, USA |
|
Date of Birth/Age : |
09.08.1969 |
|
Date of Appointment : |
29.06.2010 |
|
DIN No : |
03144818 |
|
|
|
|
Name : |
Mr. Rakesh Jagatpalsingh Sarin |
|
Designation : |
Managing Director |
|
Address : |
Apartment No.4, 18th Floor, The Pinnacle, DLF City Phase-V,
Gurgaon-122001, Haryana, India |
|
Date of Birth/Age : |
24.07.1955 |
|
Date of Appointment : |
14.02.2008 |
|
DIN No : |
02082150 |
|
|
|
|
Name : |
Mr. Lars Torsten Hellberg |
|
Designation : |
Director |
|
Address : |
Ekas 180, Kode-44298, Switzerland |
|
Date of Birth/Age : |
18.03.1959 |
|
Date of Appointment : |
18.04.2008 |
|
DIN No : |
02149091 |
KEY EXECUTIVES
|
Name : |
Mr. Shampa Ghosh Roy |
|
Designation : |
Company Secretary |
|
Address : |
Flat A-402, Janimal Towers, Sector-17, Vashi, Navi Mumbai-400705,
Maharashtra, India |
|
Date of Birth/Age : |
18.06.1976 |
|
Date of Appointment : |
10.03.2008 |
|
PAN No : |
AGLPR9574R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 13.06.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Wartsila Corporation, Finland |
|
4656101 |
|
Wartsila Technology, Finland |
|
3637300 |
|
Wartsila Corporation, Finland |
|
2500000 |
|
Wartsila Technology, India |
|
1023448 |
|
Wartsila Technology, Helsiothers |
|
62337 |
|
Wartsila Technology, Thane, India |
|
20040 |
|
CKT Industries SA, France |
|
1 |
|
Wartsila Network Holc, Hanzelaan |
|
1 |
|
Wartsila Finland OY, Finland, Tarhaajan |
|
1 |
|
Wartsila Dutch Holding, Hanzelaan
|
|
1 |
|
Wartsila Development |
|
1 |
|
|
|
|
|
Total |
|
11899231 |
(AS ON 30.06.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of power Point Equipments, Power Plants and Turnkey
Installation, Generator |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1111 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of Baroda, Corporate Financial Services, fort Branch, 10/12, Mumbai Samachar
Marg, Fort, Mumbai-400023, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· GE Capital Services Limited Aifacs Building, 1, Rafi Marg, Mumbai – 110001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
1st Floor, Lodha Excelus, Apollo Mills Compound NM Joshi
Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
|
|
|
Holding Company : |
· Wartsila Corporation, Finland |
|
|
|
|
Fellow Subsidiary, Holding more than 20% of the Company’s Shares |
· Wartsila Technology OY AB, Finland |
|
|
|
|
Fellow Subsidiary : |
· Wartsila Bangladesh Limited · Wartsila Chile Limited · Wartsila China Limited · Wartsila Denmark A/S · PT. Wartsila Indonesia · Wartsila - CME Zhenjiang Propeller Company Limited · Wartsila Argentina S.A. · Wartsila Enpa Dis Tic AS · Wartsila Finland Oy · Wartsila France S. a s. Mulhouse · Wartsila Greece S.A · Wartsila Gulf FZE · Wartsila Italia S.p.A. · Wartslla lapan Limited · Wartsila Korea Limited · Wartsila Australia Pty Limited · Wartsila Lanka (Pvt) Limited ·
Wartsila Nederland B.V. · Wartsila North America Inc. · Wartsila Norway AS · Wartsila Philippines Inc. · Wartsila Power Contracting Company Limited · Wartsila Ships Repairing and Maintenance LLC · Wartsila Shanghai Services Company Limited · Wartsila Singapore Pte. Limited · Wartsila Do Brazil Limited · Wartsila Eastern Africa Limited · Wartsila Sweden AB · Wartsila Switzerland Limited · Wartsila UK Limited · Wartsila Pakistan (Private) Limited · Wartsila Vostok, LLC · Wartsila Panama Services S.A. · Wartsila Propulsion (Wuxi) Company Limited |
|
|
|
|
Joint Venture Company |
· Coastal Wartsila Petroleum Private limited, India |
CAPITAL STRUCTURE
(AS ON 31.12.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11899231 |
Equity Shares |
Rs.10/- each |
Rs.118.992
Millions |
|
|
|
|
|
(AS ON 31.12.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11899662 |
Equity Shares |
Rs.10/- each |
Rs.118.997
Millions |
|
|
|
|
|
NOTE:
Of the above
shares, 7,156,101 (Previous year 7,156,101) equity shares of Rs.10/– each are held
by the holding company, Wärtsila Corporation, Finland and 4,743,130 (Previous
year 4,743,130) equity shares of Rs.10/– each are held by Wärtsilä Technology
Oy AB, Finland, a subsidiary of Wärtsilä Corporation.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
118.997 |
120.340 |
120.340 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2924.089 |
2940.914 |
2494.852 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3043.086 |
3061.254 |
2615.192 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
84.250 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
84.250 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3043.086 |
3061.254 |
2699.442 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
436.111 |
417.153 |
345.681 |
|
|
Capital work-in-progress |
5.570 |
18.342 |
122.160 |
|
|
|
|
|
|
|
|
INVESTMENT |
1528.124 |
1455.087 |
890.734 |
|
|
DEFERREX TAX ASSETS |
