MIRA
INFORM REPORT
|
Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
MEGATHERM ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
123, SDF Building, Block GP, Sector V, Salt Lake City, Kolkata –
700091, West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
22.06.1989 |
|
|
|
|
Com. Reg. No.: |
21-047097 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.920
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109WB1989PTC047097 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CALM02078G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Electric Induction Melting and Heating Equipments. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 620000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There appears
some dip in the turnover and profitability of the company; it is due to
selling and distribution expenses for overseas project. However, networth
appears to be satisfactory. 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 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
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 PARTED BY
|
Name : |
Mr. Vikas |
|
Designation : |
Director |
|
Contact No.: |
91-9831188818 |
|
Date : |
24.11.2012 |
LOCATIONS
|
Registered Office : |
123, SDF Building, Block GP, Sector V, Salt Lake City, Kolkata –
700091, West Bengal, India |
|
Tel. No.: |
91-33-23577352/ 7745/ 7854/ 6043/ 24014234/ 4235 |
|
Mobile No.: |
91-9831188818 (Mr. Vikas) |
|
Fax No.: |
91-33-23377757/ 24013246 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
46000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot L-1, Block
GP, Sector V, Kolkata – 700091, West |
|
|
|
|
Factory 2/
Branch Office : |
1, Taratala Road, Kolkata – 700088, West Bengal, India |
|
Tel No.: |
91-33-24014234/ 4235 |
|
Fax No.: |
91-33-24013246 |
|
E mail: |
|
|
Area : |
18000 Sq. ft |
|
Located |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Ms. Shesadri
Bhushan Chanda |
|
Designation : |
Chairman Cum
Managing Director |
|
Address : |
Udita 030402,
1050/ 1, |
|
Date of Birth/Age : |
21.08.1956 |
|
Date of Appointment : |
22.06.1989 |
|
Voter ID No.: |
WB/23/150/527230 |
|
DIN No.: |
00961593 |
Other Directorship:
|
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
U32109WB1989PTC047097 |
Megatherm
Electronics Private Limited |
Managing
director |
22-06-89 |
22-06-89 |
Active |
NO |
|
U29299WB1988SGC044800 |
Emt
Megatherm Private Limited |
Managing
director |
24-10-05 |
24-10-05 |
Active |
NO |
|
U51101UP2009PTC038375 |
Ema Megatherm
Induction Equipments Private Limited |
Managing
director |
20-10-09 |
06-10-09 |
Active |
NO |
|
U31900WB2010PTC154236 |
Megatherm
Transmission and Distribution Private Limited |
Director |
22-10-10 |
22-10-10 |
Active |
NO |
|
Name : |
Mrs. Ayati Chanda |
|
Designation : |
Director |
|
Address : |
Udita 03-04-02,
1050/1, Survey Park, Kolkata – 700075, West Bengal, India |
|
Date of Birth/Age : |
06.03.1963 |
|
Date of Appointment : |
01.11.2005 |
|
Voter ID No.: |
WB/23/150/537231 |
|
DIN No.: |
00962425 |
Other Directorship:
|
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
U29299WB1988SGC044800 |
EMT
Megatherm Private Limited |
Director |
24-10-05 |
24-10-05 |
Active |
NO |
|
U32109WB1989PTC047097 |
Megatherm
Electronics Private Limited |
Director |
01-11-05 |
01-11-05 |
Active |
NO |
|
U31900WB2010PTC154236 |
Megatherm
Transmission and Distribution Private Limited |
Director |
22-10-10 |
22-10-10 |
Active |
NO |
|
Name : |
Mr. Satadri
Chanda |
|
Designation : |
Director |
|
Address : |
Udita 03-04-02,
1050/1, Survey Park, Kolkata – 700075, West Bengal, India |
|
Date of Birth/Age : |
01.09.1989 |
|
Date of Appointment : |
24.09.2008 |
|
DIN No.: |
02302312 |
Other Directorship:
|
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
U32109WB1989PTC047097 |
Megatherm
Electronics Private Limited |
Director |
30-09-08 |
24-09-08 |
Active |
NO |
|
U31900WB2010PTC154236 |
Megatherm
Transmission and Distribution Private Limited |
Director |
22-10-10 |
22-10-10 |
Active |
NO |
|
Name : |
Mr. Aaditeya
Datta |
|
Designation : |
Director |
|
Address : |
114, |
|
Date of Birth/Age : |
20.02.1973 |
|
Date of Appointment : |
24.09.2008 |
|
PAN No.: |
AGFPD8405K |
|
DIN No.: |
02322749 |
Other Directorship:
|
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Company/ LLP
Status |
Defaulting
status |
|
U32109WB1989PTC047097 |
Megatherm
Electronics Private Limited |
Director |
30/09/2008 |
24/09/2008 |
Active |
NO |
|
Name : |
Mr. Tapan Kumar Bagchi |
|
Designation : |
Additional director |
|
Address : |
185/7, Santoshpur Avenue, Kolkata -
700075, West Bengal, India |
|
Date of Birth/Age : |
27.09.1951 |
|
Date of Appointment : |
01.06.2011 |
|
PAN No.: |
ACXPB8848E |
|
DIN No.: |
03550099 |
Other Directorship:
|
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Company/ LLP
Status |
Defaulting
status |
|
U32109WB1989PTC047097 |
Megatherm Electronics
Private Limited |
Director |
30/09/2011 |
01/06/2011 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Shesadri Bhushan
Chanda |
195350 |
|
Ayati Chanda |
3850 |
|
TOTAL
|
199200 |
AS ON 09.03.2012
|
Names of Allottees |
No. of Shares |
|
Shesadri Bhushan
Chanda |
20550 |
|
Ayati Chanda |
400 |
|
TOTAL
|
20950 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of all types of Furnance like
Medium Furnances, Induction Melting Furnances and Melting Furnances. |
||||
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|
Products : |
|
