1. Summary Information
|
|
|
Country |
India |
|
Company Name |
BRIDGESTONE
INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Hiromi Tanigawa |
|
Status |
Good |
Principal Name 2 |
Mr. Tomomichi Okada |
|
|
|
Registration # |
10-010548 |
|
Street Address |
Plot No 12, Kheda Growth Centre Post, Sagore Pithampur, Dhar – 454
774, Madhya Pradesh |
||
|
Established Date |
27.02.1996 |
SIC Code |
-- |
|
Telephone# |
91-7292-423333 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-7292-255039 |
Business Style 2 |
Importing |
|
Homepage |
Product Name 1 |
Tyres |
|
|
# of employees |
Not Available |
Product Name 2 |
Tubes Flaps |
|
Paid up capital |
Rs.
4803,000,s000/- |
Product Name 3 |
Other Rubber Goods |
|
Shareholders |
Foreign holdings – 100% |
Banking |
Bank of Tokyo |
|
Public Limited Corp. |
No |
Business Period |
16 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A (64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Fellow Subsidiaries |
Africa |
Bridgestone
South Africa |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2258,846,000 |
Current Liabilities |
3491,613,000 |
|
Inventories |
2692,749,000 |
Long-term Liabilities |
1614,087,000 |
|
Fixed Assets |
8060,694,000 |
Other Liabilities |
427,815,000 |
|
Deferred Assets |
0 |
Total Liabilities |
5,533,515,000 |
|
Invest& other Assets |
3991,112,000 |
Retained Earnings |
6666,886,000 |
|
|
|
Net Worth |
11469,886,000 |
|
Total Assets |
17,003,401,000 |
Total Liab. & Equity |
17,003,401,000 |
|
Total Assets (Previous Year) |
11177,691,000 |
|
|
|
P/L Statement as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
15885,200,000 |
Net Profit |
1336,800,000 |
|
Sales(Previous yr) |
11384,475,000 |
Net Profit(Prev.yr) |
1205,950,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
BRIDGESTONE INDIA PRIVATE LIMITED (w.e.f. 2003) |
|
|
|
|
Formerly Known
As : |
BRIDGESTONE ACC INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No 12, Kheda Growth Centre Post, Sagore Pithampur, Dhar – 454
774, Madhya Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.02.1996 |
|
|
|
|
Com. Reg. No.: |
10-010548 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4803.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25111MP1996PTC010548 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLB00992F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB2304E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, Purchasing, Selling, Importing, Exporting and Dealing
of Tyres, Tubes Flaps and Other Rubber Goods. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 45000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. 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 normal for business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
(CARE) AAA (Long Term rating) |
|
Rating Explanation |
Having highest degree of safety regarding
timely servicing of financial obligation it carry lowest credit risk |
|
Date |
August, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
(CARE) A1+ (Short Term rating) |
|
Rating Explanation |
Having very strong degree of safety
regarding timely payment of financial obligation it carry lowest credit risk |
|
Date |
August, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Head Office / Plant : |
Plot No 12, Kheda Growth Centre Post, Sagore, Pithampur, District -
Dhar – 454 774, |
|
Tel. No.: |
91-7292-423333 / 423423 |
|
Fax No.: |
91-7292-255039 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales and Marketing Head Office : |
Plot No. 5/4, 5th Floor, Shalimar Onyx ( |
|
Tel No.: |
91-22-42496400 |
|
Fax No.: |
91-22-42496400 / 28563426 |
|
E-Mail : |
DIRECTORS
AS ON 13.03.2012
|
Name : |
Mr. Hiromi Tanigawa |
|
Designation : |
Managing Director |
|
Address : |
A 80 A 93, Near MITM College, Vilage Pigdambar Post, Rau,
Indore-453331, Madhya Pradesh, India |
|
Date of Birth/Age : |
20.08.1961 |
|
Qualification : |
Yokohama National University Engineering Diploma |
|
Experience : |
25 Years |
|
Date of Appointment : |
