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Report Date : |
26.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DATTATREYA TEXTILES PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
20.10.1982 |
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Com. Reg. No.: |
91-9662 |
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CIN No.: [Company
Identification No.] |
U17111TN1982PTC009662 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRID00124F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Yarn, Cloth and Other Fabrics. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 570000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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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 : |
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Tel. No.: |
91-452-2420207 |
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Fax No.: |
91-452-2420247 |
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E-Mail : |
DIRECTORS
|
Name : |
Dr. Soumini Ramesh |
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Designation : |
Director |
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Address : |
18, |
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Date of Birth/Age : |
19.08.1943 |
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Date of Appointment : |
30.10.1998 |
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Name : |
Ms. Urmila Ramesh |
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Designation : |
Director |
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Address : |
18, |
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Date of Appointment : |
31.12.1991 |
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Name : |
Ms. Mala Ramesh |
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Designation : |
Director |
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Address : |
18, |
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Date of Appointment : |
30.10.1998 |
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Name : |
Ms. Mridula Ramesh |
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Designation : |
Director |
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Address : |
18, |
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Date of Appointment : |
14.09.2009 |
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Name : |
Mr. Bharath Ram Krishnaswamy |
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Designation : |
Director |
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Address : |
18, |
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Date of Appointment : |
24.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Dr. Soumini Ramesh |
|
150550 |
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Ms. Urmila Ramesh |
|
50150 |
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Ms. Mala Ramesh |
|
50150 |
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Ms. Mridula Ramesh |
|
50150 |
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Total |
|
301000 |
As on 24.09.2009
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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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 Yarn, Cloth and Other Fabrics. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2009)
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Particulars |
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Unit |
Installed
Capacity |
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For Spun Silk Yarn |
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In Tonnes |
18000 |
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For Spun Cotton Yarn |
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In Tonnes |
700 |
GENERAL INFORMATION
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Bankers : |
Canara Bank, Grand Central Branch, 118 B, West Perumal Maistry Street,
Madurai-625 001, Tamil |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Somasundaram and Rajamani Chartered Accountants |
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Address : |
Plot No.354, Anna Nagar, Maduri-625 020, Tamil |
CAPITAL STRUCTURE
As on 24.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- Each |
Rs.3.500 Millions |
|
10000 |
Preference Share |
Rs.100/- Each |
Rs.1.000 Million |
|
|
Total |
|
Rs.4.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
301000 |
Equity Shares |
Rs.10/- Each
|
Rs.3.010
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
3.010 |
1.505 |
1.505 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
139.872 |
134.904 |
126.998 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
142.882 |
136.409 |
128.503 |
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LOAN FUNDS |
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1] Secured Loans |
132.039 |
188.078 |
211.244 |
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2] Unsecured Loans |
73.365 |
42.163 |
51.543 |
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TOTAL BORROWING |
205.404 |
230.241 |
262.787 |
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DEFERRED TAX LIABILITIES |
45.822 |
40.908 |
37.240 |
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TOTAL |
394.108 |
407.558 |
428.530 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
271.199 |
246.733 |
245.420 |
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Capital work-in-progress |
1.063 |
0.000 |
9.107 |
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INVESTMENT |
0.904 |
0.904 |
0.904 |
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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 |
77.056
|
144.205 |
138.819 |
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Sundry Debtors |
44.969
|
31.284 |
36.029 |
|
|
Cash & Bank Balances |
5.843
|
3.495 |
7.853 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
28.193
|
21.499 |
26.202 |
|
Total
Current Assets |
156.061
|
200.483 |
208.903 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
21.070
|
27.985 |
22.809 |
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Provisions |
14.049
|
12.577 |
12.996 |
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Total
Current Liabilities |
35.119
|
40.562 |
35.805 |
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Net Current Assets |
120.942
|
159.921 |
