Business
information report
1. Summary Information
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Country |
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Company Name |
VARROC POLYMERS
PRIVATE LIMITED |
Principal Name 1 |
Mr. Naresh Adishwarlal Chandra |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Tarang Naresh Jain |
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|
|
Registration # |
11-90037 |
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Street Address |
Gut No. 99, Village Pharola, Taluka Paithan, Aurangabad – 431105,
Maharashtra |
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Established Date |
20.06.1995 |
SIC Code |
-- |
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Telephone# |
91-2431-251625 |
Business Style 1 |
Manufacturer |
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Fax # |
91 2431-251627 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Plastic Moulded Goods |
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|
# of employees |
2500 (Approximately) |
Product Name 2 |
Automobile Seat Assembly |
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Paid up capital |
Rs. 32,635,000/- |
Product Name 3 |
Sheets of Polymers of Styrene |
|
Shareholders |
Directors or
relatives of Directors – 100% |
Banking |
IDBI Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
16 years |
|
IPO |
No |
International Ins. |
- |
|
Public Enterprise |
No |
Rating |
Ba (54) |
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Related
Company |
|||
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Relation
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Country
|
Company
Name |
CEO |
|
Subsidiaries |
India
|
Varroc Elastomers Private Limited |
-- |
|
Note |
- |
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2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
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|
Current Assets |
1,411,584,000 |
Current Liabilities |
1,331,171,000 |
|
Inventories |
352,905,000 |
Long-term Liabilities |
745,727,000 |
|
Fixed Assets |
1,720,455,000 |
Other Liabilities |
155,131,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,232,029,000 |
|
Invest& other Assets |
707,008,000 |
Retained Earnings |
1,927,288,000 |
|
|
|
Net Worth |
1,959,923,000 |
|
Total Assets |
4,191,952,000 |
Total Liab. & Equity |
4,191,952,000 |
|
Total Assets (Previous Year) |
3,681,718,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales (Total Income) |
7,828,600,000 |
Net Profit |
397,018,000 |
|
Sales(Previous yr) (Total Income) |
6,060,429,000 |
Net Profit(Prev.yr) |
301,849,000 |
MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
VARROC POLYMERS PRIVATE LIMITED (w.e.f. 18.04.2007) |
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Formerly Known
As : |
MOULDCRAFT (HINDUSTAN) PRIVATE LIMITED |
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Registered
Office : |
Gut No. 99, Village Pharola, Taluka Paithan, Aurangabad – 431105,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.06.1995 |
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Com. Reg. No.: |
11-90037 |
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Capital
Investment/ Paid-up Capital: |
Rs. 32.635 Millions |
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CIN No.: [Company Identification
No.] |
U25209MH1995PTC090037 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of
Automotive Parts and Accessories for Automobile Industry. |
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No. of
Employees: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are reported
as experienced and respectable businessmen. Trade relations are fair.
Business is active. Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory : |
Gut No. 99, Village Pharola, Taluka Paithan, Aurangabad – 431105,
Maharashtra, India |
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Tel. No.: |
91-2431-251625-26 |
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Mobile No.: |
91-9673001160 (Mr. Anil Ghatiya) |
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Fax No.: |
91 2431-251627 |
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E-Mail : |
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Website : |
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Corporate Office : |
E – 4, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra,
India |
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Tel. No.: |
91-240-2556227 |
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Fax No.: |
91-240-2564540 |
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Factory 1 : |
VPPL-I Gut No.390,Takve Budruk, Taluka Maval, District Pune - 412 106,
Maharashtra, India |
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Tel. No. : |
91-2114-244107 |
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Fax No. : |
91-2114-244447 |
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E-Mail : |
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Factory 2 : |
VPPL-II E-88, MIDC Ranjangaon, Taluka Shirur, District Pune-412 220, Maharashtra,
India |
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Tel. No. : |
91-2138-232738 |
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Fax No. : |
91-2138-232788 |
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E-Mail : |
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Factory 3 : |
VPPL-III M-165-167, MIDC Industrial Area, Waluj, District Aurangabad- 431 136, Maharashtra, India |
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Tel. No. : |
91-240-2551807 / 8 |
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Fax No. : |
91-240-2551102 |
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E-Mail : |
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Factory 4 : |
VPPL-GN Plot No.35A, Udyog Vihar,
Ground Noida, District Gautam Budh Nagar-201 306, Uttar Pradesh, India |
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Tel. No. : |
91-120-2230740 |
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Fax No. : |
91-120-2230739 |
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E-Mail : |
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Factory 5 : |
VPPL-BN 58th Milestone, Village Binola, District Gurgaon, Haryana, India |
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Tel. No. : |
91-124-2279004 |
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E-Mail : |
DIRECTORS
AS ON 23.07.2011
