|
Report Date : |
12.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
KALYANI HAYES LEMMERZ LIMITED (w.e.f. 05.11.2008) |
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|
|
|
Formerly Known
As : |
KALYANI LEMMERZ LIMITED |
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|
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Registered
Office : |
Gat No. 635, |
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Country : |
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|
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Financials (as
on) : |
31.01.2011 |
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Date of
Incorporation : |
18.01.1996 |
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|
|
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Com. Reg. No.: |
11-096395 |
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Capital
Investment / Paid-up Capital : |
Rs.360.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29303PN1996PLC096395 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK08922E |
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PAN No.: [Permanent Account No.] |
AAACK7841A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Automotive Components and Parts and Machineries. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4500000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Hayes Lemmerz, 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 DENIED BY
Management Non Co-operative (Name Not Disclosed)
LOCATIONS
|
Registered Office : |
Gat No. 635, |
|
Tel. No.: |
91-2135-305100 |
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Fax No.: |
91-2135-305101 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.07.2011
|
Name : |
Mr. Fred Bentley |
|
Designation : |
Chairman |
|
Address : |
19059, Bellavista North |
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Date of Birth/Age : |
28.06.1965 |
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Date of Appointment : |
11.07.2005 |
|
DIN No.: |
01920156 |
|
Name : |
Mr. Prakash Kodlikeri |
|
Designation : |
Managing Director |
|
Address : |
A – 18, Abhimanshree Housing Society, |
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Date of Birth/Age : |
20.06.1948 |
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Date of Appointment : |
30.07.2011 |
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DIN No.: |
01373420 |
|
Name : |
Mr. Babasaheb Neelkanth Kalyani |
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Designation : |
Director |
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Address : |
“Amit”, Survey No. 221, A,B,C,D, Kalyani Nagar, Pune – 411014, |
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Date of Birth/Age : |
05.01.1949 |
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Date of Appointment : |
18.01.1996 |
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DIN No.: |
00089380 |
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|
|
|
Name : |
Mr. Achim Weber |
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Designation : |
Director |
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Address : |
Brunnenstrasse 41, 53604, Bad |
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Date of Birth/Age : |
03.03.1960 |
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Date of Appointment : |
28.07.2006 |
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DIN No.: |
01483953 |
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|
|
|
Name : |
Mr. Petrus Wilhelmus Klinkers |
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Designation : |
Director |
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Address : |
Aylvalaan 4, 6212, Maastrcht |
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Date of Birth/Age : |
16.08.1970 |
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Date of Appointment : |
11.11.2009 |
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DIN No.: |
02857643 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Kalyani Babgasaheb N. |
|
1 |
|
Kalyani Sunita B. |
|
1 |
|
B. F. Investment Limited |
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2399995 |
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A. B. Kalyani |
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1 |
|
Deeksha A. Kalyani |
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1 |
|
S. B. Kanade |
|
1 |
|
Hayes Lemmerz Konigswinter GmbH ( |
|
13600000 |
|
Total |
|
16000000 |
PREFERENCES
SHAREHOLDERS AS ON 30.07.2011
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Hayes Lemmerz Konigswinter GmbH ( |
|
20000000 |
|
Total |
|
20000000 |
AS ON 30.07.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
85.00 |
|
Bodies corporate |
15.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Components and Parts and Machineries. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not available |
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Bankers : |
State Bank of India, Industrial Finance Branch, Tara Chambers, 2nd
Floor, Pune – Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. S. R. and Associates Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemine, |
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Tel. No.: |
91-20-30585764 / 65 |
