MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CIPSA TEC INDIA PRIVATE LIMITED (w.e.f. 03.03.2011) |
|
|
|
|
Formerly Known
as: |
CIPSA –RIC INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 7 and 8, S. No. 97, 98 and 121, Hire Halli Industrial Area,
Tumkur – 572168, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.11.2005 |
|
|
|
|
Com. Reg. No.: |
08-37765 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.201.761 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30007KA2005PTC037765 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRC06218C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC7122N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Printer Circuit Boards. |
|
|
|
|
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 949104 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. 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) |
|
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 : |
Plot No. 7 and 8, S. No. 97, 98 and 121, Hire Halli Industrial Area,
Tumkur – 572168, |
|
Tel No.: |
91-816-2243400/ 2243700 |
|
Mobile no.: |
91-9845344267 (Mr. Sudhakar R V) |
|
Fax No.: |
91-816-2243700 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.20, KIADB Industrial Area, Doddaballapura, |
|
Tel. No.: |
91-80-27630544 (3 lines)/ 27630600/
41156518/ 27630546 |
|
Fax No.: |
91-80-27630547/ 27630600 |
|
E-Mail : |
DIRECTORS
AS On 30.09.2011
|
Name : |
Mr. Evristo Michavila Subirana |
|
Designation : |
Chairman |
|
Address : |
Plaza Adelina Gregoriano, No. 22, A Terrassa – 8224, |
|
Date of Birth/Age : |
24.10.1953 |
|
Date of Appointment : |
09.06.2006 |
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 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE LIMITED
|
Director |
09/06/2006 |
09/06/2006 |
- |
Active |
NO |
|
Name : |
Mr. Alok Grag |
|
Designation : |
Managing Director |
|
Address : |
104, Adarsh Palm, Meadows, Airport – |
|
Date of Birth/Age : |
12.08.1959 |
|
Date of Appointment : |
25.11.2005 |
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 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE
LIMITED |
Managing director |
25/11/2005 |
25/11/2005 |
- |
Active |
NO |
|
2 |
U32109KA2007PTC043071 |
INDIC EMS ELECTRONICS PRIVATE
LIMITED |
Director |
08/06/2007 |
08/06/2007 |
- |
Active |
NO |
|
3 |
U29299KA2007PTC043346 |
ELSU REPOINTING ASIA
PRIVATE LIMITED |
Director |
10/07/2007 |
10/07/2007 |
25/11/2008 |
Active |
NO |
|
4 |
U74140KA2009PTC051090 |
HT TRACK TEST INDIA
PRIVATE LIMITED |
Director |
05/10/2009 |
05/10/2009 |
16/03/2010 |
Active |
NO |
|
5 |
U32204KA2011PTC060178 |
CIRCUIT MAKERS PRIVATE
LIMITED |
Director |
26/08/2011 |
26/08/2011 |
- |
Active |
NO |
|
Name : |
Mr. Anil Gupta |
|
Designation : |
Vice Chairman |
|
Address : |
62/2, Adarsh Palm, Meadows, Airport – |
|
Date of Birth/Age : |
28.09.1962 |
|
Date of Appointment : |
25.11.2005 |
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 |
U72200KA1998PTC024513 |
CONVERGENT COMMUNICATIONS
(INDIA) PRIVATE LIMITED |
Nominee director |
14/03/2011 |
11/12/1998 |
- |
Active |
NO |
|
2 |
U28998KA1989PTC009813 |
TUNGABADRA DAIRY PROUDUCTS
PRIVATE LIMITED |
Director |
01/03/2002 |
01/03/2002 |
- |
Strike off |
NO |
|
3 |
U73100KA2001PTC029813 |
DAYBEGINS ENGINEERING
INNOVATIONS PRIVATE LIMITED |
Director |
01/03/2002 |
01/03/2002 |
- |
Active |
NO |
|
4 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE
LIMITED |
Director |
25/11/2005 |
25/11/2005 |
- |
Active |
NO |
|
5 |
U32109KA2007PTC043071 |
INDIC EMS ELECTRONICS
PRIVATE LIMITED |
Managing director |
08/06/2007 |
08/06/2007 |
- |
Active |
NO |
|
6 |
U29299KA2007PTC043346 |
ELSU REPOINTING ASIA PRIVATE
LIMITED |
Director |
10/07/2007 |
10/07/2007 |
25/11/2008 |
Active |
NO |
|
7 |
U74140KA2009PTC051090 |
HT TRACK TEST INDIA
PRIVATE LIMITED |
Director |
05/10/2009 |
05/10/2009 |
06/03/2010 |
Active |
NO |
|
8 |
U32204KA2011PTC060178 |
CIRCUIT MAKERS PRIVATE
LIMITED |
Director |
16/01/2012 |
16/01/2012 |
- |
Active |
NO |
|
Name : |
