|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
CORVINE CHEMICALS AND PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
Plot No 135-E, Kolharindustrial Area, Bidar – 588401, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.06.1992 |
|
|
|
|
Com. Reg. No.: |
21-013271 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.94.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1992PLC013271 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Fine Chemicals and Pharmaceutical Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 670000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. The
management have failed to file the financial detail for the year 2011. But from
the previous year financial detail company seems to be progressing well.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Plant : |
Plot No 135-E, Kolharindustrial Area, Bidar – 585403,
Karnataka, India |
|
Tel. No.: |
91-8482-232204 / 232297 |
|
Fax No.: |
91-8482-232204 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office / Corporate Office / Administrative Office : |
Plot No.735, Venkateshwara Hills, Road No.3, Banjara Hills, Hyderabad
– 500034, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23354928 / 23354931 |
|
Fax No.: |
91-40-23354929 |
DIRECTORS
As on 11.08.2010
|
Name : |
Mr. Mahareddygari Mahipal Reddy |
|
Designation : |
Managing director |
|
Address : |
Plot No.63, MLA and MPS Colony Road No.10C, Jubilee Hills, Hyderabad –
500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
07.07.1958 |
|
Date of Appointment : |
21.11.1994 |
|
DIN No.: |
00456222 |
Other Directorship:
|
S.No. |
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 |
|
1 |
U85110KA1992PLC013271 |
CORVINE
CHEMICALS AND PHARMACEUTICALS LIMITED |
Managing
director |
21/11/1994 |
21/11/1994 |
Active |
NO |
|
2 |
U24110AP1994PTC016854 |
FERMI
CHEMICALS PVT LTD |
Managing
director |
15/07/1998 |
15/07/1998 |
Active |
NO |
|
3 |
U32109AP2002PTC038997 |
RELINE
TECHNOLOGIES PRIVATE LIMITED |
Whole-time
director |
28/06/2002 |
28/06/2002 |
Under
liquidation |
NO |
|
4 |
U51496AP1986PTC006166 |
PRABHAVA
ORGANICS PRIVATE LIMITED |
Director |
23/12/2002 |
23/12/2002 |
Active |
NO |
|
5 |
U24230AP1985PLC005237 |
Dr'.CURIE'S
LABS LIMITED |
Director |
19/03/2008 |
19/03/2008 |
Active |
NO |
|
6 |
U52110AP1991PTC013306 |
PRABHAVA
EXPORTS PRIVATE LIMITED |
Director |
31/07/2010 |
31/07/2010 |
Strike
off |
NO |
|
Name : |
Mr. Manohar Gangaiah Bacha |
|
Designation : |
Director |
|
Address : |
Plot No. 11, R and T Colony, Secunderabad – 500003, Andhra Pradesh,
India |
|
Date of Birth/Age : |
10.04.1940 |
|
Date of Appointment : |
14.10.1999 |
|
DIN No.: |
00456320 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51496AP1986PTC006166 |
PRABHAVA
ORGANICS PRIVATE LIMITED |
Managing
director |
12/5/2008 |
17/02/1986 |
- |
Active |
NO |
|
2 |
U85110KA1992PLC013271 |
CORVINE
CHEMICALS AND PHARMACEUTICALS LIMITED |
Director |
14/10/1999 |
14/10/1999 |
- |
Active |
NO |
|
3 |
U24230AP1985PLC005237 |
Dr'.CURIE'S
LABS LIMITED |
Director |
19/03/2008 |
19/03/2008 |
7/11/2011 |
Active |
NO |
|
Name : |
Mr. Challa Subhash |
|
Designation : |
Additional director |
|
Address : |
12-233, Adrsh Nagar, Bala Nagar, Hyderabd – 500037, Andhra Pradesh,
India |
|
Date of Birth/Age : |
10.08.1970 |
|
Date of Appointment : |
22.05.2008 |
|
DIN No.: |
02379978 |
Other Directorship:
|
S.No. |
