MIRA
INFORM REPORT
|
Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
USV LIMITED |
|
|
|
|
Registered Office : |
Arvind Vithal Gandhi Chowk, BSD Marg, Govandi, Mumbai - 400 088,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
25.08.1961 |
|
|
|
|
Com. Reg. No.: |
11-12098 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.999.670
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24239MH1961PLC012098 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU1366N |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU00007A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Tablets Capsules and Pharmaceutical
Drugs. |
|
|
|
|
No. of Employees : |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 40000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and a closely held public limited company engaged in manufacturing
and marketing of pharmaceuticals in the form of tablets, capsules, liquid,
creams, etc. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. The company is progressing well.
Payments are reported to be regular and as per commitments. The company can
be considered good 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
Management Non Co-operative
LOCATIONS
|
Registered Office / Corporate Office : |
Arvind Vithal Gandhi Chowk, BSD Marg, Govandi, Mumbai - 400 088,
Maharashtra, India |
|
Tel. No.: |
91-22-25564048 /
4049 / 4050 / 4051 / 25562225 / 25559915 / 25581118 / 67861111 |
|
Fax No.: |
91-22-25515608 / 25584025 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
MIDC, Lote Industrial Area, Khed, Ratnagiri, OIDC, Dabhel, Daman, HPSIDC,
Baddi, Himachal Pradesh, India |
|
|
|
|
Factory 2 : |
Plot No. B-1 / 8, M.I.D.C. Lote Industrial Area, Taluka Khed,
Ratnagiri, |
|
Tel. No.: |
91-2356-272242 |
|
Fax No.: |
91-2356-272402 |
|
|
|
|
Factory 3: |
OIDC, Dabhel, Daman, Daman and Diu, India |
|
|
|
|
Factory 4: |
Hilltop Industrial, Area, Jhar Majri, Baddi, Himachal Pradesh, India |
DIRECTORS
As on 30.09.2011
|
Name : |
Mrs. Leena Gandhi Tewari |
|
Designation : |
Chairperson |
|
Address : |
41, Ritu Apartments, 208, B.J. Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
09.03.1957 |
|
Qualification : |
MBA, Boston University, USA B. Com. |
|
Date of Appointment : |
20.01.1986 |
|
Din No.: |
00001748 |
|
|
|
|
Name : |
Mr. Prashant Kumar Tewari |
|
Designation : |
Managing Director |
|
Address : |
41, Ritu Apartments, 208, B J Road, Bandra ( West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
09.04.1958 |
|
Qualification : |
MS, B.Tech IIT- Kanpur |
|
Date of Appointment : |
20.01.1986 |
|
Din No.: |
00001745 |
|
|
|
|
Name : |
Mr. Debabrata Atul Chanda Bhaduri |
|
Designation : |
Director |
|
Address : |
9-A, Belvedere Court, Sane Guruji Marg, Mahalaxmi, Mumbai - 400011, Maharashtra,
India |
|
Date of Birth/Age : |
20.11.1941 |
|
Qualification : |
MA (Economics) |
|
Date of Appointment : |
01.05.2001 |
|
Din No.: |
00001754 |
|
|
|
|
Name : |
Mr. Deepak Keshav Ghaisas |
|
Designation : |
Director |
|
Address : |
B 61/62, Swapnashilp Apartments, Mahant Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1957 |
|
Qualification : |
CA, CS and ICWA |
|
Date of Appointment : |
21.09.2003 |
|
Din No.: |
00001811 |
|
|
|
|
Name : |
Mr. Debabrata Sujitkumar Gupta |
|
Designation : |
Executive Director and Chief Operating Officer |
|
Address : |
B-804, Etrnai, Hiranandani Gardens, Powai, Mumbai - 400076,
Maharashtra, India |
|
Date of Birth/Age : |
19.02.1963 |
|
Qualification : |
B.Tech.(Chemistry)-IIT Kharagpur |
|
Date of Appointment : |
19.09.2005 |
|
Din No.: |
01500784 |
|
|
|
|
Name : |
Mr. M Muthiah Murugappa Venkatachalam |
|
Designation : |
Director |
|
Address : |
20/1, Valliammai Achi Road, Kottupuram, Chennai - 600 085, Tamilnadu,
India |
|
Date of Birth/Age : |
24.11.1958 |
|
Qualification : |
MBA, Washington University, USA |
|
Date of Appointment : |
19.09.2005 |
|
Din No.: |
00152619 |
KEY EXECUTIVES
|
Name : |
Mr. Tanmay Anand Joshi |
|
Designation : |
Assistant Company Secretary |
|
Address : |
1/23, Radha Krishna Nivas, |
|
Date of Birth/Age : |
20.11.1983 |
|
Date of Appointment : |
05.06.2009 |
|
PAN No.: |
AGWPJ8684G |
|
|
|
|
Name : |
Mr. R. Sukumar |
|
Designation : |
Senior Vice-President-Generic Research and Business Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Leena Gandhi Tewari |
91287618 |
|
Prashant Tewari |
201759 |
|
Leena Gandhi Tewari Jointly with Prashant Tewari |
5395665 |
|
Prashant Tewari Jointly with Leena Gandhi Tewari |
3041193 |
|
Aneesha Gandhi Tewari |
11106 |
|
Treva Health Care Private Limited, |
5553 |
|
Vipal Health Care Private Limited, |
5553 |
|
USV Reliable Homes Private Limited, |
7404 |
|
Neo-Pharma Industries Private Limited, |
11106 |
|
Total |