Mr. Ruben Michavila |
|
Designation : |
Foreigner Director |
|
Address : |
Infant Marti 1,4,1, Terrassa – 08229, |
|
Date of Birth/Age : |
11.05.1970 |
|
Date of Appointment : |
09.06.2006 |
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 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE
LIMITED |
Director |
09/06/2006 |
09/06/2006 |
- |
Active |
NO |
|
Name : |
Mr. Guillermo Baella Isanta |
|
Designation : |
Foreigner Director |
|
Address : |
Crta D Artesa 7 A12, Alos De Balagur, Lleida – 08202, |
|
Date of Birth/Age : |
09.10.1951 |
|
Date of Appointment : |
09.06.2006 |
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 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE
LIMITED |
Director |
09/06/2006 |
09/06/2006 |
- |
Active |
NO |
|
Name : |
Mr. Nuria Vidal |
|
Designation : |
Foreigner Director |
|
Address : |
Serra Galliners, 33, Cerdanyola – 08292, |
|
Date of Birth/Age : |
30.08.1971 |
|
Date of Appointment : |
09.11.2006 |
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 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE
LIMITED |
Director |
09/06/2006 |
09/06/2006 |
- |
Active |
NO |
|
2 |
U29299KA2007PTC043346 |
ELSU REPOINTING ASIA
PRIVATE LIMITED |
Director |
13/12/2007 |
13/12/2007 |
25/11/2008 |
Active |
NO |
|
Name : |
Ms. Sangita Gupta |
|
Designation : |
Director |
|
Address : |
Villa 62/2, Adarsh Palm Medoes, |
|
Date of Birth/Age : |
23.02.1965 |
|
Date of Appointment : |
09.06.2006 |
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 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE
LIMITED |
Director |
09/06/2006 |
09/06/2006 |
- |
Active |
NO |
|
Name : |
Ms. Poonam Garg |
|
Designation : |
Director |
|
Address : |
Villa 104, Adarsh palm Medows, Phase – I, |
|
Date of Birth/Age : |
23.10.1961 |
|
Date of Appointment : |
09.06.2006 |
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 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE
LIMITED |
Director |
09/06/2006 |
09/06/2006 |
- |
Active |
NO |
|
2 |
U32204KA2011PTC060178 |
CIRCUIT MAKERS PRIVATE
LIMITED |
Director |
26/08/2011 |
26/08/2011 |
13/02/2012 |
Active |
NO |
|
Name : |
Mr. Franco Pigato |
|
Designation : |
Director |
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 |
U30007KA2005PTC037765 |
CIPSA TEC INDIA PRIVATE
LIMITED |
Director |
05/09/2008 |
05/09/2008 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. P. Sreenivasulu |
|
Designation : |
Company Secretary |
|
Address : |
No. 785, |
|
Date of Birth/Age : |
15.07.1955 |
|
Date of Appointment : |
01.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS On 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Anil Gupta |
|
4532235 |
|
Alok Garg |
|
4532238 |
|
Sangita Gupta |
|
7381 |
|
Poonam Garg |
|
7378 |
|
Circuitos Impresos Profesionnales SA, |
|
5105252 |
|
Cipsa Laser SL, |
|
2284634 |
|
Rodriguez Y Michavila |
|
1689346 |
|
Tecnomec SRL, |
|
2017607 |
|
Total |
|
20176071 |
AS On 30.09.2011
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
45.00 |
|
Directors or relatives of directors |
|
55.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printer Circuit Boards |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
Corporation Bank, Industrial Finance Branch, Rallaram Building, No.30
Mission Road, Bangalore – 560027, Karnataka, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Krishnaswamy and Company Chartered Accountants |
|
Address : |
No. 14, Lakshmi Buildings, |
|
PAN No.: |
AAYES5079B |
|
Tel. No. : |
91-80-22222793 |
|
Fax. No.: |
91-80-22124785/ 41131432 |
|
E-Mail.: |
|
|
|
|
|
Associates: |
· Circuitos Impresos Profesionales S. A. · Techno Mec SRL · Indic EMS Electronics Private Limited |
CAPITAL STRUCTURE
AS ON 25.09.20011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs.210.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20176071 |
Equity Shares |
Rs.10/- each |
Rs.201.761
Millions |
|
|
|
|
|
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 |
201.761 |
201.761 |
201.761 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
