MIRA
INFORM REPORT
|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
RSB TRANSMISSIONS ( |
|
|
|
|
Registered
Office : |
Gat No. 908,
Sanaswadi, Taluka Shirur, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.01.1989 |
|
|
|
|
Com. Reg. No.: |
11-014807 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.208.672 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102PN1989PLC014807 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RCHR00276D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR3925R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of
Propeller Shafts, Gears and Shafts and Live Axles. |
|
|
|
|
No. of
Employees: |
Information denied by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9668000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 DECLINED BY
Management non Co-operative
LOCATIONS
|
Registered Office/Factory 1 |
Gat No. 908,
Sanaswadi, Taluka Shirur, Pune Nagar Road, Pune – 412208, Maharashtra, India |
|
Tel. No.: |
91-2137-669300 |
|
Fax No.: |
91-2137-669200 |
|
E-Mail : |
|
|
|
|
|
Corporate Office: |
Ubale Nagar, |
|
Tel. No.: |
91-20-30642100 |
|
Fax No.: |
91-20-30642101 |
|
|
|
|
Factory 2 : |
NS 25, Phase VI, Industrial
Area, Gamharia District, Saraikella Kharswan, Jamshedpur – 832108, Jharkhand,
India |
|
Tel. No.: |
91-657-2200441 /
22200663 |
|
Fax No.: |
91-657-2200751 |
|
|
|
|
Branches : |
Located at ·
Pune ·
·
Dharwad ·
·
Guanajauto ·
Orissa ·
Uttarkhand ·
Chennai ·
·
|
DIRECTORS
As on 11.07.2011
|
Name : |
Mr. Rabindra
Kumar Behera |
|
Designation : |
Managing Director
|
|
Address : |
Bungalow No. 132,
Clover Hills, |
|
Date of Birth/Age : |
04.03.1951 |
|
Qualification : |
Batchelor of Engineering (Mechanical) |
|
Date of Appointment : |
24.01.1989 |
|
Din No.: |
00011614 |
|
|
|
|
Name : |
Mr. Suvendra
Kumar Behera |
|
Designation : |
Managing Director |
|
Address : |
22, Road No. – 12, c. h. Area (n.w.), Sonari, |
|
Date of Birth/Age : |
19.10.1957 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
24.01.1989 |
|
Din No.: |
00422271 |
|
|
|
|
Name : |
Mr. Sailendra
Kumar Behera |
|
Designation : |
Director |
|
Address : |
Bunglow No. 48,
Clover Hills, |
|
Date of Birth/Age : |
07.10.1963 |
|
Qualification : |
Batchelor of Engineering (Mechanical) |
|
Date of Appointment : |
30.09.1997 |
|
Din No.: |
00096056 |
|
|
|
|
Name : |
Mr. Dwijadas
Sanyal |
|
Designation : |
Director |
|
Address : |
Flat No. 4, |
|
Date of Birth/Age : |
16.12.1939 |
|
Date of Appointment : |
25.03.1997 |
|
Din No.: |
00015664 |
|
|
|
|
Name : |
Mr. Sunil Vasant Diwakar |
|
Designation : |
Director |
|
Address : |
C- 002, Shreeji Ville, opp. Nitin co., Almeda Road,
Panchpakhadi, Thane – 400602, |
|
Date of Birth/Age : |
22.05.1963 |
|
Qualification : |
B. Tech (Hons) (Mechanical Engineering) & CWA |
|
Date of Appointment : |
09.09.2007 |
|
Din No.: |
00089266 |
|
|
|
|
Name : |
Bina Dinesh Trivedi |
|
Designation : |
Alternate director |
|
Address : |
11, Shilpak Artek Apartments, 4TH Road, Bandra (E), MUMBAI, 400051, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1966 |
|
Qualification : |
B.Com & Chartered Accountant |
|
Date of Appointment : |
09.09.2007 |
|
Din No.: |
01476999 |
|
|
|
|
Name : |
Rasamoy Dayamoy Chakraborty |
|
Designation : |