99966957 |
As on 30.09.2011
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies corporate |
0.03 |
|
Directors or relatives of directors |
99.97 |
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Tablets Capsules and Pharmaceutical
Drugs. |
||||||||
|
|
|
||||||||
|
Products : |
APIs
Finished Products
|
||||||||
|
|
|
||||||||
|
Brand Names : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Standard
Chartered Grindlays Bank Limited, ·
The Saraswat
Co-operative Bank Limited, Mumbai, ·
Canara
Bank ·
Axis
Bank, Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006,Gujarat,
India ·
Vietcom Bank ·
JSC Bank ·
Swed Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
Tel. No. : |
91-22-66679000 |
|
Fax No. : |
91-22-66679100 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Internal Auditor
: |
|
|
Name : |
A P R Associates Chartered Accountants |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Sevekari, Khare and Associates Chartered Accountants |
|
|
|
|
Associates : |
·
Treva Health Care Private Limited ·
Vipal Health Care Private Limited ·
Tender Remedies ·
Business Link Automation ( ·
Vital Pharmacal Private Limited ·
Neo Pharma Industries Private Limited ·
Chronomed Health Care Private Limited ·
USV Reliable Homes Private Limited |
|
|
|
|
Subsidiaries : |
·
USV North America Inc ·
Indicus Pharma LLC ·
USV Europe Limited ·
USV Labs Limited CIN No.: U24232MH2010PLC20537 |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- Each |
Rs.1250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99966957 |
Equity Shares |
Rs.10/- Each |
Rs.999.670
millions |
Notes:
Of the above
- 99966750 Equity Shares of Rs.10/- each are allotted as fully paid-up
bonus shares by way of capitalization of profits.
- 5 Equity Shares of Rs.10/- each have been issued pursuant to the
Scheme of Amalgamation with Chronomed Products Limited.
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 |
999.670 |
999.670 |
999.670 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9070.135 |
8086.350 |
7390.330 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10069.805 |
9086.020 |
8390.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.825 |
7.825 |
0.000 |
|
|
2] Unsecured Loans |
25.989 |
32.127 |
46.890 |
|
|
TOTAL BORROWING |
33.814 |
39.952 |
46.890 |
|
|
DEFERRED TAX LIABILITIES |
177.428 |
228.141 |
241.770 |
|
|
|
|
|
|
|
|
TOTAL |
10281.047 |
9354.113 |
8678.660 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3607.984 |
3478.177 |
2143.760 |
|
|
Capital work-in-progress |
291.117 |
123.773 |
770.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
4864.610 |
4913.096 |
2636.610 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1316.962
|
1144.009
|
1036.570
|
|
|
Sundry Debtors |
1528.678
|
1125.101
|
1057.630
|
|
|
Cash & Bank Balances |
1008.720
|
754.402
|
2878.120
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
2265.269
|
1571.570
|
768.640
|
|
Total
Current Assets |
6119.629
|
4595.082
|
5740.960 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1693.345 |
1255.366 |
1004.570 |
|
|
Current Liabilities |
88.894
|
58.808
|
81.770
|
|
|
Provisions |
2820.054
|
2441.841
|
1527.030
|
|
Total
Current Liabilities |
4602.293
|
3756.015
|
2613.370 |
|
|
Net Current Assets |
1517.336
|
839.067
|
3127.590
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10281.047 |
9354.113 |
8678.660 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11443.528 |
10149.493 |
8320.340 |
|
|
|
Export Incentive (Net) |
|
|
33.650 |
|
|
|
Other Income |
639.059 |
488.665 |
574.410 |
|
|
|
TOTAL (A) |
12082.587 |
10638.158 |
8928.400 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
3978.256 |
3515.018 |
|
|
|
|
Manufacturing service costs |
545.351 |
438.309 |
|
|
|
|
Contract cost |
188.082 |
165.395 |
|
|
|
|
Employee related expenses |
967.910 |
750.954 |
|
|
|
|
Administrative selling other expenses |
2433.061 |
2012.151 |
|
|
|
|
Research development expenditure |
646.948 |
706.342 |
|
|
|
|
TOTAL (B) |
8759.608 |
7588.169 |
6642.190 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3322.979 |
3049.989 |
2286.210 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
3.785 |
1.538 |
4.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3319.194 |
3048.451 |
2281.910 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
646.334 |
386.722 |
356.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2672.860 |
2661.729 |
1925.130 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
125.196 |
453.462 |
198.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2547.664 |
2208.267 |
1728.690 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6623.578 |
6148.389 |
6095.210 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
|
