MIRA
INFORM REPORT
|
Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TULSI CASTINGS AND MACHINING LIMITED (w.e.f. 08.10.2009) |
|
|
|
|
Formerly Known As
: |
TULSI FOUNDRIES LIMITED |
|
|
|
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Registered
Office : |
58/1, Ganesh Krupa, |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.12.2004 |
|
|
|
|
Com. Reg. No.: |
11-149952 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.169.168
Millions |
|
|
|
|
IEC No.: |
0304083879 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2004PLC149952 |
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|
|
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PAN No.: [Permanent Account No.] |
AACCT1637R |
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|
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Ductile Iron Casting. |
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|
No. of Employees
: |
315 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2300000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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|
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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 dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Abhay |
|
Designation : |
Export Manager |
|
Contact No.: |
91-9619890910 |
|
Date : |
23.02.2012 |
LOCATIONS
|
Registered Office : |
58/1, Ganesh Krupa, Mughbat Lane, Thakurdwar Road, Mumbai-400004,
Maharashtra, India |
|
Tel. No.: |
91-22-23807122 |
|
Mobile No.: |
91-9619890910 [Mr. Abhay] |
|
Fax No.: |
91-22-23807121 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Aidun Building, ‘A’ Block, 1st Floor, Room No.3, 1st
Dhobi Talao Lane, Opposite Metro Cinema, Mumbai-400002, Maharashtra, India |
|
Tel. No.: |
91-22-40833333 |
|
Fax No.: |
91-22-40833346 |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. Tulsi E-2, MIDC Kupwad Block, Sangli-416436, Maharashtra,
India |
|
Tel. No.: |
91-233-2645543/44/45 91-22-40833333 |
|
Fax No.: |
91-233-2645522 91-22-40833346 |
|
Location : |
Owned |
DIRECTORS
As on 24.09.2011
|
Name : |
Mr. Bhavarlal Mangilal Jain |
|
Designation : |
Managing Director |
|
Address : |
1006, 10th Floor, |
|
Date of Birth/Age : |
03.07.1956 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
10.12.2004 |
|
DIN No.: |
00495970 |
|
|
|
|
Name : |
Mr. Rajmal Mangilal Jain |
|
Designation : |
Director |
|
Address : |
Flat No.401, 4th Floor, Shree Ram Apartments, Zaoba Wadi, Thakurdwar,
Ghas Wadi, Mumbai – 400 002, |
|
Date of Birth/Age : |
02.08.1970 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
10.12.2004 |
|
DIN No.: |
00495949 |
|
|
|
|
Name : |
Mr. Deepak Fatehlal Jain |
|
Designation : |
Director |
|
Address : |
Manik Apartment,
5th Floor, Room No. 503, Near Bharat Gas, Dhanukarwadi, Kandivali
(West), Mumbai – 400 067, |
|
Date of Birth/Age : |
01.04.1987 |
|
Date of Appointment : |
26.09.2009 |
|
DIN No.: |
02802404 |
|
|
|
|
Name : |
Mr. Hemant Yeshwant Bhat |
|
Designation : |
Director |
|
Address : |
2/C-22, Wind Cliff Society, Jeevan Bima Nagar, Borivali (West), Mumbai
– 400 103, |
|
Date of Birth/Age : |
20.11.1947 |
|
Date of Appointment : |
06.01.2011 |
|
DIN No.: |
02033397 |
|
|
|
|
Name : |
Mr. Dayashanker Jamiatrai Prithiani |
|
Designation : |
Director |
|
Address : |
310, Ashirwad, 2 B, Off |
|
Date of Birth/Age : |
15.04.1950 |
|
Date of Appointment : |
20.04.2011 |
|
DIN No.: |
03506367 |
|
|
|
|
Name : |
Mr. Abhinav Amar Jain |
|
Designation : |
Independent Director |
|
Address : |
D-114, Shantivan II, Raheja Township, Malad East, Mumbai-400097,
Maharashtra, India |
|
Date of Birth/Age : |
28.05.1982 |
|
Date of Appointment : |
06.01.2011 |
|
DIN No.: |
02800326 |
|
|
|
|
Name : |
Mr. Subhash Nathuramka |
|
Designation : |
Professional Director |
|
Address : |
B/602, Silver Sand, Near Building No. 11, Piramal Nagar, Out Goregaon
(West), Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
17.09.1960 |
|
Date of Appointment : |
18.07.2011 |
|
DIN No.: |
03575741 |
KEY EXECUTIVES
|
Name : |
Ms. Jyotsna Gupta |
|
Designation : |
Secretary |
|
Address : |
Flat No. 11, I Floor, Geetanjali CHS, Plot H-8, Sector 14, CBD,
Belapur, Navi Mumbai-400614, Maharashtra, India |
|
Date of Birth/Age : |
20.09.1980 |
|
Date of Appointment : |
23.11.2009 |
|
Pan No.: |
AKYPG4656L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bhavarlal Mangilal Jain |
|
686250 |
|
Rajmal Mangilal Jain |
|
1472250 |
|
Mangilal Jain |
|
1380125 |
|
Pushpadevi Jain |
|
1611350 |
|
Kanchan Rajmal Jain |
|
1264500 |
|
Metal Link Alloys Limited, India |
|
1840000 |
|
Seema Jain |
|
12500 |
|
Nisha Jain |
|
12500 |
|
Mukti Trade Private Limited, India |
|
1849875 |
|
Anand Jain |
|
1020000 |
|