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Exports : |
|
||||
|
Countries : |
·
USA ·
Europe ·
UK ·
Saudi Arabia ·
Singapore ·
China ·
Bangladesh |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
·
Raw Material |
||||
|
Countries : |
·
US ·
Germany ·
Russia ·
Island ·
China ·
Taiwan ·
Japan |
||||
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|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit |
||||
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|
|
||||
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
·
End Users |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
300 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· United Bank of India Old Court House Street, 11 Hemant Basu Sarani, Kolkata – 700001, West Bengal, India ·
State
Bank of India Commercial Branch,
24, Park Street, Kolkata - 700016, West Bengal, India ·
Axis
Bank Limited Credit Management
Centre (CMC), 1, Shakespeare Sarani, AC Market, 3rd Floor, Kolkata
– 700071, West Bengal, India · HDFC Bank HDFC Bank House, Salt Lake Branch, Kolkata, West Bengal, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhattacharjee Roy
Chaudhari and Associates Chartered
Accountant |
|
Address : |
36, |
|
PAN No.: |
AACFB3225G |
|
|
|
|
Subsidiaries : |
· EMT Mehatherm Private Limited, CIN No.:U29299WB1988SGC044800 · Megatherm Transmission and Distribution Private Limited, CIN No.:U31900WB2010PTC154236 |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Capital |
Rs.100/- each |
Rs. 100.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
199200 |
Equity Capital |
Rs.100/- each |
Rs. 19.920
Millions |
|
|
|
|
|
NOTE:
Out of which 99,600 shares have been issued as
bonus shares of Rs.100/- each.
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Capital |
Rs.100/- each |
Rs. 100.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220150 |
Equity Capital |
Rs.100/- each |
Rs. 22.015
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 |
19.920 |
19.920 |
9.960 |
|
|
2] Share Application Money |
2.095 |
2.095 |
2.095 |
|
|
3] Reserves & Surplus |
133.462 |
127.350 |
114.873 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
155.477 |
149.365 |
126.928 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.526 |
1.805 |
66.661 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.526 |
1.805 |
66.661 |
|
|
DEFERRED TAX LIABILITIES |
2.021 |
1.212 |
1.507 |
|
|
|
|
|
|
|
|
TOTAL |
158.024 |
152.382 |
195.096 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.168 |
37.937 |
30.583 |
|
|
Capital work-in-progress |
1.459 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
96.957 |
5.621 |
3.845 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.571
|
9.181
|
79.269
|
|
|
Sundry Debtors |
102.626
|
86.626
|
162.209
|
|
|
Cash & Bank Balances |
22.829
|
31.560
|
22.098
|
|
|
Other Current Assets |
4.993
|
6.203
|
4.455
|
|
|
Loans & Advances |
34.226
|
107.223
|
157.912
|
|
Total
Current Assets |
211.245
|
240.793
|
425.943
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
32.665
|
38.613
|
19.411
|
|
|
Other Current Liabilities |
138.745
|
83.354
|
191.252
|
|
|
Provisions |
2.760
|
10.002
|
54.612
|
|
Total
Current Liabilities |
174.170
|
131.969
|
265.275
|
|
|
Net Current Assets |
37.075
|
108.824
|
160.668
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.365 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
158.024 |
152.382 |
195.096 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
996.100 |
|
|
|
|
Other Income |
|
0.081 |
|
|
|
|
TOTAL |
629.602 |
996.181 |
1249.803 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
615.343 |
955.627 |
1220.613 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.259 |
40.554 |
29.190 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.140 |
6.800 |
8.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
10.119 |
33.754 |
20.705 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.007 |
11.316 |
5.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.112 |
22.438 |
14.868 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
510.724 |
339.668 |
309.055 |
|
|
TOTAL EARNINGS |
510.724 |
339.668 |
309.055 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
32.722 |
4.062 |
56.765 |
|
|
TOTAL IMPORTS |
32.722 |
4.062 |
56.765 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
306.83 |
0.23 |
149.28 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1250.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 1500.000 Millions
The above information has been parted by Mr. Vikas.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.97
|
2.25
|
1.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.39
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.41
|
12.11
|
4.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.23
|
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
0.90
|
2.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.84
|
1.61 |
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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) |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
BUSINESS PERFORMANCE
The company has experienced many adversaries
in term of cut throat competitions in the market place, high material intensive
projects and low margin orders. Combination of these factors have resulted in
reduction of net revenue by Rs.375.986 Millions compared to last financial
year. The dip in profit has been primarily due to selling and distribution
expenses for overseas projects.