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Fax No.: |
91-20-30585775 |
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PAN No.: |
AADFB6889R |
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|
|
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Holding Company : |
Hayes Lemmerz Konigswinter GmbH ( |
CAPITAL STRUCTURE
As on 31.01.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
30000000 |
Preference Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
Total |
|
Rs.550.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000
Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.360.000 Millions |
Note :-
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.01.2011 |
31.01.2010 |
31.01.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
360.000 |
360.000 |
360.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
753.374 |
744.832 |
672.238 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1113.374 |
1104.832 |
1032.238 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
397.513 |
378.698 |
366.500 |
|
|
2] Unsecured Loans |
403.845 |
403.845 |
445.319 |
|
|
TOTAL BORROWING |
801.358 |
782.543 |
811.819 |
|
|
DEFERRED TAX LIABILITIES |
120.974 |
98.612 |
75.102 |
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|
|
|
|
|
|
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TOTAL |
2035.706 |
1985.987 |
1919.159 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1399.444 |
1360.095 |
764.554 |
|
|
Capital work-in-progress |
53.628 |
39.499 |
675.435 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
329.229
|
272.374
|
213.064 |
|
|
Sundry Debtors |
433.956
|
341.585
|
281.160 |
|
|
Cash & Bank Balances |
40.860
|
41.591
|
91.758 |
|
|
Other Current Assets |
6.640
|
4.827
|
0.000 |
|
|
Loans & Advances |
156.459
|
162.672
|
185.971 |
|
Total
Current Assets |
967.144
|
823.049
|
771.953 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
314.181
|
184.191
|
198.869 |
|
|
Other Current Liabilities |
40.741
|
20.781
|
54.687 |
|
|
Provisions |
29.588
|
31.684
|
39.227 |
|
Total
Current Liabilities |
384.510
|
236.656
|
292.783 |
|
|
Net Current Assets |
582.634
|
586.393
|
479.170 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2035.706 |
1985.987 |
1919.159 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.01.2011 |
31.01.2010 |
31.01.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2810.147 |
2078.666 |
2265.584 |
|
|
|
Other Income |
378.637 |
270.215 |
392.197 |
|
|
|
TOTAL (A) |
3188.784 |
2348.881 |
2657.781 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1934.960 |
1369.891 |
1496.662 |
|
|
|
Personnel Expenses |
160.355 |
117.295 |
145.485 |
|
|
|
Manufacturing and Other Expenses |
825.207 |
593.685 |
665.789 |
|
|
|
TOTAL (B) |
2920.522 |
2080.871 |
2307.936 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
268.262 |
268.010 |
349.845 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.122 |
34.641 |
42.914 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
221.140 |
233.369 |
306.931 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
148.447 |
137.265 |
87.992 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
72.693 |
96.104 |
218.939 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
64.151 |
23.510 |
75.067 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.542 |
72.594 |
143.872 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value of exports |
NA |
475.365 |
1004.582 |
|
|
|
TOTAL EARNINGS |
NA |
475.365 |
1004.582 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
NA |
7.197 |
23.833 |
|
|
|
Stores and Spares |
NA |
7.670 |
7.325 |
|
|
|
Capital Goods |
NA |
19.163 |
308.430 |
|
|
|
TOTAL IMPORTS |
NA |
34.030 |
339.588 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.24 |
3.95 |
8.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.01.2011 |
31.01.2010 |
31.01.2009 |
|
PAT / Total Income |
(%) |
0.27
|
3.09
|
5.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.59
|
4.62
|
9.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.07
|
4.40
|
14.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
0.92
|
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
3.48
|
2.64 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Outstanding due to micro and small enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
314.181
|
184.191
|
198.869 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
-- |
|
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 |
BACKGROUND:
The Company was incorporated on
18 January 1996 and vas jointly promoted by the Kalyani Group and Lernnierz
Werke GmbH (Part of the Hayes Group) with 75% and 25% equity participation
respectively. The Company acquired the ‘Wheel Rim’ division of Bharat Forge
Limited and commenced its commercial operations on 4 June 1996. The principal
business of the Company is to manufacture wheel rims for commercial vehicles.
The manufacturing facility of the Company is situated in Pune.
In August 1998. the Hayes Group increased its holding in the Company to
85°/o by acquiring additional 60% of the equity held by the Kalyani Group.
The Company is a subsidiary of Hayes Lemmerz Konigswinter GmbH (‘the
Holding Company’), a limited liability Company incorporated in Konigswinter.