24.10.2008 |
|
DIN No.: |
02383315 |
|
|
|
|
Name : |
Mr. Tomomichi Okada |
|
Designation : |
Director Finance and Business Planning |
|
Address : |
A 80, A 93 BSID, Residential Complex, Sunshine Slope Complex, MITH Cillege
Complex, Pigdambar Post, Rau, Indore – 453331, Madhya Pradesh, India |
|
Date of Birth/Age : |
09.03.1968 |
|
Qualification : |
Graduate, Waseda University, Japan |
|
Experience : |
20 Years |
|
Date of Appointment : |
21.02.2011 |
|
DIN No.: |
03441261 |
|
|
|
|
Name : |
Mr. Ajay Vasudeo Sevekari |
|
Designation : |
Whole Time Director |
|
Address : |
103, Princess Landmark, Plot 21/12, Ratlam Kothy, |
|
Date of Birth/Age : |
08.05.1963 |
|
Qualification : |
BE (Chemical Engineering) and MBA |
|
Experience : |
26 Years |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02006157 |
|
|
|
|
Name : |
Tatsuo Nakamura |
|
Designation : |
Whole Time Director |
|
Address : |
Flat 1002, 10th Floor Water Front, Kalyani Nagar, Pune -
411014, |
|
Date of Birth/Age : |
12.08.1964 |
|
Qualification : |
Graduate, Waseda University, Japan |
|
Experience : |
23 Years |
|
Date of Appointment : |
01.09.2011 |
|
DIN No.: |
03606743 |
KEY EXECUTIVES
|
Name : |
Mrs. Abha Jaiswal |
|
Designation : |
Secretary |
|
Address : |
132
Mahavir Nagar, |
|
Date of Birth/Age : |
30.08.1981 |
|
Date of Appointment : |
01.08.2005 |
|
PAN No.: |
AFWPJ4221K |
|
|
|
|
Name : |
Mr. Hidenobu Mori |
|
Designation : |
Director- Sales and Marketing |
|
Date of Birth/Age : |
49 years |
|
Qualification : |
Economy at SophiaUniversity |
|
Experience : |
25 years |
|
|
|
|
Name : |
Mr. Masuhiro Morimoto |
|
Designation : |
General Manager-Technical Service Dept. |
|
Date of Birth/Age : |
39 years |
|
Qualification : |
Nagoya University , Mechanical |
|
Experience : |
17 years |
|
|
|
|
Name : |
Mr. Masahiro Niinuma |
|
Designation : |
Functional Director OE Business (Non-Board) |
|
Date of Birth/Age : |
47 years |
|
Qualification : |
Graduate, Waseda University, Japan |
|
Experience : |
22 years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.03.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bridgestone
Corporation, |
|
400300000 |
|
Bridgestone
Asia Pacific Pte Limited, |
|
80000000 |
|
Total |
|
480300000 |
AS ON 10.04.2012
|
Names of Allottees |
|
No. of Shares |
|
Bridgestone Asia
Pacific Pte. Limited, Singapore |
|
125000000 |
|
|
|
|
|
Total |
|
125000000 |
AS ON 13.03.2012
s
|
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] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Purchasing, Selling, Importing, Exporting and Dealing
of Tyres, Tubes Flaps and Other Rubber Goods. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
Nos. |
5394870 |
5245159 |
|
Tube and Flaps |
Nos. |
2386800 |
1750573 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of ·
State Bank of |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells Chartered
Accountants |
|
Address : |
12, |
|
Tel. No.: |
91-22-22854330
/ 66679000 |
|
Fax No.: |
91-22-22024499/
22024337 / 66679025 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company: |
Bridgestone Corporation |
|
|
|
|
Fellow Subsidiaries : |
·
Bridgestone Plant Engineering Company
Limited ·
Bridgestone Americas Holding, Inc. ·
Bridgestone Technical Centre ·
Bridgestone Asia Pacific Pte Limited ·
Bridgestone Logistics Company Limited ·
Bridgestone (Huizhou) Synthetic Company Limited ·
Bridgestone(Hui Zhou) Tire Company Limited ·
P.T. Bridgestone Tire ·
Thai Bridgestone Company Limited ·
Bridgestone Seoul ·
Bridgestone Metalpha ( ·
Bridgestone South ·
Bridgestone Australia Limited ·
Bridgestone New Zealand Limited ·
Bridgestone Tire Manufacturing ·
Bridgestone Taiwan Company Limited ·
Bridgestone Singapore Pte Limited · Bridgestone Tire Sales Korea Limited |
CAPITAL STRUCTURE
AS ON 13.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1775300000 |
Equity Shares |
Rs. 10/- each |
Rs. 17753.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
605300000 |
Equity Shares |
Rs. 10/- each |