Kailashchandra Parmar |
|
12500 |
|
Subhaschandra Parmar |
|
12500 |
|
Vikas Jain |
|
18750 |
|
Deepak Fatehlal Jain |
|
18750 |
|
Baghbaan Distributors Private Limited, India |
|
3587500 |
|
Dhruv Agricultures Private Limited, India |
|
616000 |
|
Bhavarlal Mangilal Jain |
|
1500000 |
As on 24.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
55.53 |
|
Directors
or relatives of directors |
|
44.47 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ductile Iron Casting. |
|
|
|
|
Exports : |
|
|
Products : |
Ductile Iron Casting |
|
Countries : |
·
Germany ·
France ·
UK ·
USA |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Licensed Capacity |
60000 M. Tons |
|
Installed Capacity |
48000* M. Tons |
|
Utilised Capacity |
20683 M. Tons |
|
Production |
20683 MT |
NOTE:
1.
Installed capacity as certified by the management
and relied by the auditors, being a technical matter.
2. Increase in
installed capacity from March 2011
GENERAL INFORMATION
|
Suppliers : |
GIB International |
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Customers : |
ESP International |
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No. of Employees : |
315 [Approximately] |
|||||||||||||||||||||||||||
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Bankers : |
v
State Bank of India, Industrial Finance Branch,
The Arcade, 2nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005,
Maharashtra, India v
State Bank of India, Overseas Branch, World Trade
Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India v
Bombay Mercantile Co-Operative Bank Limited,
Girgaum Branch, J.S.S. Road, Mumbai-400002, Maharashtra, India v
Allahabad Bank, Industrial Finance Branch, 37,
Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India v
Bank of Baroda, Corporate Financial Services
Branch, Mantri Court, I Floor, 39, Rambai Ambedkar Road, Pune-411001,
Maharashtra, India v
Axis Bank Limited, Sangli, Maharashtra, India v
ICICI
Bank Limited v
HDFC
Bank Limited |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
J.C. Upadhyay and Associates Chartered Accountants |
|
Address : |
1st Shanti Sadan, Podar Park, Podar Road, Malad (East),
Mumbai-400097, Maharashtra, India |
|
Tel. No.: |
91-22-28834431 |
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Mobile No.: |
91-9833833588 |
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Fax No.: |
91-22-28834431 |
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E-Mail : |
|
|
Pan No.: |
AAAPU2013R |
|
|
|
|
Memberships : |
v Confederation of Indian Industry (CII) v
Engineering Export Promotion Council of v Federation of Indian Export Organisations (FIEO) v Automotive component Manufacturers Association (ACMA) |
|
|
|
|
Associates: |
·
Metal Link Alloys Limited ·
Bhavarlal Mangilal Jain and Company ·
Karnawat Associate Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16916750 |
Equity Shares |
Rs.10/- each |
Rs.169.168
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 |
169.168 |
164.320 |
123.716 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
419.829 |
232.240 |
66.409 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
588.997 |
396.560 |
190.125 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
787.685 |
550.525 |
276.895 |
|
|
2] Unsecured Loans |
537.599 |
75.872 |
53.686 |
|
|
TOTAL BORROWING |
1325.284 |
626.397 |
330.581 |
|
|
DEFERRED TAX LIABILITIES |
70.854 |
29.571 |
18.992 |
|
|
|
|
|
|
|
|
TOTAL |
1985.135 |
1052.528 |
539.698 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1538.640 |
468.482 |
358.394 |
|
|
Capital work-in-progress |
0.000 |
277.346 |
1.353 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.635 |
1.715 |
1.715 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
212.450
|
118.969 |
89.954 |
|
|
Sundry Debtors |
290.987
|
230.966 |
203.091 |
|
|
Cash & Bank Balances |
10.486
|
3.898 |
4.256 |
|
|
Other Current Assets |
139.042
|
29.290 |
16.443 |
|
|
Loans & Advances |
16.413
|
43.849 |
11.047 |
|
Total
Current Assets |
669.378
|
426.972 |
324.791 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
133.392
|
74.016 |
|
|
|
Other Current Liabilities |
22.587
|
13.884 |
94.098 |
|
|
Provisions |
74.307
|
35.293 |
53.184 |
|
Total
Current Liabilities |
230.286
|
123.193 |
147.282 |
|
|
Net Current Assets |
439.092
|
303.779 |
177.509 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.768 |
1.206 |
0.727 |
|
|
|
|
|
|
|
|
TOTAL |
1985.135 |
1052.528 |
539.698 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1306.478 |
944.729 |
577.195 |
|
|
|
Other Income |
4.611 |
2.011 |
4.040 |
|
|
|
TOTAL (A) |
1311.089 |
946.740 |
581.235 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
698.610 |
565.622 |
|
|
|
|
Manufacturing Service Cost |
205.014 |
162.310 |
