|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
BALKRISHNA PAPER MILLS LIMITED |
|
|
|
|
Registered
Office : |
318 – 320 Creative Industrial Estate, 72 N M Joshi Marg, Lower Parel, Mumbai – 400011, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.03.2007 |
|
|
|
|
Com. Reg. No.: |
11-168591 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 49.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21093MH2007PLC168591 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB0910G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing of “Coated Duplex/ Triplex Boards
and Folding Box Boards” segment. |
|
|
|
|
No. of Employees
: |
Information denied by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating A3 |
|
Rating Explanation |
This rating are considered to have moderate
degree of safety regarding timely payment of financial obligations such instruments
carry higher credit risk. |
|
Date |
August 2011 |
|
Rating Agency Name |
CARE |
|
Rating |
Long term BBB |
|
Rating Explanation |
This rating are considered to have moderate degree
of safety regarding timely servicing of financial obligation such instruments
carry moderate credit risk. |
|
Date |
August 2011 |
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.
INFORMATION DENIED BY
MANAGEMENT NON CO – OPERATIVE (91-22-61207900)
LOCATIONS
|
Registered Office : |
318 – 320 Creative Industrial Estate, 72 N M Joshi Marg, Lower Parel, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
Ambivil Post Mohane, Taluka Kalyan, District Thane, Maharashtra, India |
|
Tel. No.: |
91-251-2270701 |
DIRECTORS
AS ON 04.08.2012
|
Name : |
Mr. Arvind Kumar Late Mahabir Prasad Poddar |
|
Designation : |
Chairman |
|
Address : |
94, Mount Unique, 62 A, A G. Deshmukh Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
07.11.1957 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
10.03.2007 |
|
PAN No.: |
AACPP2352E |
|
DIN No.: |
00089984 |
|
|
|
|
Name : |
Mr. Anurag Pawankumar Poddar |
|
Designation : |
Director |
|
Address : |
1401, Nepeansea House, Nepeansea Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
13.07.1981 |
|
Qualification : |
MBA - Finance, DREXEL University |
|
Date of Appointment : |
10.03.2007 |
|
PAN No.: |
AACPP1926G |
|
DIN No.: |
00599143 |
|
|
|
|
Name : |
Mr. Kishanlal Jangir |
|
Designation : |
Whole-time director |
|
Address : |
A 103, Shree Laxmi Narayan Apartment, Sec H, Jesal Oark, Bhyandar,
Thane – 401105, Maharashtra, India |
|
Date of Birth/Age : |
05.03.1958 |
|
Qualification : |
PG in EAFM |
|
Date of Appointment : |
30.10.2007 |
|
DIN No.: |
01907765 |
|
|
|
|
Name : |
Mr. Sachin Nath Chaturvedi |
|
Designation : |
Director |
|
Address : |
2803/ 04, 28th floor, Shreepati Arcade, A K Marg Nana Chowk, Mumbai –
400036, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1950 |
|
Qualification : |
B. Tech, F.C.A, MBA, D.I.S.A |
|
Date of Appointment : |
16.05.2008 |
|
DIN No.: |
00553459 |
|
|
|
|
Name : |
Mr. Rakesh Nathmal Garodia |
|
Designation : |
Director |
|
Address : |
4, Piramal Industrial Estate, S V Road, Goregaon (West), Mumbai – 400062,
Maharashtra, India |
|
Date of Birth/Age : |
15.09.1963 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
24.05.2010 |
|
DIN No.: |
00143438 |
|
|
|
|
Name : |
Mr. Ankit Poddar |
|
Designation : |
Whole-time director |
|
Address : |
52, Mount Unique, 62-A, Peddar Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
30.10.1988 |
|
Date of Appointment : |
09.05.2011 |
|
DIN No.: |
03521731 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Balkrishna Industries Limited, India |
|
2999400 |
|
Arvindkumar M Poddar |
|
100 |
|
Rameshkumar D Poddar |
|
100 |
|
Shrikishan Poddar |
|
100 |
|
Rajiv Poddar |
|
100 |
|
Sangeeta Poddar |
|
100 |
|
Gaurav P Poddar |
|
100 |
|
Total |
|
3000000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Balkrishna Industries Limited, India |
|
1950000 |
|
Total |
|
1950000 |
AS ON 04.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of “Coated Duplex/ Triplex Boards
and Folding Box Boards” segment. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production Qty. |
|
Paper/ Paper Boards * |
Metric Tonnes |
72,000 |
60,000 |
14,290,497 |
* Including Coated Paper / Paper Boards.