35.515 |
50.019 |
110.963 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
237.276 |
251.780 |
312.724 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
478.770 |
528.740 |
580.384 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
478.770 |
528.740 |
580.384 |
|
|
DEFERRED TAX LIABILITIES |
18.631 |
25.407 |
19.603 |
|
|
|
|
|
|
|
|
TOTAL |
734.677 |
805.927 |
912.711 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
597.317 |
660.711 |
812.593 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.060 |
0.460 |
0.460 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
159.176
|
142.158
|
114.559
|
|
|
Sundry Debtors |
127.293
|
126.462
|
120.357
|
|
|
Cash & Bank Balances |
20.534
|
24.217
|
45.453
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
22.137
|
36.399
|
29.527
|
|
Total
Current Assets |
329.140
|
329.236
|
309.896 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
175.314
|
166.541
|
187.166
|
|
|
Other Current Liabilities |
20.526
|
17.939
|
21.347
|
|
|
Provisions |
0.000
|
0.000
|
1.861
|
|
Total
Current Liabilities |
195.840
|
184.480
|
210.374
|
|
|
Net Current Assets |
133.300
|
144.756
|
99.522
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.136 |
|
|
|
|
|
|
|
|
TOTAL |
734.677 |
805.927 |
912.711 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
593.644 |
|
573.377 |
|
|
|
Other Income |
|
|
13.942 |
|
|
|
TOTAL (A) |
593.644 |
559.686 |
587.319 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
|
|
302.866 |
|
|
|
Manufacturing and Other Expenses |
|
|
177.938 |
|
|
|
Excise Duty |
NA |
NA |
34.750 |
|
|
|
Preliminary Expenses W / Off |
|
|
0.137 |
|
|
|
TOTAL (B) |
NA |
NA |
515.691 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
45.757 |
11.933 |
71.628 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
35.492 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
45.757 |
11.933 |
36.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
25.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(21.279) |
(56.290) |
10.156 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(6.776) |
4.653 |
7.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(14.503) |
(60.943) |
2.811 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
33.227 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
36.038 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
16.756 |
190.560 |
263.715 |
|
|
TOTAL EARNINGS |
16.756 |
190.560 |
263.715 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
120.492 |
109.545 |
225.657 |
|
|
|
Stores & Spares |
118.671 |
103.027 |
58.357 |
|
|
|
Capital Goods |
14.517 |
21.791 |
43.143 |
|
|
|
Commission Paid |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
253.680 |
234.363 |
327.157 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(2.44)
|
(10.89)
|
0.48
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
1.77
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.30)
|
(5.69)
|
0.90
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
(0.22)
|
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.84
|
2.83
|
2.53
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.74
|
1.47
|
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from, Plot no.
KIADB Industrial Area, doddaballapura, Bangalore Rural District,
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
REVIEW OF
OPERATIONS:
During the year the operations have shown good improvement. The domestic
sales were increased to compensate the reduced export sales.
The company is in the path of consolidation mode and is targeting more
customers during the year to increase the output and sales.
During the year the name of the Company is changed from CIPSA-RIC India
Private Limited to CIPSA TEC INDIA PRIVATE LIMITED , vide special resolution
passed in the Extra-ordinary General Meeting of the company held on 24th
December 2010. The same has been approved by the Registrar of Companies,
Karnataka vide its fresh Certificate of Incorporation dated 3rd March 2011.