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 |
|
1 |
U32109AP2002PTC038997 |
RELINE
TECHNOLOGIES PRIVATE LIMITED |
Director |
28/06/2002 |
28/06/2002 |
Under
liquidation |
NO |
|
2 |
U72200KA2007PTC042426 |
SenSen
Networks Private Limited |
Director |
9/5/2008 |
9/5/2008 |
Active |
NO |
|
3 |
U51496AP1986PTC006166 |
PRABHAVA
ORGANICS PRIVATE LIMITED |
Director |
12/5/2008 |
12/5/2008 |
Active |
NO |
|
4 |
U85110KA1992PLC013271 |
CORVINE
CHEMICALS AND PHARMACEUTICALS LIMITED |
Director |
9/6/2008 |
22/05/2008 |
Active |
NO |
|
5 |
U15490AP2009PTC064191 |
CARPUS
FOOD CATERING SERVICES PRIVATE LIMITED |
Additional
director |
23/08/2010 |
23/08/2010 |
Active |
NO |
|
Name : |
Mr. Rajendra Vithal Naniwadekar |
|
Designation : |
Additional director |
|
Address : |
Dev-Chaaya, 3-4252/1, Kachiguda, Hyderabad – 500027, Andhra Pradesh,
India |
|
Date of Birth/Age : |
07.08.1962 |
|
Date of Appointment : |
16.08.2006 |
|
DIN No.: |
00032107 |
Other Directorship:
|
S.No. |
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 |
|
1 |
U64203AP1999PTC032346 |
SEVEN
HILLS TECHNOLOGY AND SOLUTIONS PRIVATE LIMITED |
Director |
7/2/2001 |
7/2/2001 |
Active |
NO |
|
2 |
U85110KA1992PLC013271 |
CORVINE
CHEMICALS AND PHARMACEUTICALS LIMITED |
Additional
director |
16/08/2006 |
16/08/2006 |
Active |
NO |
|
3 |
U93000AP2007PTC056413 |
KELLTON
FINANCIAL SERVICES PRIVATE LIMITED |
Director |
22/11/2007 |
22/11/2007 |
Active |
NO |
|
4 |
U65910AP1990PTC011408 |
KELLTON
SECURITIES PRIVATE LIMITED |
Director |
27/12/2007 |
27/12/2007 |
Active |
NO |
|
5 |
U93000AP2008PTC056942 |
KELLTON
WEALTH MANAGEMENT PRIVATE LIMITED |
Director |
2/1/2008 |
2/1/2008 |
Active |
NO |
|
6 |
U93000AP2008PTC056935 |
KELLTON
INSURANCE SERVICES PRIVATE LIMITED |
Director |
2/1/2008 |
2/1/2008 |
Active |
|
|
7 |
U67120AP2008PTC057088 |
KELLTON
CAPITAL ADVISORS PRIVATE LIMITED |
Director |
10/1/2008 |
10/1/2008 |
Active |
NO |
|
8 |
U93000AP2008PTC060145 |
MARSH
CDM SERVICES PRIVATE LIMITED |
Director |
15/07/2008 |
15/07/2008 |
Active |
NO |
|
9 |
L72200AP1993PLC016819 |
VMF
SOFT TECH LIMITED |
Director |
9/12/2009 |
23/12/2008 |
Active |
NO |
|
10 |
U67120AP1995PTC021208 |
KELLTON
COMMODITY AND DERIVATIVES PRIVATE LIMITED |
Director |
29/12/2008 |
29/12/2008 |
Active |
NO |
|
11 |
U67110AP1943PLC000629 |
HYDERABAD
SECURITIES AND ENTERPRISES LIMITED |
Director |
30/09/2011 |
30/09/2011 |
Active |
NO |
|
12 |
L72300TN1980PLC008230 |
KLK
ELECTRICAL LIMITED |
Additional
director |
19/10/2011 |
19/10/2011 |
Active |
NO |
|
Name : |
Dr. Susarala Subrahmaniyam |
|
Designation : |
Director |
|
Address : |
22-647/155 A, Central Excise Colony,
Hyderabad – 500012, Andhra Pradesh, India |
|
Date of Birth/Age : |
05.09.1945 |
|
Date of Appointment : |
16.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mahareddygari Mahipal Reddy |
|
3045000 |
|
M Shobha Rani |
|
105000 |
|
B Latha |
|
105000 |
|
G Manjula |
|
105000 |
|
B Srinivas |
|
420000 |
|
M Jaipal Reddy |
|
52500 |
|
B Annapurna |
|
420000 |
|
B Rama Devi |
|
420000 |
|
B G Manohar |
|
1575000 |
|
C H Laxmi |
|
630000 |
|
C Bhanu Prasad |
|
630000 |
|
C H Lalitha |
|
630000 |
|
M Kalpna Reddy |
|
52500 |
|
C. H. Subhash |
|
630000 |
|
J Sandya |
|
630000 |
|
Total
|
|
9450000 |
As on 11.08.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fine Chemicals and Pharmaceutical Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2010
Licensed Capacity:
N.A.