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Name : |
Mr. Naresh Adishwarlal Chandra |
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Designation : |
Director |
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Address : |
Bhagwati Bhavan, 31/B, M L Dahanukar Marg, Mumbai-400026, Maharashtra,
India |
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Date of Birth/Age : |
11.02.1935 |
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Date of Appointment : |
28.06.1995 |
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DIN No.: |
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Other Directorship : |
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Name : |
Mr. Tarang Naresh Jain |
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Designation : |
Managing Director |
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Address : |
Gut No. 41 (P), Opposite Walmi, Kachanwadi, Aurangabad – Paithan Road,
Aurangabad-431005, Maharashtra, India |
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Date of Birth/Age : |
21.03.1962 |
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Qualification : |
MBA |
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Date of Appointment : |
28.06.1995 |
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DIN No.: |
00027505 |
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Other Directorship : |
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Name : |
Mr. Shantaram Narayan Patil |
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Designation : |
Whole Time Director |
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Address : |
14, Mayureah New SBH Cloony, Near Jyoti Nagar, Aurangabad-431005,
Maharashtra, India |
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Date of Birth/Age : |
16.01.1954 |
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Qualification : |
BSC |
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Date of Appointment : |
04.12.2009 |
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DIN No.: |
01842641 |
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Other Directorship : |
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Name : |
Mr. Gautam Premnath Khandelwal |
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Designation : |
Director |
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Address : |
B-2, Alaknanda, 16-A, Nepeansea Road, Mumbai-400006, Maharashtra,
India |
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Date of Birth/Age : |
21.09.1956 |
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Date of Appointment : |
24.03.2011 |
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DIN No.: |
00270717 |
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Email : |
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Other Directorship : |
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KEY EXECUTIVES
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Name : |
Mr. Anil Ghatiya |
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Designation : |
Company Secretary |
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Address : |
E-14, Chanakya Puri, Daragah Road, Aurangabad-431005, Maharashtra,
India |
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Date of Birth/Age : |
09.03.1980 |
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Date of Appointment : |
01.01.2005 |
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PAN No.: |
AGDPG4089J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.07.2011
|
Names of Shareholders |
No. of Shares |
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Tarang Jain |
1614501 |
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Naresh Chandra |
342101 |
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Tarang Jain and Rochana Jain |
406900 |
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Naresh Chandra and Suman Jain |
182601 |
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Suman Jain and Naresh Chandra |
78400 |
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Suman Jain |
630000 |
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Tarang Jain HUF |
4500 |
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Naresh Chandra HUF |
4500 |
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Total |
3263503 |
AS ON 23.07.2011
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Equity Shares
Break Up |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Automotive Parts and Accessories for Automobile Industry. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Own
Mfg. |
Job
Work |
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Plastic Moulded Components |
MT |
35362 |
16445.48 |
789.21 |
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Extrusion Sheets |
MT |
10800 |
4734.42 |
2.32 |
|
Automobile |
Nos. |
7264540 |
5182188 |
-- |
|
Air Filter Assembly |
Nos. |
4000000 |
2740975 |
-- |
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Mirror Assembly |
Nos. |
9650000 |
7966731 |
-- |
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Tools (Moulds) |
Nos. |
450 |
52 |
-- |
GENERAL INFORMATION
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No. of Employees : |
2500 (Approximately) |
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Bankers : |
·
IDBI Bank Limited IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005,
Maharashtra, India ·
Corporation Bank, Industrial Finance Branch, 14,
Mumbai Pune Road, Wakdewadi, Pune-411003, Maharashtra, India ·
Saraswat Co-Operative Bank Limited Kanchan Chambers, Kranti Chowk, Station
Road, Aurangabad 431001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
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PAN No.: |
AAHFP0187A |
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Subsidiaries : |
·
Varroc Elastomers Private Limited (CIN No. U29190MH2005PTC157474) |
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Other Related Companies : |
·
Varroc Engineering Private Limited ·
Varroc Trading Private Limited ·
Durovalves India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3263503 |
Equity Shares |
Rs.10/- each |
Rs. 32.635
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
32.635 |
32.635 |
29.320 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1927.288 |
1548.588 |
1126.793 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1959.923 |
1581.223 |
1156.113 |
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LOAN FUNDS |