Director |
|
Address : |
New |
|
Date of Birth/Age : |
01.03.1944 |
|
Qualification : |
B. Tech (Hons) (Mechanical Engineering) & CWA |
|
Date of Appointment : |
06.12.2004 |
|
Din No.: |
00011581 |
|
|
|
|
Name : |
Jaysinh sakharam konkar |
|
Designation : |
Director |
|
Address : |
302, Vinspa Apartment, |
|
Date of Birth/Age : |
24.01.1943 |
|
Qualification : |
B. Tech (Hons) (Mechanical Engineering) & CWA |
|
Date of Appointment : |
15.07.2008 |
|
Din No.: |
00011924 |
|
|
|
|
Name : |
Prasanna Rangacharya |
|
Designation : |
Director |
|
Address : |
B- 202, |
|
Date of Birth/Age : |
04.04.1947 |
|
Date of Appointment : |
07.05.2011 |
|
Din No.: |
00010264 |
|
|
|
|
Name : |
Rajnikant Ravindrakumar Behera |
|
Designation : |
Director |
|
Address : |
Bungalow No. 132,
Clover Hills, |
|
Date of Birth/Age : |
25.11.1977 |
|
Date of Appointment : |
01.05.2011 |
|
Din No.: |
00317205 |
|
|
|
|
Name : |
Nishant Behera |
|
Designation : |
Director |
|
Address : |
Bungalow No. 132,
Clover Hills, |
|
Date of Birth/Age : |
25.11.1977 |
|
Date of Appointment : |
01.05.2011 |
|
Din No.: |
00317489 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Tiwari |
|
Designation : |
Secretary |
|
Address : |
23/6, Amba Nagari, Vishrantwadi, Pune
– 411015, |
|
Date of Birth/Age : |
12.12.1972 |
|
Date of Appointment : |
20.08.2009 |
|
Pan No.: |
ADQPT2970F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.07.2011
|
Names of Equity Shareholders |
|
No. of Shares |
|
Rabindra Kumar
Behera |
|
1506464 |
|
Suvendra Kumar
Behera |
|
1410517 |
|
Sailendra Kumar
Behera |
|
602821 |
|
Papia Behera |
|
34821 |
|
Urmila Behera |
|
902761 |
|
Nalini Behera |
|
45294 |
|
Padmabati Behera |
|
31264 |
|
Gyabebdra Kumar Behera |
|
35693 |
|
Nrendra Kumar Behera |
|
20153 |
|
Bhramarbar Behera |
|
20153 |
|
Soumendra Behera |
|
15602 |
|
RSB Metaltech Private limited, |
|
896281 |
|
Sangita Behera |
|
854854 |
|
NIshant Behera |
|
81195 |
|
Rajnikant Behera |
|
60319 |
|
Niramla Udgata |
|
27206 |
|
Ratikant Behera |
|
12736 |
|
Rituraj Behera |
|
12736 |
|
Sarthak Behera |
|
8668 |
|
RSB Industries Limited, |
|
8666454 |
|
RSB Global Private limited, |
|
189531 |
|
Subhashree Behera |
|
180385 |
|
Jharna Behera |
|
36961 |
|
Satya Swarup |
|
26000 |
|
Nishit Behera |
|
17926 |
|
Jayanti Behera |
|
56409 |
|
Tara India Fund III Trusts, |
|
263 |
|
EIF Coinvest VII, |
|
1993 |
|
Tara India Holdings A Limited, |
|
1383 |
|
Tara India Fund III Domestic
Trusts, |
|
347 |
|
Total |
|
15757190 |
|
Names of Preference
Shareholders |
|
No. of Shares |
|
Tara India Fund III Trusts, |
|
376029 |
|
EIF Coinvest VII, |
|
2261628 |
|
Tara India Holdings A Limited, |
|
1976585 |
|
Tara India Fund III Domestic
Trusts, |
|
495760 |
|
Total |
|
5110002 |
As on 11.07.2011
|
Category |
|
Percentage |
|
Venture Capital |
|
0.02 |
|
Bodies corporate |
|
61.89 |
|
Directors or relatives of directors |
|
38.09 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Propeller Shafts, Gears and Shafts and Live Axles |
||||||||
|
|
|
||||||||
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by Management |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Axis Bank
Limited, |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Rs.