Installed
Capacity: 1200 MT Per annum
|
Particulars |
|
|
Unit |
Actual
Production |
|
|
|
|
|
|
|
Sodium Azide |
|
|
MT |
393.166 |
|
Tetrazoles |
|
|
MT |
73.423 |
|
Trityl Choride |
|
|
MT |
576.560 |
GENERAL INFORMATION
|
Customers : |
· American Pacific Corporation, Los vegas, USA · Fine Chemicals Incorporation, Toranto, Canada · Autoliv Asp Inc, UTAH, USA · Astrix Laboratories Limited · Alembic Limited · Aurobindo Pharma Limited · Cipla Limited · Dr. Reddys Laboratories Limited · Glenmark Pharmaceuticals Limited · Matrix Laboratories Limited · Lupin Limited · Hetro Labs Limited ·
Sibra Pharmaceuticals Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
State Bank Of Hyderabad, Overseas Branch, 6-3-652, ' Kautilya", Somajiguda, Hyderabad - 500082, Andhra Pradesh, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G. Ramamohan and Company Chartered Accountants |
|
Address : |
7/A, 1st Floor, Vengal Rao Nagar, Hyderabad – 500038, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23702857 |
|
Mobile No.: |
91-9849566867 |
|
PAN.: |
ACAPG4099F |
|
|
|
|
Subsidiaries : |
PRABHAVA ORGANICS PRIVATE LIMITED CIN No.: U51496AP1986PTC006166 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9450000 |
Equity Shares |
Rs.10/- each |
Rs.94.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
94.500 |
94.500 |
94.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
72.366 |
80.407 |
85.593 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
166.866 |
174.907 |
180.093 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
59.241 |
70.886 |
54.631 |
|
|
2] Unsecured Loans |
10.930 |
18.380 |
0.000 |
|
|
TOTAL BORROWING |
70.171 |
89.266 |
54.631 |
|
|
DEFERRED TAX LIABILITIES |
3.014 |
3.870 |
4.192 |
|
|
|
|
|
|
|
|
TOTAL |
240.051 |
268.043 |
238.916 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
37.909 |
23.761 |
22.897 |
|
|
Capital work-in-progress |
1.766 |
0.146 |
3.935 |
|
|
|
|
|
|
|
|
INVESTMENT |
128.556 |
128.556 |
128.556 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
36.688
|
29.774 |
25.553 |
|
|
Sundry Debtors |
103.741
|
55.102 |
50.490 |
|
|
Cash & Bank Balances |
2.766
|
27.296 |
0.528 |
|
|
Other Current Assets |
13.463
|
14.393 |
13.762 |
|
|
Loans & Advances |
21.930
|
28.714 |
29.512 |
|
Total
Current Assets |
178.588
|
155.279 |
119.845 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
84.699
|
29.400 |
25.679 |
|
|
Other Current Liabilities |
7.562
|
5.255 |
5.240 |
|
|
Provisions |
15.794
|
6.474 |
6.859 |
|
Total
Current Liabilities |
108.055
|
41.129 |
37.778 |
|
|
Net Current Assets |
70.533
|
114.150 |
82.067 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.287 |
1.430 |
1.461 |
|
|
|
|
|
|
|
|
TOTAL |
240.051 |
268.043 |
238.916 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
495.967 |
297.381 |
274.763 |
|
|
|
Other Income |
1.608 |
1.466 |
4.263 |
|
|
|
TOTAL (A) |
497.575 |
298.847 |
279.026 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sale |
417.351 |
283.921 |
251.096 |
|
|
|
Audit Fees |
0.040 |
0.040 |
0.040 |
|
|
|
(Increase)/Decrease in stock |
6.136 |
(9.091) |
9.816 |
|
|
|
TOTAL (B) |
423.527 |
274.870 |
260.952 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
74.048 |
23.977 |
18.074 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.341 |
10.218 |
7.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
62.707 |
13.759 |
10.274 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.498 |
5.043 |
4.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
54.209 |
8.716 |
5.419 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.554 |
2.846 |
1.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
30.655 |
5.870 |
3.533 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
57.842 |
63.615 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.066 |
0.587 |
NA |
|
|
|
Dividend |
33.075 |
9.450 |
NA |
|
|
|
Tax on Dividend |
5.621 |
1.606 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
46.735 |
57.842 |
63.615 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
51.899 |
21.990 |
33.319 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.24 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.16
|
1.96 |
1.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.93
|
2.93 |
1.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.04
|
4.87 |
3.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.05 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
0.75 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
3.78 |
3.17 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
No |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS:
During the company recorded a total income of Rs.497.575 Millions as
against Rs.298.847 Millions during previous year, thus registering a increase
of 66.50%, The net profit stood at Rs.30.655 Millions, as against previous
year’s net profit of Rs.5.870 millions previous year’s. The company is making
efforts to achieve a targeted turnover of Rs.1000.000 Millions for the next
financial year and confident in this regard.