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|
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|
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1] Secured Loans |
555.536 |
635.862 |
596.642 |
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2] Unsecured Loans |
190.191 |
192.258 |
170.712 |
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TOTAL BORROWING |
745.727 |
828.120 |
767.354 |
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DEFERRED TAX LIABILITIES |
112.723 |
108.242 |
95.064 |
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TOTAL |
2818.373 |
2517.585 |
2018.531 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1720.455 |
1610.971 |
1267.697 |
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Capital work-in-progress |
167.603 |
42.358 |
16.411 |
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INVESTMENT |
539.405 |
496.255 |
380.455 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
|
|
Inventories |
352.905
|
307.366
|
205.312
|
|
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Sundry Debtors |
1137.791
|
1012.974
|
744.570
|
|
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Cash & Bank Balances |
174.218
|
126.554
|
78.592
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
99.575
|
85.240
|
154.626
|
|
Total
Current Assets |
1764.489
|
1532.134 |
1183.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
1278.717
|
973.395
|
756.237
|
|
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Other Current Liabilities |
52.454
|
126.441
|
33.677
|
|
|
Provisions |
42.408
|
64.297
|
39.218
|
|
Total
Current Liabilities |
1373.579
|
1164.133 |
829.132 |
|
|
Net Current Assets |
390.910
|
368.001
|
353.968
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2818.373 |
2517.585 |
2018.531 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
7828.600 |
6060.429 |
4706.661 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
6977.766 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
6977.766 |
5343.086 |
4236.966 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
850.834 |
717.343 |
469.695 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
63.936 |
72.020 |
80.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
786.898 |
645.323 |
389.393 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
211.635 |
182.772 |
145.436 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
575.263 |
462.551 |
243.957 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
178.245 |
160.702 |
85.769 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
397.018 |
301.849 |
158.188 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
444.929 |
192.283 |
67.066 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
39.701 |
30.175 |
15.820 |
|
|
|
Dividend |
16.318 |
16.318 |
14.660 |
|
|
|
Tax on Dividend |
2.000 |
2.710 |
2.491 |
|
|
BALANCE CARRIED
TO THE B/S |
783.928 |
444.929 |
192.283 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
30.070 |
5.449 |
0.357 |
|
|
TOTAL EARNINGS |
30.070 |
5.449 |
0.357 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
101.599 |
80.130 |
93.093 |
|
|
|
Stores & Spares |
5.824 |
1.539 |
1.354 |
|
|
|
Capital Goods |
88.716 |
46.377 |
87.596 |
|
|
TOTAL IMPORTS |
196.139 |
128.046 |
182.043 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
124.74 |
102.95 |
59.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.07
|
4.98 |
3.36
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.51
|
14.72 |
9.95
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.29 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
1.33 |
1.38
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.32 |
1.43
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 |
Yes |
|
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 |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
PERFORMANCE
The Restructuring Scheme
mentioned in their previous report has been implemented successfully. The
relevant details are appended at Note No.2/Schedule 17 to Accounts.
Consequent upon
addition in capacities of Air Filter Assembly Division and Mirror Assembly
Division, Net sales of these products during the year were higher by 40% and
16% respectively. Owing to improved demand from customers, the sale of seat
assemblies also grew 37% as compared to last year. Exports were significantly
higher at Rs.30.100 Millions from Rs.5.400 Millions in view of higher off take
from the export customer.
Owing to the above
and also as a result of increased off take by customers, the Net Sales and
Other Income was higher by 29% at Rs.7830.000 Millions against Rs.6060.000
Millions last year. Interest cost was down from 1.2% to 0.8% of Net Sales on
account of better financial management. The Selling and Administration Expenses
were marginally higher by around 1.2% of Net Sales compared to last year. The
cumulative effect was that PBT rose by
24% to Rs. 575.300
Millions, from Rs. 462.600 Millions in the last year. PAT was significantly
higher by 32% at Rs.397.000 Millions, against Rs.301.900 Millions last year.
This significant improvement in the bottom line can be attributed to various
measures taken to control cost and improve efficiencies. The working results
were in line with the targets set.
FUTURE OUTLOOK
The Company has
decided to selectively opt out of the business of manufacture of components of white
goods in cases where the same are not commercially feasible considering the
thin margins and continuous pressure from customers for cost reduction. The
resultant free capacities will be utilized either for manufacture of automotive
components or white goods components with higher margins.
According to
Economists and experts, inflation is likely to remain high in the current
fiscal year; the impact of crude oil prices and commodity prices is expected to
put pressure on prices and there could be a period of double
digit inflation in
the months ahead. The government's proposed move to raise diesel and LPG prices
after announcing its sharpest ever increase in petrol prices will impact
inflation in the months ahead. Some economists say that India may have to live
with 6% - 7% inflation for some time.
The rising cost of
input materials had also seen companies increase in prices of vehicles, which
also hit their affordability. Margins are already under pressure and it will be
very difficult for the vehicle manufacturers to absorb the higher manufacturing
costs.