in Millions
Note: (A) - State Bank of India (Amount repayable within One year Rs.243.265 Millions : Previous year Rs.111.250 Millions ) - Indian Overseas Bank (Amount repayable within one year Rs.32.400 Millions : Previous Year Rs.32.400 Millions) - Punjab National Bank (Amount repayable within one year Rs. 83,025,807 : Previous Year Rs.64.240 Millions) - Bank of India (Secured by way of Hypothecation of specific four machines) (Amount repayable within one year Rs. Nil : Previous Year Rs. 4.412 Millions) - State Bank of Travancore (Amount repayable within One year Rs.7.961 Millions : Previous year Rs.16.704 Millions) - Dena Bank (Amount repayable within One year Rs.12.000 Millions : Previous year Rs. Nil) - Industrial Development Bank of India (Amount repayable within One year Rs.56.800 Millions : Previous year Rs.45.571 Millions ) - Allahabad Bank (Amount repayable within One year Rs.32.340 Millions: Previous year Rs.30.140 Millions ) (B) Term Loan from NBFC's: - Tata Capital Ltd. (Amount repayable within One year Rs.85.320 Millions : Previous year Rs.73.320 Millions) – L & T Finance Ltd. (Amount repayable within One year Rs.5.089 Millions : Previous year Rs.Nil) (C) Includes- - State Bank of (D) [Amount repayable within one year Rs.2.123 Millions (Previous Year Rs. 5.617 Millions)] (E) Includes- From SIDBI under Receivable Finance Scheme Buyer's Credit Facility
Note: (A) Includes- From NBFC's- Tata Capital Limited (B) Includes- Sales Tax Deferral (Interest Free) [Repayable within one year Rs.9.897 Millions (Previous Year Rs.5.488 Millions)] (C) Includes- Loan from Bodies Corporate John Deere (D) Includes- Loan from SIDBI under Receivable Finance
Scheme Loan from Bodies Corporate |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
L and T Finance Limited, L and T House, N.M.Marg, Ballard Estate,
Mumbai-400001, |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Associates Chartered Accountant |
|
Address : |
802 Lloyds Chambers, |
|
Pan No.: |
AAAFS1034J |
|
|
|
|
Subsidiaries : |
·
Design Engineering Solutions Limited CIN No.: U29999PN1998PLC012660 ·
RSB Castings Limited CIN No.: U27100OR2011PLC013085 ·
RSB ·
RSB Transmission NA, Inc ·
RSB ·
RSB Transmission |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Share |
Rs.10/- each |
Rs.240.000 Millions |
|
6000000 |
Preference Share |
Rs.10/- each |
Rs.60.000 Millions |
|
|
|
|
Rs.300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15757190 |
Equity Share |
Rs.10/- each |
Rs.157.572 Millions |
|
5110002 |
Preference Share |
Rs.10/- each |
Rs.51.100
Millions |
|
|
|
|
Rs.208.672 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 |
208.672 |
208.672 |
102.241 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1938.234 |
1603.802 |
763.059 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2146.906 |
1812.474 |
865.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2772.045 |
2587.489 |
1305.976 |
|
|
2] Unsecured Loans |
145.814 |
268.400 |
151.821 |
|
|
TOTAL BORROWING |
2917.859 |
2855.889 |
1457.797 |
|
|
DEFERRED TAX LIABILITIES |
288.196 |
206.807 |
113.006 |
|
|
|
|
|
|
|
|
TOTAL |
5352.961 |
4875.170 |
2436.103 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3933.818 |
3654.331 |
1765.893 |
|
|
Capital work-in-progress |
80.088 |
206.549 |
75.490 |
|
|
|
|
|
|
|
|
INVESTMENT |
383.849 |
311.277 |
311.888 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
947.869
|
733.383 |
292.138 |
|
|
Sundry Debtors |
696.311
|
388.529 |
139.162 |
|
|
Cash & Bank Balances |
83.234
|
114.801 |
76.043 |
|
|
Other Current Assets |
8.306