79.777 |
43.154 |
1.808 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1550.845
|
560.358
|
493.245
|
|
|
Sundry Debtors |
1272.819
|
1100.024
|
968.481
|
|
|
Cash & Bank Balances |
418.162
|
322.196
|
378.184
|
|
|
Other Current Assets |
67.181
|
48.879
|
62.289
|
|
|
Loans & Advances |
515.918
|
332.112
|
601.903
|
|
Total
Current Assets |
3824.925
|
2363.569
|
2504.102 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1967.371
|
693.914
|
703.832 |
|
|
Other Current Liabilities |
289.072
|
255.099
|
264.768
|
|
|
Provisions |
574.978
|
287.038
|
196.443
|
|
Total
Current Liabilities |
2831.421
|
1236.051
|
1165.043
|
|
|
Net Current Assets |
993.504
|
1127.518
|
1339.059
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3043.086 |
3061.254 |
2699.442 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5009.175 |
4391.581 |
3518.270 |
|
|
|
Other Income |
93.179 |
174.182 |
104.870 |
|
|
|
TOTAL (A) |
5102.354 |
4565.763 |
3623.140 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales, construction and services |
2904.684 |
2321.658 |
1827.593 |
|
|
|
Operating and administration expenses |
1551.999 |
1544.745 |
1272.375 |
|
|
|
TOTAL (B) |
4456.683 |
3866.403 |
3099.968 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
645.671 |
699.360 |
523.172 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.543 |
0.603 |
3.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
645.128 |
698.757 |
519.845 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.535 |
44.271 |
74.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
599.593 |
654.486 |
445.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
187.484 |
(166.188) |
(114.444) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
412.109 |
488.298 |
330.656 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1865.296 |
1493.958 |
1262.985 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
41.211 |
48.830 |
33.066 |
|
|
|
Maintenance Reserve |
30.898 |
25.893 |
24.379 |
|
|
|
Dividend |
297.492 |
36.102 |
36.102 |
|
|
|
Tax on Dividend |
49.410 |
6.135 |
6.136 |
|
|
|
Dividend Distribution Tax |
11.908 |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
1846.486 |
1865.296 |
1493.958 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
705.642 |
560.205 |
639.089 |
|
|
|
Services rendered |
248.652 |
371.866 |
323.478 |
|
|
|
Commission Earnings |
320.049 |
357.278 |
318.441 |
|
|
|
Other Earnings |
0.000 |
0.000 |
12.454 |
|
|
TOTAL EARNINGS |
1274.343 |
1289.349 |
1293.462 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
1384.161 |
285.509 |
240.350 |
|
|
|
Stores & Spares |
858.123 |
732.315 |
379.877 |
|
|
|
Capital Goods |
0.032 |
51.912 |
29.663 |
|
|
TOTAL IMPORTS |
2242.316 |
1069.736 |
649.890 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.25 |
40.58 |
27.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
8.08
|
10.69
|
9.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.97
|
14.90
|
12.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.07
|
23.54
|
15.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.21
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
0.40
|
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.91
|
2.15 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
|
|
|
|
- Micro and Small Enterprises |
2.822 |
0.000 |
0.477 |
|
- Other |
1964.549 |
693.914 |
703.355 |
|
|
|
|
|
|
Total |
1967.371 |
693.914 |
703.832 |
OPERATIONS
The Company’s
turnover during the year 2010 increased to MINR 5102 being 11% more than the previous
year while the profit after tax decreased by 18% to MINR 412. The decrease in
profit after tax is primarily due to the exceptional provision.
The delivery of
power plants during the year 2010 aggregated to 169 MW (54 MW last year). During the same period, capacity commissioned
totalled 47 MW
(32 MW
last year). The cumulative deliveries of power plants to customers up to 31st December,
2010 aggregated
3404 MW,
of which 3248
MW has been commissioned and operating while 156 MW is under installation and likely
to be commissioned during 2011. In addition, as on 31st December, 2010, orders
totaling 174 MW (60 MW last year) were on hand for delivery and execution
during the year 2011. The order intake during the year 2010 was 284 MW as
compared to 75 MW in the year 2009.
During the year
2010, the Services business was able to tide over the constraints in its
organic business, especially in the marine segment. Ship repairs and propulsion
were the complementing segments. Competency along with key customer relationship
management was the key driver in achieving good orders in Relocation of Power
Plants. The Company has established itself
in automation activities and expects to be a key player in the
defence sector besides dry-docking and industrial field.