Spiralling fuel
prices and hardening interest rates owing to high inflation are adversely
affecting vehicle sales which is apparently loosing steam and veering towards a
slowdown. Sales numbers released by auto companies for May showed fatigue
creeping in as companies saw demand slowing down despite offers of discounts.
The arrival of
monsoon on time and prediction of normal monsoon for the June-September period
have kindled hopes of bumper crops but economists say it is too early to take a
view on the impact of the rains on prices and much would depend on the spread
and distribution of rains in the months ahead. While bumper crops should help
ease inflation, it is still not enough to ease the pinch, say industry
insiders.
Vehicle sales in
India, one of the fastest growing auto-markets in the world, grew at a record
30% in 2010 spurred by demand from the burgeoning middle class. That growth is
expected to halve to 12% to 15% in the current year.
JOINT VENTURE
The Company
injected Rs.41.000 Millions during the year, by subscribing to the equity
capital of Plastic Omnium Varroc Private Limited ['POV"]. The Company's
total investment in POV's Equity Share Capital amounts to Rs. 230.580 Millions
as at 31-03-2011. POV's operating results for the year were satisfactory. POV
has embarked on expansion plans and is in the process of acquiring land for
setting up additional manufacturing facilities to cater to the needs of
existing as well as new customers.
FINANCE
The forex hedging
policy which is in place since last year has proved to be prudent yet again.
The exchange gain (net) was Rs.3.290 Millions.
The interest cost
was brought down by 11.25% to Rs.63.900 Millions from Rs.72.000 Millions.
The Company has
availed sufficient working capital facilities and term loans from its Bankers
for smooth operations. The Company has been regularly repaying the interest and
principal amounts due against term loans.
FORM 8
|
Corporate
identity number of the company |
U25209MH1995PTC090037 |
|
Name of the
company |
VARROC POLYMERS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gut No 99 Village
Pharola Taluka, Paithan, Aurangabad-431105, Maharashtra, India E-Mail Id: ghatiya.anil@varrocgroup.com |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Immovable
property Movable property
(not being pledge) |
|
Particular of
charge holder |
IDBI Bank
Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India E-Mail Id: abhijit.srivastava@idbi.co.in
|
|
Nature of
instrument creating charge |
Joint Mortgage
Deed |
|
Date of
instrument Creating the charge |
27.12.2010 |
|
Amount secured by
the charge |
Rs. 20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Usance
/commitment charges: 0.50% p.a. Plus service tax payable upfront Terms of repayment Honouring of
commitments on due date Margin 10% cash margin Extent and operation of the charge The company created
hypothecation and mortgage on pari passu basis along with corporation bank in
respect of properties as described in item no.15, as security for due
repayment of inland/import LC cum buyers credit (capital goods) of Rs. 20.000
Millions sanctioned by IDBI Bank Limited. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Movable Fixed Assets and Mortgage of Immovable Properties Situated At Gut No.
390, Takve-Bk, Taluka Maval, District Pune on First Pari-Passu Charge Basis
along with Corporation Bank Hypothecation of
Movable Fixed Assets and Mortgage of Immovable Properties Situated At Plot
No. E-88, MIDC, Ranjangaon, District Pune On First Pari-Passu Charge Basis
along with Corporation Bank Hypothecation of
Movable Fixed Assets and Mortgage of Immovable Properties Situated At Plot
Nos. M-165-167, MIDC, Waluj, Aurangabad on First Pari-Passu Charge Basis
along with Corporation Bank Hypothecation of
Movable Fixed Assets and Mortgage of Immovable Properties Situated At Gut No.
99, Village Pharola, Taluka Paithan, District A’bad On First Pari-Passu
Charge Basis along with Corporation Bank |
|
Charge
identification number of the charge to be modified |
10255958 |
|
Date of
instrument modifying the charge |
29.11.2010 |
|
Particulars of
the present modification |
By the present
modification Inland/Import LC Cum Buyers Credit (Capital Goods) of Rs. 20.000
Millions is further secured by way of hypothecation of movable fixed assets
and Mortgage of Immovable properties on First Pari-passu Charge basis along
with Corporation Bank situated at (1) Gut No. 390, Takve Bk, Talula Maval,
District Pune (2) Plot No. E-88, MIDC, Ranjangaon, District Pune (3) Plot No.
M-165-167, MIDC, Waluj, Aurangabad (4) Gut No. 99, Village Pharola, Taluka
Paithan, District Aurangabad. |
FIXED ASSETS:
·
·
·
·
·
Plant and Machinery
·
Factory Equipments
·
Electrical Installation
·
Computers
·
Mould and Dies
·
Electrical Fittings
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
·
Software
·
User right for expenses Feeder
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.