|
0.431 |
0.000 |
|
|
Loans & Advances |
398.630
|
324.880 |
131.403 |
|
Total
Current Assets |
2134.350
|
1562.024 |
638.746 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1003.899
|
754.234 |
323.409 |
|
|
Other Current Liabilities |
100.718
|
66.452 |
27.022 |
|
|
Provisions |
74.527
|
38.325 |
5.483 |
|
Total
Current Liabilities |
1179.144
|
859.011 |
355.914 |
|
|
Net Current Assets |
955.206
|
703.013 |
282.832 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5352.961 |
4875.170 |
2436.103 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8368.396 |
5462.798 |
1953.131 |
|
|
|
Other Income |
26.789 |
7.032 |
36.455 |
|
|
|
TOTAL (A) |
8395.185 |
5469.830 |
1989.586 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Changes in inventories
|
5520.279 |
3541.100 |
|
|
|
|
Manufacturing Service Cost |
783.828 |
530.737 |
|
|
|
|
Employee related Expenses |
604.100 |
396.847 |
|
|
|
|
Administrative Selling other Expenses
|
325.037 |
207.459 |
|
|
|
|
TOTAL (B) |
7233.244 |
4676.143 |
1696.937 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1161.941 |
793.687 |
292.650 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
349.290 |
367.737 |
129.504 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
812.651 |
425.950 |
163.146 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
317.109 |
283.268 |
102.996 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
495.542 |
142.682 |
60.150 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
136.857 |
64.741 |
27.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
358.685 |
77.941 |
33.070 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT
RELATED MERGER ACQUISITION |
0.000 |
241.740 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
500.887 |
202.704 |
169.665 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
24.252 |
21.498 |
0.031 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
835.320 |
500.887 |
202.704 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.39 |
4.46 |
4.28 |
|
%20LIMITED%20-%20183539%2014-Jun-2012_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.27
|
1.42 |
1.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.93
|
2.61 |
3.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.17
|
2.73 |
2.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.08 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.90
|
2.04 |
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.81 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
DETAILS OF SUNDRY CREDITORS:
Rs.in Millions
|
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due small micro enterprises |
9.250 |
7.345 |
5.814 |
|
Creditors due others |
994.649 |
746.889 |
317.595 |
|
|
1003.899 |
754.234 |
323.409 |
COMPANY’S PERFORMANCE
During the year, the recovery of the global economy
continued following the trend of the previous year, but it was far from the pre
recession level. Contrary to the global situation, despite stubborn inflation
and rising interest cost,
PERFORMANCE OF SUBSIDIARIES:
RSB TRANSMISSIONS NA, INC:
RSB Transmissions NA, Inc, in FY 11, recorded sales revenue of INR 1198.500 Millions (USD 26.63 million), representing an increase of 55.83 percent from the FY 10 level which was INR 769.100 Millions (USD 17.09 million). PAT improved by 281.70 percent from INR 22.400 Millions (USD 0.50 million) to INR 85.500 Millions (USD 1.90 million). Its major products are differential cases, planet carriers, yokes, drive hubs and overhead carriers. Its main customers are American Axle, Allison, GM, Magna, Eaton and Formtech among others.