Rs. 6053.000
Millions |
|
|
|
|
|
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,775,300,000 |
Equity Share |
Rs.10/- each |
Rs. 17753.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
480,300,000 |
Equity Share |
Rs.10/- each |
Rs. 4803.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2001 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4803.000 |
4003.000 |
2753.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6666.886 |
3330.116 |
1374.166 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11469.886 |
7333.116 |
4127.166 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
62.578 |
187.282 |
0.000 |
|
|
2] Unsecured Loans |
1551.509 |
1181.762 |
732.496 |
|
|
TOTAL BORROWING |
1614.087 |
1369.044 |
732.496 |
|
|
DEFERRED TAX LIABILITIES |
311.900 |
288.300 |
212.700 |
|
|
|
|
|
|
|
|
TOTAL |
13395.873 |
8990.460 |
5072.362 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8060.694 |
6248.589 |
4288.763 |
|
|
Capital work-in-progress |
3991.112 |
1516.144 |
93.705 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2692.749
|
1368.499 |
1002.315
|
|
|
Sundry Debtors |
1842.887
|
1181.813 |
874.491
|
|
|
Cash & Bank Balances |
1.996
|
659.195 |
172.978
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
413.963
|
203.451 |
101.207
|
|
Total
Current Assets |
4951.595
|
3412.958 |
2150.991 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2778.038
|
1422.495 |
968.043
|
|
|
Other Current Liabilities |
713.575
|
546.707 |
346.029
|
|
|
Provisions |
115.915
|
218.029 |
147.025
|
|
Total
Current Liabilities |
3607.528
|
2187.231 |
1461.097 |
|
|
Net Current Assets |
1344.067
|
1225.727 |
689.894 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13395.873 |
8990.460 |
5072.362 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15885.200 |
11384.475 |
8505.011 |
|
|
|
Other Income |
NA |
NA |
100.856 |
|
|
|
TOTAL |
NA |
NA |
8605.867 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
7324.460 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
1853.005 |
1281.407 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
647.055 |
440.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1336.800 |
1205.950 |
840.505 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2580.116 |
1374.166 |
533.661 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3916.916 |
2580.116 |
1374.166 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods Exported |
4.805 |
3.147 |
2.980 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3909.400 |
2348.621 |
1426.686 |
|
|
|
Components and Spare Parts |
58.608 |
49.981 |
43.694 |
|
|
|
Capital Goods |
521.036 |
937.029 |
726.332 |
|
|
TOTAL IMPORTS |
4489.044 |
3335.631 |
2196.982 |
|
|
|
|
|
|
|
|
|
|
Earnings per
share (Rs.) |
2.89 |
3.42 |
3.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
9.77
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
16.28
|
15.07
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
19.18
|
19.90
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.25
|
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.48
|
0.53
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.56
|
1.47
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW OF OPERATIONS
The Company
achieved the net sales of Rs.15,885.200 Millions against previous year's net
sales of Rs.113,84.500 millions. The Company has earned a profit of
Rs.1,336.800 millions as against profit of Rs.12,06.000 millions during the
previous year. The Company has registered a growth of 11% in profit in
financial year 2011.
CHANGES IN CAPITAL STRUCTURE
During the year
2011 the paid up capital of the Company has increased from Rs.400300.000
millions to Rs.480300.000 millions by allotment of 8,00,00,000 equity shares of
Rs.10/- each at a premium of Rs.25/- per equity share to Bridgestone Asia
Pacific Pte Ltd. on private placement basis.
The present
paid-up share capital of the Company is Rs.4,80,30,00,000 divided into
48,03,00,000 equity shares of face value Rs.10/- each.