Operations
Management consolidated its focus
in STG resulting in better enquiries and a brand name as Operations Contractor.
As on 31st December, 2010 the Company is operating 49 sites totalling 1016 MW
of which BTG 333.9 MW and WTG 59.4 MW. It has 5 New sites totalling 112 MW under
mobilisation.
The year 2010
witnessed the revival of the shipping industry. The low order placement during
the last two years worldwide resulted in balancing the demand and supply to
some extent. Long term investment planning undertaken by ship owners during
2010 will result in higher orders in the current year. The industry was also
affected by newer norms set by International Maritime Organization with Tier II emission norms coming
into force for al the ships for which the keel is being laid in the current
year.
The Auxiliary
business has gained tremendous momentum during the last two quarters of 2010. The CPP manufacturing shop has been
converted into Auxiliary Manufacturing unit to cater to the increased demand of
auxiliaries while manufacturing of nozzles has been discontinued during the
year due low order volume.
CONTINGENT
LIABILITIES
|
Particulars |
31.12.2010 |
31.12.2009 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Guarantees issued by banks to third parties on Company's behalf [Secured by hypothecation of tangible movable assets (both present and future) and a second charge on all immovable properties (both present and future)] |
619.108 |
444.230 |
|
Corporate Guarantee issued to third Parties |
-- |
4.948 |
|
Letter of Credit |
4.900 |
-- |
|
Sales Tax demands – matters under appeal |
82.536 |
82.536 |
|
Income tax Demands – Matters under appeal |
24.771 |
12.441 |
|
Customer Duty Demands |
34.280 |
27.280 |
|
Service Tax |
380.015 |
414.195 |
|
Excise Duty |
1.274 |
3.674 |
|
Other Demands |
4.499 |
34.411 |
|
|
|
|
FORM 8
|
Corporate
identity number of the company |
U99999MH1986PLC062170 |
|
Name of the
company |
WARTSILA INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
48 Neco Chambers, Sector 11, CBD Belapur, Navi Mumbai- 400614,
Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90352159 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Bank of Baroda, Corporate Financial Services, fort Branch, 10/12, Mumbai Samachar
Marg, Fort, Mumbai-400023, Maharashtra, India |
|
Nature of
instrument creating charge |
3rd Jt
Supplemental Deed of Hypothecation dated 21.05.2010 was executed to secure
reduced limit of Rs.1100.000 millions – Jt Deed of Hypothecation dated
01.02.1993 for Rs.766.600 millions was modified by an Amendment Agreement
dated 09/05/1997 for Rs.689.600 millions (Regn. 02.06.1997 Sr. No 83);
modified by 1st Supplemental Deed of Hypothecation dated 31/03/1997 for
securing limit of Rs.930.000 millions (regn 03.05.1999 Sr. No 104); modified
by 2nd Joint Supplemental Deed of Hypothecation dated 16.08.2000 securing
Rs.1110.000 millions (regn: 20.09.2000 Sr. No 127). |
|
Date of
instrument Creating the charge |
21.05.2010 |
|
Amount secured by
the charge |
Rs.1100.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest The
consortium of bankers may stipulate different rates of interest individually. Terms of
repayment Repayment
as referred in attached 3rd Joint Supplemental Deed of Hypothecation. Margin The
Company shall maintain such margin as may be specified by the banks from time
to time. Extent and
operation of the charge The
consortium of bankers lead by Bank of Baroda are secured by first charge
ranking pari passu of the stocks of raw materials stock in progress semi
finished and finished goods consumable stores and spares both present and
futures also all the Borrowers Book Debts outstanding monies receivables
claims bills etc. both present and future. |
|
Short particulars
of the property charged (Including location of the property) |
The
consortium of banks are secured by first charge ranking pari passu of the
stocks of raw materials, stock in progress, semi finished, finished goods,
consumable stores and spares, book debts, etc |
|
Date of
instrument modifying the charge |
16.08.2000 |
|
Particulars of
the present modification |
3rd
Joint Supplemental Deed of Hypothecation dated 21st May 2010 securing working
capital facilities which was reduced from Rs.1110.000 millions to Rs.1100.000
millions given by 5 consortium bankers lead by Bank of Baroda ie Bank of
Baroda – Rs.300.000 millions, Central Bank of India – Rs.200.000 millions,
Standard Chartered Bank – Rs.250.000 millions, HDFC Bank – Rs.200.000
millions and Axis Bank – Rs.150.000 millions aggregating to Rs.1100.000
millions. Bank of India and Citibank have withdrawn from the consortium. |
FIXED ASSETS:
·
Land- Freehold
·
Building
·
Plant and Machinery
·
Furniture, fitting and
Office Equipments
·
Vehicles
·
Technical Known-how
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.51.16 |
|
UK Pound |
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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.