483.478 |
|
|
|
Employee Related Expenses |
36.716 |
24.485 |
|
|
|
|
Administrative Selling Other Expenses |
48.907 |
33.425 |
|
|
|
|
TOTAL (B) |
989.247 |
785.842 |
483.478 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
321.842 |
160.898 |
97.757 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
71.683 |
39.733 |
41.409 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
250.159 |
121.165 |
56.348 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.274 |
29.673 |
22.059 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
201.885 |
91.492 |
34.289 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
60.185 |
25.572 |
9.794 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
141.700 |
65.920 |
24.495 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
101.835 |
41.665 |
NA |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend Tax |
1.405 |
0.819 |
NA |
|
|
|
Dividend |
8.458 |
4.930 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
131.837 |
60.171 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
60.613 |
74.098 |
50.344 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.139 |
103.140 |
93.876 |
|
|
|
Capital Goods |
28.143 |
62.693 |
5.915 |
|
|
TOTAL IMPORTS |
32.282 |
165.833 |
99.791 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.62 |
4.44 |
2.26 |
|
Expected Sales (2011-12) : Rs.2100.000 Millions.
The above information has been parted by Mr. Abhay.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.80
|
6.96 |
4.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.45
|
9.68 |
5.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.14
|
10.22 |
5.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.23 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.64
|
1.89 |
2.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
3.47 |
2.21 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
133.392
|
74.016 |
NA |
|
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 |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
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 |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
EXPANSION OF PROJECT:
To meet the
increasing demand of the castings and to cater the requirements of heavy weight
castings, Subject management has successfully installed third DISA High
Pressure Moulding Line (first Horizontal molding line) in the existing plant
along with Online Shotblasting Machine, Inductotherm make Tri Track Furnace and
Tundish Pouring System etc. which has become operational from February 2011
onwards. With successful implementation of this state of art machine, the
company has increased its annual installed capacity from existing 24000 MT to
48000 MT.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
Indian Economic is
showing positive trend, Metal industry is also looking up. Good opportunities are
available in the metal market in India. While the growth of auto industry
remains intact, the demand of good quality heavy casting is increasing even in
non auto segment. More and more foreign players in auto and engineering sector
are setting up their shops here in India creating great opportunity for local
players for the spare parts including castings. The Indian Metal Casting
(Foundry Industry) is well established. According to the recent World Census of
Castings by Modern Castings, USA, India Ranks as 2nd largest casting producer
producing estimated 7.4 Million MT of various grades of Castings as per
International standards. The various types of castings which are produced are
ferrous, non ferrous, Aluminum Alloy, graded cast iron, ductile iron, Steel etc
for application in Automobiles, Railways, Pumps Compressors and Valves, Diesel
Engines, Cement/Electrical/Textile Machinery, Aero and Sanitary pipes and
Fittings etc and Castings for special applications. However, Grey iron castings
are the major share approx 70 % of total castings produced. There are approx
4500 units out of which 80% can be classified as Small Scale units and 10% each
as Medium and Large Scale units. Approx 500 units are having International
Quality Accreditation. The large foundries are modern and globally competitive
and are working at nearly full capacity. Most foundries use cupolas using LAM
Coke. There is growing awareness about environment and many foundries are
switching over to induction furnaces and some units in Agra are changing over
to cokeless cupolas. Indian Foundry Industry in the last decade has witnessed
robust growth and India now ranks 2nd in the world castings production. There
are over 4.5k foundry units in India, employing half a million people directly
and indirectly with a combined output of 7.44 mn tpa. The SG Iron casting
production shows a steady growth.