Export revenue on the other have improved
substantially over the last financial year by Rs.171.056 Millions and
constitutes approximately 82% of the total revenue. The company continues to
maintain its presence on projects constituting 3 overseas and 3 domestic
projects.
BUSINESS PROJECTS
In the current financial year, company is facing
strong challenge in term of procuring steady and high margin order-and the4
management is determined and confident to turn around in the second half of the
fiscal year and expected to progress satisfactorily.
INDUSTRY STRUCTURE AND DEVELOPMENT
Despite the global
slowdown, the Indian economy expanded by 8.3% during 2010-11 as against 7.4% during 2009-10 which was primarily
due to Government's stimulus package. The manufacturing sector and capital
goods industry made a significant contribution to the growth of the economy.
However, the world economy is currently emerging from the clutches of a wide
spread slowdown, triggered by the excesses in the global financial market.
While the developed economies are recovering slowly, aided by the liberal stimulus
packages, they are grapping with many challenges such as high unemployment, weak and volatile financial
markets and impending trade barriers.
In the Indian
context, negative signs are visible. Along with the current global challenges,
the Indian economy also need to contend with the rising spectra of inflation
and tight monetary conditions. There is a need for a second green revolution in
the agricultural sector, a otherwise the rising food prices may continue to
dominate inflationary conditions. Needless to add, higher economic growth would
also require a significant addition to infrastructure as well as increase in
across the board productivity levels.
The challenge as
they know are many, yet, the Indian economy has inherent strengths to rise
above these challenge and move towards accelerated growth in the medium to long
term.
OUTLOOK
The company has
registered presence in various countries of the world and continues to look
forward for healthy business growth. It has earned a high reputation for itself
and therefore multiple opportunities keep coming for its consideration. The
company has undertaken new ventures like production of transformers in its new
plant at Kharagpur and off-loading of MS/SS
Assembly section to Ankurhati plant at Howrah.
CONTINGENT LIABILITY IN RESPECT OF:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Guarantees given by Banks |
33.014 |
32.546 |
|
Letter of Credit given by Banks |
0.266 |
19.729 |
|
Claims against the company not acknowledge as
debts in respect of – Excise duty matters |
2.000 |
2.000 |
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U32109WB1989PTC047097 |
|
Name of the
company |
MEGATHERM
ELECTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
123 SDF Building,
Block GP, Sector V, Salt Lake City, Kolkata – 700091, West Bengal, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
United Bank of
India Old Court House
Street, 11, Hemant Basu Sarani, Kolkata – 700001, West Bengal, India |
|
Nature of
description of the instrument creating or modifying the charge |
1) Demand
Promissory Note 2) Letter of
Continuity 3) Letter of Lien 4) Hypothecation
Agreement(Goods, Book Debts, Plant and Machineries 5) Agreement for
Assignment of Rent 6) Agreement for
Term Loan against future rent receivables 7) Agreement of
Term Loan 8) Letter of
Guarantee 9) Form of
Negative Lien |
|
Date of
instrument Creating the charge |
22.02.2012 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest BR+3.25% i.e.
13.50% p.a. with monthly rests. However rate of interest is subject to change
from time to time in terms of directives of RBI/IBA/H.O Terms of Repayment Rs.25Lacs per
qtr. for 1st 6 qtrs starting after 6 months from 1st disbursement and then
Rs.6.750 Millions per qtr in next 20
qtrs. Margin 39.98% of the
project cost of Rs.249.900 Millions. |
|
Short particulars
of the property charged |
1) Exclusive
charge by way of equitable mortgage of land measuring 0.84 acre at Salt Lake
Sector V, and G+11, building to be constructed thereon at an estimated cost
of Rs.249.900 Millions. 2) Agreement for
assignment of future rental income from the proposed office building. Personal guarantee of Mr. S.B. Chanda |
FIXED ASSETS
· Land – Leasehold
· Building
· Plant and Machinery
· Electrical Installation
· Furniture and Fixture
· Office Equipment
· Computers
· Vehicles
· Tools and Equipment
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 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. 54.56 |
|
|
1 |
Rs. 87.45 |
|
Euro |
1 |
Rs. 71.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.