173.099 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
394.108 |
407.558 |
428.530 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Sales Turnover |
312.973 |
296.892 |
320.761 |
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Profit/(Loss) Before Tax |
15.038 |
16.065 |
29.657 |
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Provision for Taxation |
6.804 |
6.398 |
11.861 |
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Profit/(Loss) After Tax |
8.234 |
9.667 |
17.796 |
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Earnings in Foreign Currency : |
45.950 |
48.252 |
NA |
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Imports : |
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|
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|
Raw Materials |
35.744 |
22.583 |
NA |
|
|
Stores & Spares |
0.362 |
0.495 |
NA |
|
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Capital Goods |
11.248 |
0.000 |
NA |
|
Total Imports |
47.354 |
23.078 |
NA |
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Total Expenditure |
283.594 |
304.011 |
316.540 |
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Earnings Per Share (Rs.) |
27.36 |
64.23 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.80
|
5.41 |
9.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.52
|
3.59 |
6.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.12 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.68
|
1.99 |
2.32 |
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Current Ratio (Current Asset/Current Liability) |
|
4.44
|
4.94 |
5.83 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
DATTATREYA
TEXTILES PRIVATE LIMITED |
|
Presented By |
MS. MALA RAMESH
H. |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement dated 06.09.1984 and modification on 05.11.1984, 20.07.1987,
11.04.1989, 10.05.1989, 29.09.1990 and 18.02.1991 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 Million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of raw
materials semi finished goods, finished goods, and book debts. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Open cash credit
limit with interest @ 5% over the RBI with a minimum 15% per annum |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
agreement made on 15.07.1991 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The limit of
Rs.13.000 millions has been enhanced to Rs.14.000 millions and rate of
interest is 8.5% over and above the RBI rate with a minimum of 18.5% per
annum. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90288758 |
|
Corporate
identity number of the company |
U17111TN1982PTC009662 |
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Name of the
company |
DATTATREYA
TEXTILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
Canara Bank, Grand Central Branch, 118 B, West Perumal Maistry Street,
Madurai-625 001, Tamil |
|
Nature of description
of the instrument creating or modifying the charge |
Letter Evidencing
Deposit of Title Deeds executed on Non Judicial Stamp Paper of value Rs.0.005
millions bearing S. No. E 083736 |
|
Date of
instrument Creating the charge |
08.06.2009 |
|
Amount secured by
the charge |
Rs.323.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1. OCC/SDB/BE
-There is no change in the existing sanction stipulations. 2. PC/FDB/FBE -
There is no change in the existing sanction stipulations. 3. Term Loan
(TUF) Rs.26.000 Millions, Rs.31.000Millions, Rs.49.000 millions and Rs.42.000
millions - There is no change in the existing sanction stipulations. 4Term Loan (Non
TUF) Rs.28.000 millions - There is no change in the existing sanction
stipulations 5. Term Loan
(Fresh) of Rs.15.400 millions - There is no change in the existing sanction
stipulations. Terms of
Repayment 1. OCC/SDB/BE
-There is no change in the existing sanction stipulations. 2. PC/FDB/FBE -
There is no change in the existing sanction stipulations. 3. Term Loan
(TUF) Rs.26.000 Millions, Rs.31.000Millions, Rs.49.000 millions and Rs.42.000
millions - There is no change in the existing sanction stipulations. 4Term Loan (Non TUF)
Rs.28.000 millions - There is no change in the existing sanction stipulations 5. Term Loan
(Fresh) of Rs.15.400 millions - There is no change in the existing sanction
stipulations. Margin 1. OCC - (Stock
and Book Debts)- There is no change in
the existing sanction stipulations. 2.FDB/FBE/Discrepancy
Bills/PBLC/NPBLCs/SDB/BE - NIL 3. ILC/FLC(DA/DP)
and BG- NIL 4. Term Loan
(TUF) Rs.26.000 millions, Rs.31.000 millions, Rs.49.000 millions and
Rs.42.000 millions - There is no change in the existing sanction
stipulations. 5.Term Loan (Non
TUF) Rs.28.000 millions - There is no change in the existing sanction
stipulations 6. Term Loan -
There is no change in the existing sanction stipulations. Extent and
Operation of the charge The Charge
operates as exclusive first charge in favour of the Bank as Security for
Overall Limit of Rs.323.900 millions together with interest, cost and charges
that may accrue and/or debited to the Company's accounts from time to time.
Facility wise securities. Others 1. Period of PC -
There is no change in the existing sanction stipulations 2. Cover period
for Book Debts - There is no change in the existing sanction stipulations 3. Usance:
Maximum 180 days for FBE and 90 days for BE 4.
ILC/FLC(DA/DP)/ Buyer's Credit - (i) Period maximum 120 days (ii) Usance not to exceed 180 days 5.BG: Period :
Maximum 5 yrs to 10 yrs; (10 yrs. in favour of Customs Authorities) 6. TL of
Rs.15.400 millions(new) - Repayment Holiday: NIL |
|
Short particulars
of the property charged |
Hypothecation of
Stocks, Book Debts, Plant and Machineries, Other Movable Fixed Assets and
Equitable Mortgage on Company's Immovable Properties |
|
Date of latest
modification prior to the present modification |
30.03.2009 |
|
Particulars of
the present modification |
Overall
Limit remains unchanged at Rs.323.900
millions., Creation of Equitable
Mortgage on Company's additional
immovable properties on Exclusive First Charge basis as SECURITY for the
Overall Limit of Rs.323.900 millions
together with interest, cost, charges and other expenses that may
accrue and / or be debited to the Company’s account from time to time |
Fixed Assets:
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. 55.08 |
|
|
1 |
Rs. 89.53 |
|
Euro |
1 |
Rs. 72.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.