RSB TRANSMISSIONS
RSB Transmissions
Belgium NV (formerly known as
DESIGN ENGINEERING SOLUTIONS LIMITED:
i - Design, the design wing of the Company, attained a top line of INR 94.000 Millions in FY 11 and this is 113.42 percent more than the FY 10 level of INR 44.100 Millions. EBITDA improved by 116.21 percent from INR 0.69 to INR 14.900 Millions during the same period. Likewise the PAT also increased by 194.41 percent from INR 0.25 to INR 7.500 Millions.
NEW PLANT IN
The Company further expanded its global footprint in FY11.
The
AWARDS:
For the past several years the Company has consistently been receiving awards from its various customers for its quality, delivery and ingenuity. In FY11 too the Company received three awards from HV Axles Ltd (Tata Enterprise) for its contributions in delivery, new product development and business association.
INDUSTRY OUTLOOK:
The long term future outlook of Indian economy is firmly
optimistic. It is a widely acknowledged fact that the weight of the future
global economy is going to shift to the emerging economies. According to the
estimates of World Bank, growth of global economy including the automotive
business will be led by BRIC (
CONTINGENT
LIABILITIES
Rs.in Millions
|
|
31.03.2011 |
|
Bills Discounted with Banks not matured |
843.563 |
|
Sales Tax Demand in respect of which Company is in appeal |
4.845 |
|
Corporate Guarantees issued to the Bankers by the Company
in respect of financials assistance taken by, wholly owned subsidiaries from
bankers |
30.000 |
|
i Design Engineering Solutions Limited |
63.240 |
|
ii RSB Europe B.V. |
1.0 Mn Euros |
Form : 8
|
Corporate identity number of the company |
U34102PN1989PLC014807 |
|
Name of the company |
RSB TRANSMISSIONS [ |
|
Address of the registered office or of the
principal place of business in |
Gat No. 908, Sanaswadi, Taluka Shirur,
Pune Nagar Road, Pune – 412208, Maharashtra, India Email: ashish.tiwari@rsbglobal.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10328978 |
|
Type of charge |
·
Movable property (not being pledge) ·
Immovable
Property ·
Any interest in immovable property |
|
Particular of charge holder |
Axis Bank
Limited, Email: manisht.yadav@axisbank.com |
|
Nature of instrument creating charge |
Deed of Hypothecation Machinery and Other
Fixed Assets |
|
Date of instrument Creating the charge |
16.03.2012 |
|
Amount secured by the charge |
Rs.210.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Term Loan - RS.210.000 Millions : 2.75%
above the Base Rate (Present Base Rate being 10.00%) i.e presently applicable
@ 12.75% Terms
of repayment Term Loan - RS.210.000 Millions Margin Term Loan - RS.210.000 Millions Extent
and Operation of the charge: Pari Passu First Charge on the entire
Fixed Assets of the company situated at
Uttaranchal Plant located at Plot No.23, Sector11, |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Entire Fixed assets of the comapany at
Uttaranchal Plant located at Plot No.23, Sector11, |
|
Particulars of the present modification |
By this Modification the overall limit
secured is reduced to Rs.210.000 Millions. |
COMPANY ANALYSIS:
According to the Individual - Audited financial statement for the Year of 2010, total net operating revenues increased with 174.92%, from INR 198.96 tens of millions to INR 546.98 tens of millions. Operating result increased from INR 29.56 tens of millions to INR 80.12 tens of millions which means 171.04% change. The results of the period increased 135.35% reaching INR 7.79 tens of millions at the end of the period against INR 3.31 tens of millions last year. Return on equity (Net income/Total equity) went from 3.83% to 4.30%, the Return On Asset (Net income / Total Asset) went from 1.42% to 1.67% and the Net Profit Margin (Net Income/Net Sales) went from 1.66% to 1.42% when compared to the same period of last year. The Debt to Equity Ratio (Total Liabilities/Equity) was 257.57% compared to 268.47% of last year. Finally, the Current Ratio (Current Assets/Current Liabilities) went from 1.82 to 1.90 when compared to the previous year
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.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.