During the year ended 31 January 2009, the Company has changed its name
to Kalyani Hayes Lemnierz Limited.” As a part of expansion with diversification
of product line the Company has entered into Passenger Car segment and has
successfully started its new manufacturing product line as “Car wheels” with
effect from 15th February 2010 at the Company owned premises, adjoining to the
existing Truck wheel plant having installed capacity of 2 million wheels per
annum.
FINANCIAL
RESULTS:
The company has registered a growth in sales turnover despite various
economical hurdles and difficulties faced European market for the Truck-wheel
segment. Regarding the initial gearing up of Car wheel manufacturing activity,
good start is made especially with the prominent customer - Volkswagen at their
various business places spread all over the world during the year.
FORM 8:
|
Corporate identity number of the company |
U29303PN1996PLC096395 |
|
Name of the company |
KALYANI HAYES LEMMERZ LIMITED |
|
Address of the registered office or of the principal place of business in |
Gat No. 635, E-mail : sdahale@hayes-lemmerz.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90090458 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
State Bank of India, Industrial Finance Branch, Tara Chambers, 2nd
Floor, Pune – Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India E-Mail : milind.bankapure@sbi.co.in
|
|
Nature of instrument creating charge |
Memorandum for recording extension of Mortgage by Deposit of Title
Deeds covering enhanced limits and /or creation of Equitable Mortgage for
existing limits and enhanced limits and additional facilities executed to cover
the existing limit of Rs.1450.000 Millions |
|
Date of instrument Creating the charge |
19.05.2011 |
|
Amount secured by the charge |
Rs..1450.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest Interest and other terms and conditions as per existing terms and
conditions as appeared sanction letter IFB/CREDIT/RM I/405 Dated 09.03.2011
duly acknowledged by the Company through its Directors. Terms of repayment Interest and other terms and conditions as per existing terms and
conditions as appeared sanction letter IFB/CREDIT/RM I/405 Dated 09.03.2011
duly acknowledged by the Company through its Directors. Margin Interest and other terms and conditions as per existing terms and
conditions as appeared sanction letter IFB/CREDIT/RM I/405 Dated 09.03.2011
duly acknowledged by the Company through its Directors. Extent and operation of the charge State Bank of India industrial Finance branch will have first and
exclusive charge over the Fixed Assets as envisaged in the SCHEDULE-A
,SCHEDULE-B, AND SCHEDULE-C of the Memorandum of Title Deeds duly deposited
by the Borrower Company in Bank's favour to secure the credit facilities
extended by the Bank. The extention of the charge as per sanction letter duly
acknowledged by the Company. Others The Company, by virtue of the Board Resolution passed on
25.03.2011,has given assent to all the Terms and Conditions, Covenants, as
provided in the Bank's Sanction Letter No. IFB/CREDIT/RM I/405 Dated 09.03.2011,
have executed the related loan document(s)/ Agreement(s) through the
Director(s),who have received and
signed the documents in physical form and who have been authorized to file eform-8 for modifications in the existing
limits and in the nature and scope of the charge on agreed terms |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
All that piece and parcel of Leasehold rights in the land adm 3 Hect.40Aar
at Village Kuruli Taluka Khed DistrictPune with ownership rights in All that piece and parcel of land adm.3 Hect.34 Aar out of Gat No.635
Hissa No.1 situated at Village Kuruli Taluka Khed District Pune within the
limits of Grampanchayat Kuruli PS Khed ZP Pune. All that piece and parcel of land adm.3 Hect.45 Aar out of Gat No.635
Hissa No.2 situated at Village Kuruli Taluka Khed District Pune within the
limits of Grampanchayat Kuruli PS Khed ZP Pune. All the above stated properties as stated under relevant schedule A, B
and C and as geographicated in the Memorandum of Title Deeds itself. |
|
Particulars of the present modification |
By this present modification, the Company has given additional
properties to cover the existing limit already sanction to the tune of
Rs.1450.000 Millions. |
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 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.55.24 |
|
|
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
50 |
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.