Note:
i) Licenced capacities
include additional capacities for which Memoranda have been filed with
appropriate Government Authorities, under the scheme of delicencing notified by
the Government of India.
ii) The difference
in quantities is on account of wastages and free samples
iii) Installed
Capacity of Paper Boards is based on the product mix and on GSM of Paper Boards
manufactured.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Standard Chartered Bank, Crescenzo, 3A/F, Plot No. C – 38 and 39, G
Block, Bandra Kurla Complex, Mandra East, Mumbai – 400051, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jayantilal Thakkar and Company Chartered Accountants |
|
Address : |
111-A, Mahatma Gandhi Road, Fort, Mumbai – 400023, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFJ3458R |
|
|
|
|
Holding Company : |
Balkrishna Industries Limited [L99999MH1961PLC012185] |
|
|
|
|
Other Related
Parties : |
Siyaram Silk Mills Limited Vishal Furnishing Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
2,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Share |
Rs.10/- each |
Rs. 30.000
Millions |
|
1,950,000 |
Preference Shares |
Rs. 10/- each |
Rs. 19.500
Millions |
|
|
Total |
|
Rs. 49.500 Millions |
Note:
1) All the above shares
are held by the Holding Company viz. Balkrishna Industries Limited and its
nominees
2) Terms of
Redemption / Conversion of Preference Shares :- i) Redemption : a) To be
redeemed at premium of Rs. 90 per share in three installments at the end of 4th,5th
and 6th year from the date of allotment as under : End of 4th year
i.e. on 18-12-2011 30% End of 5th year i.e. on 18-12-2012 35% End of 6th year
i.e. on 18-12-2013 35% b) The company has an option to redeem the Preference
Shares at a premium at any time after the end of 12 months from the date of
allotment i.e. on or after 18-12-2008 ii) Conversion : The company has an
option to convert the Preference Shares into the Equity Shares after the end of
18 months from the date of allotment i.e. on or after 18.06.2009. Each
Preference Share would be converted into 10 Equity Shares of Rs. 10 each.
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 |
49.500 |
49.500 |
49.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
411.324 |
338.140 |
264.148 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
460.824 |
387.640 |
313.648 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
22.357 |
21.374 |
22.019 |
|
|
TOTAL BORROWING |
22.357 |
21.374 |
22.019 |
|
|
DEFERRED TAX LIABILITIES |
18.407 |
16.127 |
12.737 |
|
|
|
|
|
|
|
|
TOTAL |
501.588 |
425.141 |
348.404 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
156.737 |
145.172 |
139.122 |
|
|
Capital work-in-progress |
144.393 |
72.770 |
52.983 |
|
|
|
|
|
|
|
|
INVESTMENT |
113.179 |
107.533 |
15.002 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
102.280
|
119.700 |
88.247 |
|
|
Sundry Debtors |
91.037
|
100.263 |
102.517 |
|
|
Cash & Bank Balances |
1.612
|
2.596 |
0.449 |
|
|
Other Current Assets |
0.674
|
1.054 |
1.777 |
|
|
Loans & Advances |
115.898
|
86.676 |
76.462 |
|
Total
Current Assets |
311.501
|
310.289 |
269.452 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
116.995
|
123.854 |
80.893 |
|
|
Other Current Liabilities |
5.945
|
14.868 |
10.177 |
|
|
Provisions |
101.282
|
71.901 |
37.085 |
|
Total
Current Liabilities |
224.222
|
210.623 |
128.155 |
|
|
Net Current Assets |
87.279
|
99.666 |
141.297 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
501.588 |
425.141 |
348.404 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1585.729 |
1421.335 |
1148.462 |
|
|
|
Other Income |
39.568 |
38.166 |
20.339 |
|
|
|
TOTAL |
1625.297 |
1459.501 |
1168.801 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative selling other expenses |
1509.751 |
1338.669 |
1093.331 |
|
|
|
TOTAL |
1509.751 |
1338.669 |
1093.331 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
115.546 |
120.832 |
75.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.906 |
1.818 |
2.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
113.640 |
119.014 |
73.069 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.858 |
8.004 |
7.389 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT
(LOSS) BEFORE TAX, PRIOR PERIOD AND EXTRAORDINARY ITEMS |
104.782 |
111.010 |
65.680 |
|
|
|
|
|
|
|
|
|
Less/ Add |
PRIOR PERIOD
ITEMS BEFORE TAX |
[0.091] |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
104.691 |
111.010 |
65.680 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
31.280 |
36.791 |
22.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
73.411 |
74.219 |
43.456 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
162.640 |
88.648 |
45.420 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Preferred Dividend |
0.195 |
0.195 |
0.195 |
|
|
|
Tax on Preference Dividend |
0.032 |
0.032 |
0.033 |
|
|
BALANCE CARRIED
TO THE B/S |
235.824 |
162.640 |
88.648 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB Basis |
81.481 |
97.373 |
21.503 |
|
|
|
Recovery towards Freight and Insurance on Exports |
0.786 |
0.938 |
2.741 |
|
|
|
Claim Received |
0.018 |
0.194 |
0.000 |
|
|
TOTAL EARNINGS |
82.285 |
98.505 |
24.244 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
94.360 |
157.595 |
138.567 |
|
|
|
Stores & Spare Parts |
12.890 |
6.923 |
8.121 |
|
|
TOTAL IMPORTS |
107.250 |
164.518 |
146.688 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic
|
24.39 |
24.66 |
14.41 |
|
|
|
Diluted |
3.26 |
3.29 |
1.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.52 |
5.09 |
3.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.07 |
7.81 |