1284.580 |
|
|
|
Tax on Proposed Dividend |
|
|
218.310 |
|
|
|
Transfer to General Reserve |
|
|
172.620 |
|
|
BALANCE CARRIED
TO THE B/S |
7352.598 |
6623.578 |
6148.390 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of goods exported |
2748.360 |
2833.690 |
2450.480 |
|
|
TOTAL EARNINGS |
2748.360 |
2833.690 |
2450.480 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Material |
|
639.190 |
532.260 |
|
|
|
Traded Goods |
|
56.900 |
107.120 |
|
|
|
Plant and Machinery |
|
100.710 |
54.790 |
|
|
|
Laboratory Equipment |
|
87.790 |
72.950 |
|
|
|
Laboratory Chemicals and Consumables |
NA |
36.270 |
34.490 |
|
|
|
Stores and Components |
|
11.110 |
3.770 |
|
|
|
Others |
|
2.980 |
3.720 |
|
|
TOTAL IMPORTS |
NA |
934.950 |
809.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.48 |
22.09 |
17.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
21.09 |
20.76 |
19.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.36 |
26.23 |
23.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.48 |
32.97 |
24.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.29 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46 |
0.42 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.22 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors Due Small Micro Enterprises |
7.481 |
9.595 |
6.970 |
|
Creditors Due Others |
1685.864 |
1245.771 |
997.600 |
|
Total |
1693.345 |
1255.366 |
1004.570 |
Revenues and
Profitability
Total revenues of
USV reached Rs.12028.000 million (+13%). Earnings before interest and
depreciation grew by 9% to Rs.3323.0000 million; Profit after tax increased by
15% to Rs.2548.000 million.
National business
USV s revenues
from the Indian market grew by 19% to Rs.8703.000 million over the previous
year, better than the market growth. The Chronic care and Multi-speciality
business units achieved a revenue of Rs.5175.000 million and Rs.2131.000
million respectively. USVs overall market share as per IMS March2011 was 1.53 %
in the year 2010-11.
Diabetes: USV
continues to enjoy a leadership position in the Oral anti-Diabetes market. USVs
share in the prescription market increased to 20.29%, while USVs overall value
market share in this market moved up from 12.6% to 13.8%. In the oral Diabetic
market, Glycomet GP was ranked number 2 and 2 other brands now feature among
the top 10 brands by value. By prescriptions, USV now has 3 brands among the top
10 prescribed brands with Glycomet ranked at number 1 position. Triglynase,
which was launched last year, has already climbed to the number 1 prescribed
brand in the triple drug category.
Cardiovascular
Disorders USV continues to build on its
leadership in prescriptions, with a market share of 14.5%. Ecosprin and
Ecosprin AV are ranked at number 1 and 2 respectively amongst the prescribed
brands in the cardiac market. USV s Key products like Tazloc, Roseday ,
Ecosprin Gold and Ecosprin AV have gained significant market share while other
specialized brands continue to make a positive impact in the market. Within one
year of its launch, Roseday has gained a quick market share and has become the
number 1 prescribed brand in its category.
Institutional Sales
and Multi Specialty Segments: The Institutional business covering Central and
State Government Institutions and Public sector companies recorded a growth of
13% during the year. USVs business in multi- specialty segment business grew
only by 4% while prescription growth under this business improved and grew by
10 % over the previous year.
CNS disorders: The
Centra division achieved the Revenues of Rs.325.000 million with an increase in
the prescription market share to 2.4%, up from 2.1 % in previous year. This
business was ranked 11th in the covered market, moving up 2 places over the
previous year.
Cosmeceuticals:
During the year, Splendore reached the Revenues of Rs.103.000 million in its
3rd full year of operation and continued to progress well gaining a good market
share. The Baby care business of the division has been expanded significantly
during the year with an ambitious growth plan.
The future outlook
for the Indian business remains excellent. The Indian pharmaceutical market is
growing at over 15%. With their portfolio of businesses they expect to grow
faster than the market and add to their market share.
International business
USVs Revenues from
the International market for the Financial Year 2010-11 stood at Rs.2800.000
million . Though the business from the Regulated market did not meet the
Companys expectations, things are looking positive going forward.
Regulated markets:
Their key API Metformin continued to do well in this market, even though the
business in North America which is their largest market was affected.