FUTURE OUTLOOK:
The Board of Directors are quite optimistic about the future prospects of
the company and the company is making efforts to explore the export market to
other countries besides USA and hopeful of achieving good export turnover in
the future.
CONTINGENT LIABILITY (AS ON 31.03.2010) :
·
Foreign Letter of Credits
Rs.21.813 Millions
·
Inland Letter of Credit
for Rs.19.947 Millions
·
Disputed provident fund
amount for the period of 03/2003 to 11/2003 Rs.0.087 Millions (the same is
under appeal)
·
An appeal is pending
before High Court of Karnataka towards disputed income tax U/S.80HHC/80IB for
the Asst. Year 200-04. Liability on account of the above is Rs.1.385 Millions.
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U85110KA1992PLC013271 |
|
Name of the
company |
CORVINE CHEMICALS
AND PHARMACEUTICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 135-E, Kolharindustrial Area, Bidar – 585403, Karnataka, India E-mail : hyd1_mahipal@sancharnet.in
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
80017792 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank Of Hyderabad, Overseas Branch, 6-3-652, ' Kautilya", Somajiguda, Hyderabad - 500082, Andhra Pradesh, India E-mail : osbsbh@yahoo.com
|
|
Nature of
instrument creating charge |
1) Supplemental
Agreement of loan for increase in the overall limit 2) Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit 3) Letter
regarding the grant of individual limits within the overall limit 4) Memorandum of
Deposit of Title Deeds 5) Copy of
Sanction Letter |
|
Date of
instrument Creating the charge |
14.10.2010 |
|
Amount secured by
the charge |
Rs.235.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1) C.C
(Hypothecation) :6.00% above BR(floating) 2) STCL - 1.00% above SBH PLR
(floating) at 13.75% p.a 3)Term Loan - 1.50%above SBH PLR(floating) at.14.25%
p.a 4) EPC/PCFC/FUBD/IUBD : as per RBI directives Terms of
Repayment 1) The working
capital limits are repayable on demand 2) No change in
the repayment schedule of existing short term corporate loan and term loan
limits. Margin 1) On Raw
Materials, Stock-in-process and Finished Goods at 25% 2) On Book
Debts/Receivables at 40%( 120 days for Matrix Labs and Arabindo Pharma and 90
days for others) Extent and
Operation of the charge The charge
operates as first charge on the property charged until repayment of the
entire credit facilities sanctioned by the bank to
the company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
For Working
Capital and STCL - a) Primary Security :Hypothecation of stocks of raw
materials, stocks in process, finished goods, stores and spares and book
debts (indigenous and imported) and also stock at Prabhava Organics Private
Limited (sent for job work) b) Collateral
Security : i) First charge on the entire fixed assets of the company and ii) equitable
mortgage of the company's factory land and buildings situated at 135(E),
132(B) and 131(A2), 131(B) and 132(A) in Survey No.9 and 12 of Nizampur
Village, Kamathana Hobli Bidar Taluk, Bidar District admeasuring 28740.21 Sq.
Mtrs. For Term Loan -
Primary Security :i) The assets acquired out of the Bank Finance ii) charge
on the entire fixed assets of the company including equitable mortgage of the company's land
and buildings situated at 135(E), 132(B) and 131(A2), 131(B) and 132(A) in
Survey No.9 and 12 of Nizampur Village, Kamathana Hobli Bidar Taluk, Bidar
Dist admeasuring 28740.21 Sq. Mtrs For
EPC/PCFC/FUBD/IUBD (Sub-Limit of CC), LC Limits and BG Limit (Sub limit of
LC) : The above securities also extended to these facilities. |
|
Particulars of the
present modification |
The existing
limits of Rs.160.000 Millions increased to Rs.235.000 Millions. The increased
limits consisting of 1) Cash Credit (Hypothecation) Limit of Rs.120.000
Millions with sub-limit of (EPC/PCFC/FUBD/IUBD Rs. 40.000 Millions) 2) Short
Term Corporate Loan Limit of Rs.20.000 Millions 3) Term Loan Limit of
Rs.20.000 Millions 4) Letter of Credit limit of Rs.75.000 Millions with Bank
Guarantee (sub limit of LC) of (Rs.5.000 Millions) |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Factory Equipment
·
Laboratory Equipment
·
Electrical Installments
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.