EXPANSION PROGRAMME AND FUTURE OUTLOOK
The construction
of new factory in Chakan, Pune for manufacturing of passenger car radial (PSR)
tyres and truck and bus radial (TBR) tyres is progressing on schedule.
In respect of
starting Truck and Bus Radial tyres business with OEMs, the business in OE
segment will be started in second half of 2012.
The Company is looking for establishment of its Tyre Retreading Plant in
CERTIFICATIONS
At present the
Company has an ISO/TS 16949:2009 certification (valid up to 22nd Oct., 2012).
Further, Det Norske Veritas (DNV) has carried out "Surveillance
Audit" for OHSAS 18001: 2007 (valid up to 28th Dec., 2014) and Environment
Management System ISO 14001: 2004 (valid up to 16th Feb., 2013).
The Company is
also holding Bureau of Indian Standards (BIS) license for pneumatic tyres for
passenger car and commercial vehicles and tubes.
All the Licences
are renewed from BIS when due for renewal.
FUTURE PLAN OF ACTION:
The Company's effort
will continue in the areas of product quality, process improvement technology
with the aim of offering better products to
meet consumer needs.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90208286 |
|
Corporate
identity number of the company |
U25111MP1996PTC0150548 |
|
Name of the
company |
BRIDGESTONE INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 12, Kheda Growth Centre, Post Sagore, Pithampur,
Dist. - Dhar 454774, Madhya Pradesh, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of e-mail: jagdish.yadav@sbi.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Form C.5 – Letter
Regarding The Grant of Individual Limits within the overall limit |
|
Date of
instrument Creating the charge |
30.03.2009 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.5% Below SBAR
with Monthly rest or as may be specified by the bank form time to time at
present 12.25% Terms of Repayment As per agreement
dated 11.09.1998 and Further modified form time to time Margin Raw Material –
25% Stock in Progress
– 25% Finished Goods –
25% Stores – 30% Book Debts /
Receivables (Retention period of 3 months) – 30% Land and Building
/ Plant and Machinery : Nil Extent and Operation of the charge As per agreement
Dated 11.09.1998 and further modified form time to time |
|
Short particulars
of the property charged |
Hypothecation charges in the company’s entire current
assets comprising of raw materials, stock in process, finished goods,
consumable stores, book debts/ receivables (retention period 3 months)
located at company’s plant, godowns (including C and Fs), Good in Transit |
|
Date of latest
modification prior to the present modification |
31.07.2002 |
|
Particulars of
the present modification |
Total Limit Rs.
300.000 Millions Divided into Fund Based Limit:
CC (Hypothecation) WCDL Reduced from Rs. 350.000 Millions to Rs. 250.000
Millions Non Fund Based:
Limits : LC limit (BG Sub Limit (Within LC) Rs. 12.500 Millions) remained
unchanged Rs. 50.000 Millions Security : Limit
secured on company’s entire current assets comprising of raw materials, stock
in process, finished goods, stores, B/D, Receivables etc. on pari passu basis
with other 1st charge holder Charge on fixed
asset was released. |
CONTINGENT
LIABILITIES IN RESPECT OF:
(Rs. In Millions)
|
Particulars |
31.12.2011 |
31.12.2010 |
|
a) Disputed demands of Excise (including service tax) and Sales Tax
authorities |
37.910 |
30.470 |
|
b) Income Tax disallowances (Tax Impact) |
84.026 |
-- |
|
The company expects to succeed in the appeals in the matters stated
above. |
|
|
|
c) Claims against the Company not acknowledged as debts |
25.324 |
22.415 |
|
d) Guarantees given by Bank on behalf of the Company |
23.678 |
1.263 |
|
Total |
170.938 |
54.148 |
FIXED ASSETS:
· Land
- Leasehold
- Freehold
- Building
· Plant and Machinery
· Office equipment
· Furniture and fixtures
- Vehicles
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. 55.70 |
|
|
1 |
Rs. 87.55 |
|
Euro |
1 |
Rs. 68.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
Yes |
|
--AFFILIATION |
YES/NO |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
64 |
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.