Glimepiride continues to face price pressure from Customers. Ropinorole did
well during the year though growth is slowing down. Their finished dosages
business recorded a good growth in this year and they expect this business to
contribute significantly going forward. The key milestone of this year was the
launch of 2 finished products in the US through their associate company Indicus
Pharma LLC.
Emerging Markets:
In spite of facing challenges in this market , USV achieved a growth of 11%
with sales of Rs.312.000 million. USV continues to be a significant player in
Sri Lanka and is ranked Number 1 in the Oral anti-Diabetes market. Four of
their brands feature among the top 10 brands (Their brand Glycomet is ranked
6th in the Sri Lankan Pharmaceutical market).
The future outlook
for their International business remains good. The coming year will see 2 API
launches for EU and US, and 3 finished product launches for the US market. Cost
pressure, Competitive pressure on pricing and the INR appreciation continue to
remain challenges for the business.
Manufacturing operations
During the
previous year, the organisation built and augmented manufacturing capacities at
all sites. Chiplun saw additions to its Metformin and other API capacity at the
existing site. At Daman, larger granulation capacities were added to meet the
increased demands from their EU and US businesses. The new plant at Baddi is
now fully operational to cater to the domestic as well as international
business. The new plant at Baddi is designed to supply consumer ready
formulations to the developed markets in the EU and US. While the expansions
were being undertaken, the existing plants, specially at Baddi and Chiplun
delivered a record turnovers during the year.
The factories and
supply chain functions contributed to the continuing cost and value engineering
programs, which resulted in margin improvements for the business.
Both Chiplun and
Daman plants were re-inspected and approved for continued supplies to the US
markets by the US regulatory agency. The Daman facility was approved by the
Finland regulatory authorities for supply to the EU markets.
Contingent
Liability:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Guarantees given
by the Bank on behalf of the Company |
40.250 |
52.61 |
|
Letters of
credit issued by bank on behalf of the Company |
160.770 |
15.690 |
|
Demands of
Income Tax, Sales Tax and Excise (Authorities
pertaining to further disputes by respective authorities against initial
appeal orders. The Company is of the view that the matters will be decided in
its favour and does not expect any liability on these disputes) |
86.28 |
99.44 |
|
Claims against
the Company not acknowledged as debts 1)
DPCO / DPEA / NPPA Claims pertaining to recovery
of excess price / equalization. 2)
Legal / Labour Claims pertaining to compensation
pursuant to termination of service. |
246.670 3.230 |
241.180 2.240 |
Form 8
|
Corporate identity number of the company |
U24239MH1961PLC012098 |
|
Name of the company |
USV LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
BSD Marg, Govandi, Mumbai - 400 088, Maharashtra, India E-mail : sudhir.thatte@usv.co.in
|
|
This form is for |
Creation of charge |
|
Charge identification number of the modified |
10181441 |
|
Type of charge |
Book debts Others (Stocks) |
|
Particular of charge holder |
Axis Bank, Trishul 3rd Floor,
Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad -
380006,Gujarat, India E-mail : sanjay.tendulkar@axisbank.com
|
|
Nature of instrument creating charge |
Deed of Hypothecation dated 21.07.2011 hypothecating to the Bank,
Company's Book debts and Stocks aggregating Rs.800.000 Millions only. |
|
Date of instrument Creating the charge |
21.07.2011 |
|
Amount secured by the charge |
Rs.800.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest CC: Base Rate + 5.00% (12.50% p.a at present) payable monthly WCDL: Base Rate + 4.50% (12.50% p.a at present) payable monthly Terms of Repayment CC/WDCL- Repayment on demand Margin Raw Material- 25% Stock-in-progress- 25% Finished goods and Packing materials- 25% Stores and Spares- 25% Book Debts(Cover period 90 days)- 25% Extent and Operation of the charge Rs.800.000 Millions for utilizing against Cash Credit/WDCL/Loan
Equivalent Risk (LER) Others Alongwith the Deed of Hypothecation following documents were executed
on 21.07.2011 covering liability aggregating to Rs.800.000 21.07.2011 only :
D.P Note, D.P. Note Delivery cum waiver letter, Letter of Arrangement- Cash Credit
advances, Demand/Short term credit facility arrangement, General undertaking/
Indemnity for letter of Credit, Counter indemnity for Guarantee Limit,
Agreement cum Indemnity for Export credit, Undertaking for Bills
purchased/discounted/Negotiated, Undertaking cum Indemnity Deed. |
|
Short particular of the property or asset(s) charged |
Book Debts and Stocks |
FIXED ASSETS
- Land – Freehold
- Land – Leasehold
- Residential Buildings
- Office Premises
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Vehicles
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.84 |
|
|
1 |
Rs.77.96 |
|
Euro |
1 |
Rs.65.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
67 |
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.