Consequent to this the name of the Company stands changed as CIPSA TEC INDIA
PRIVATE LIMITED with effect from 3rd March 2011. The Change in name
was necessary in view of the investments made by Tecnomec Sri. The Directors
hope that the new name will help in getting more business from Europe in
general and Italy in particular in the coming years.
OUTLOOK FOR THE
CURRENT YEAR:
The Company has successfully achieved integration of both the plants and
has the second largest PCB plant in India at present. The capabilities have
been increased to produce 8 layers PCBs at ease which will enhance value
addition to the product. The Multilayer output of the company is increasingly
consistently over the years and the Directors hope to increase the same to
around 50% of the total capacity in the coming years.
The market conditions in India have drastically increased and your
company has added 5 new customers in Domestic with huge requirements.
The European market remains a area of concern and hence your Directors
have increased efforts to get more business from that region in the current
year.
The Directors hope to achieve better performance in the current
financial year.
FORM 8
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U30007KA2005PTC037765 |
|
Name of the company |
CIPSA TEC INDIA PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No. 7 and 8, S. No. 97, 98 & 121,
Hire Halli Industrial Area, Tumkur – 572168, Karnataka, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge holder |
CORPORATION BANK |
|
Nature of instrument creating charge |
Supplemental Common Deed of Hypothecation
of Movables/Assets/Debts Letter of Continuity (Both the above pertain to the same
charge) |
|
Date of instrument Creating the charge |
28/06/2011 |
|
Amount secured by the charge |
Rs.550.283 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest CC - 14% p.a.i.e, 4.10% above Base Rate at
Present subject to revision from time to time PCL - 10.75% p.a. PCFC/PSCFC - LIBOR + 2%
p.a. FDBN/P/D - 10.75% p.a. TL-15.00% p.a. Terms of Repayment CC - Running account repayable on demand Other limits as per existing/sanction
terms of bank Margin PCL/CC- 25% BG/Inland LC/Import LC at - 25% of Bank's
Prescribed rates Other limits as per existing/sanction
terms of bank Extent and Operation of the charge The charge shall operate to the extent of
the loan amount plus interest commission costs expenses and other charges
thereon Others The said amount of Rs.550.283 Millions
comprises
FDBN/FDBP/FDBD/DBC/BDD/BE/PSCFC Rs.40.000 Millions; CC/PCL-cum-PCFC
Rs.130.000 Millions; TL III Rs.250.283 Millions; Inland/Import LC cum BG cum
Buyers Line of Credit.130.000 Millions). Interchangeability between CC/PC/PCFC and
FDBN/P/D/BE/PSCFC to the extent of Rs.20.000 Millions (both ways permitted One Way Interchangeability form
CC/Inland/Import LC cum Buyers Line of Credit is permitted to the extent of
Rs.70.000 Millions |
|
Short particulars of the property charged |
First charge (by way of (a) hyp. of inventory of rawmaterials,
stock in process, finished goods and stock in trade, boookdebts and entire
fixed assets , except vehicles both Present and future stored/installed at Plot No.7 and 8, HIrehalli Ind. Area,
Tumkur and any other place and (b) continuing security by way of equitable
mortgage of land with building and other structures(existing/to be
constructed) at Plot No.7 and 8 (Part) Hirehally Ind. Area at Sy.No.97, 98
and 121 of Hirehalli village, Uradagere Hobli, Tumkur District on land
Measuring 41,525 sq meters morefully described in Sch. A of the Letter re:
Extension of Eq. mortgage |
|
Date of instrument modifying the charge |
23/12/2009 |
|
Particulars of the present modification |
By the above, the charge on stocks,
bookdebts, plant, machineries and other fixed assets (except vehicles) and
the immv. prop. at Plot No.7 and 8
(Part) Hirehally Ind. Area at Sy.No.97, 98 and 121 of Hirehalli village,
Uradagere Hobli, Tumkur District shall cover the present modified limits
aggregating Rs.550.283 Millions (All other terms and conditions remain
unchanged) |
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· ETP Equipments
· Jigs and Fixtures
· Miscellaneous Equipments
· Computer
· Electrical Installation
· Office Equipment
· Furniture and Fixtures
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.51.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--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.