5.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.36 |
24.37 |
16.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.29 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54 |
0.60 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.47 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
116.995 |
123.854 |
80.893 |
|
Sundry creditors |
116.995 |
123.854 |
80.893 |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note: The registered address of the company has been shifted from C/14, Trade
World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai -
400013, Maharashtra, India to the present w.e.f. 04.08.2012
OPERATIONS:
The Company is
engaged in manufacturing of “Coated Duplex/ Triplex Boards and Folding Box
Boards” segment. The end uses of the products of the Company, after the same is
printed/converted by independent converters, are highly diversified and some
typical applications are in Pharmaceuticals, Toiletries, Cosmetics and Health
Care products, readymade Garments, Instant Food Products, Match Boxes,
Agarbatty segments, Cigarette packing, wedding cards, besides many other
packaging requirements. The applications of the Coated Boards are well diversified
and ever expanding. This segment of the industry has witnessed a healthy growth
over the past decade and is expected to continue to grow annually at a rate
approximately 7%
The production for
the year was 53,392 MT against 57,050 MT in the previous year and the sales and
other related income including interest for the year was at Rs. 1690.900
Millions as against Rs. 1515.800 Millions in the previous year. The gross
profit for the year is Rs. 113.600 Millions and the profit after tax is at Rs. 73.500
Millions.
The Company has
been continuously adopting multipronged activities to be a competitive and low
cost producer, and always looks to maximize productivity of the available
resources.
Major emphasis has
been on:
Continuous working
on cost reductions, with specific emphasis on costs of raw materials and power
and fuel and Investment in technologies with an intention to de-bottleneck the
plant to become a low cost producer based on higher operating efficiencies.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U21093MH2007PLC168591 |
|
Name of the
company |
BALKRISHNA PAPER
MILLS LIMITED |
|
Address of the
registered office or of the principal place of business in |
C/14, Trade
World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai
- 400013, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Standard Chartered
Bank, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex,
Bandra East, Mumbai – 400051, Maharashtra, India Email ID: nilesh.babar@sc.com
|
|
Nature of description
of the instrument creating or modifying the charge |
Unattested
Memorandum of Hypothecation |
|
Date of
instrument Creating the charge |
24.02.2012 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Credit
Facilities. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and
with the Bank from time to time. Margin As agreed by and
with the Bank from time to time. Extent and Operation of the charge The Bank is
having first pari passu charge on the security given by the Company, as
described in sr. no. 15 below. The security by way
of hypothecation has been created in favour of Standard Chartered Bank for
the purpose of securing the ECB facility to the extent of USD 3 Mn granted /
to be granted to the Borrower. Others For the purpose
of filing the Form 8, it is clarified that the Facility Amount is repayable
in USD, hence, any repayment from the sale / enforcement proceeds of the
above said assets shall be made at the prevailing foreign currency exchange
rate, for conversion from Indian Rupees to USD, at the time of repayment, to
ensure full repayment of the Facility Amount. |
|
Short particulars
of the property charged |
Hypothecation by
way of first pari passu charge on all present and future movable properties
of the borrower including without limitation its movable plant & machinery,
furniture & fittings, equipment, computer hardware, computer software,
tools and accessories and other movables, both, whether now lying loose or in
cases or which are now lying or stored in or about or shall hereafter from
time to time during the continuance of the security of these present by
brought into or upon or be stored or be in or about any or all the borrower's
premises, warehouses,
stockyards and godowns or those of the borrower's agents, affiliates,
associates or representatives or at various worksites or at any up country
place or places or wherever else the same may be or be held by any party |
CONTINGENT
LIABILITIES IN RESPECT OF:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Guarantee given by the Company's banker on behalf of the company
against the Company's indeminity |
12.516 |
8.748 |
|
Disputed claims for excise and sales tax |
51.847 |
43.452 |
|
Disputed income tax demand |
2.626 |
0.000 |
|
Other claims against the Company not acknowledged as debts(Workmen and
other business claims) |
61.160 |
58.359 |
(The outflow in respect of contingent liabilities is totally uncertain
as the same depends on the final outcome of the disputes, wherever applicable)
FIXED ASSETS:
Tangible Assets
Ø Freehold Land
Ø Buildings and
Roads
Ø Plant and
Machinery
Ø Factory, Office
and Other Equipments
Ø Electric
Installations
Ø Furniture and
Fixture
Ø Vehicles
Ø Air Conditioners
Intangible Assets
Ø Computer Software
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. 55.65 |
|
|
1 |
Rs. 88.10 |
|
Euro |
1 |
Rs. 69.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.