BUSINESS OVERVIEW
Subject is a
renowned manufacturer, supplier and exporter of ductile iron casting components
such as Companion Flanges, End Yokes, Flange Yokes, Differential Housings,
Ductile Iron Casting, S. G. Iron, Nodular Iron Casting, Automotive Components,
Automotive Parts, Iron Foundries, Brake Components, Axel Components, etc. The
Company has a strong quality management system conforming to TS 16949:2002 and
ISO 9001:2008 Certification. The company has successfully set- up the new
Horizontal Disa High Pressure Molding Line enabling the Company to produce a
single casting of upto 80 Kgs. Giving a competitive advantage to capture HCV,
Agricultural and earth moving equipment sectors. The new machine is Horizontal
Line, with which they will be able to improve the yield of castings by 10 -
15%. It will also result in reduction of cost of production. The total casting
capacity of the company is increased to 48000 mt pa.
FUTURE OUTLOOK
With the recent
expansion, the outlook for the company looks very encouraging in the coming
years. Subject can grow its non automotive and off the road vehicle business
very rapidly. Subject has enough land availability to facilitate its future
expansions. India becoming a sourcing hub for automobile major’s Domestic
automotive industry witnessing robust growth. Growing environmental concerns in
foundries of western countries provides opportunities for sourcing of castings
from developing countries like India and China. The company intends to upscale
its activities and has been negotiating various properties. The management
expects CAGR of over 35 % during next 5 years.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27100MH2004PLC149952 |
|
Name of the
company |
TULSI CASTINGS
AND MACHINING LIMITED |
|
Address of the
registered office or of the principal place of business in |
58/1, Ganesh Krupa, Mughbat Lane, Thakurdwar Road, Mumbai-400004,
Maharashtra, India |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of Baroda, Corporate Financial Services Branch, Mantri Court, I
Floor, 39, Rambai Ambedkar Road, Pune-411001, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Hypothecation Agreement executed for Term Loan facilities |
|
Date of
instrument Creating the charge |
24.01.2012 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On Rupee Term
Loan- applicable rate is Base rate+ 4.5% i.e. 15.25% pa at present and
concessional rate subj to approval from Corp off On FCNR (B) loan-
@6 months USD LIBOR + 625 bps with monthly rests Terms of
Repayment 59 equal monthly
installments of Rs. 3.333 Millions each and one installment of Rs. 3.353
Millions starting from 9 months from the date of 1st Disbursement Margin 37.07% Extent and Operation
of the charge Primary- I charge
on the fixed assets of the company situated at Plot E-2, MIDC, Kupwad Block,
Sangli shared on pari passu with Term Loan lenders Collateral- II
charge on entire Current assets (present and future) i.e. stock (RM, WIP BG
etc.) and book debts shared on pari passu with WC lenders II charge by way
of Equitable mortgage of Flat No. 1006, B-wing, Shankershet palace, Nana
Chowk,
Grant Road, Mumbai Others Term loan of Rs.
200.000 Millions. |
|
Short particulars
of the property charged |
Current assets
(present and future) i.e. stock and book debts of the company Residential Flat
No. 1006, B-Wing, Shankarshet Palace, Nana Chowk, Grant Road- West, Mumbai |
CONTINGENT LIABILITIES:
|
Sr. No. |
Particulars |
31.03.2011 (Rs. in millions) |
|
1 |
Maharashtra State
Electricity Distribution Company Limited |
15.939 |
|
2 |
Maharashtra
Pollution Control Board |
0.100 |
|
3 |
SHV Energy Private
Limited |
0.500 |
|
4 |
Maharashtra State
Electricity Board |
8.825 |
|
|
Total |
25.364 |
NOTE:
·
Of serial no. 1, 2 and 3
as mentioned above company has given the bank guarantee to the extent mentioned
against each item as per normal practice.
·
In respect of serial no. 4 as mentioned above
company has given an undertaking to MSEB, Sangli to the extent of amount
mentioned above. The original demand was raised against M/s. Kulkarni
Engineering Associates Ltd. erstwhile owner of the undertaking towards
electricity dues of MSEB. In respect to above a suit is lying pending with the
hon’ble Supreme Court of India against the order passed by hon’ble Bombay High
Court dated 13/12/2002 quashing the circular number 607 dated 19/12/1998 issued
by MSEB which otherwise required incoming consumer to pay all the outstanding
dues against the outgoing consumer to the Board. The company relies on the
order and judgment of the High Court of Bombay and does not expect any liability
in this regard.
FIXED ASSETS:
v
Computer and Peripherals
v
v
Furniture and Fixture
v
Land
v
Live Stock
v
R and D
v
v
Office Equipment
v
Pattern and Tooling
v
Plant and Machinery Horizontal Line
v
Plant and Machinery Machine Shop
v
Plant and Machinery Vertical Line
v
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.49.05 |
|
|
1 |
Rs.77.77 |
|
Euro |
1 |
Rs.65.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.