MIRA
INFORM REPORT
|
Report Date : |
30.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PREMIUM TRANSMISSION LIMITED [w.e.f. 14.06.2010] |
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Formerly Known
As : |
PREMIUM ENERGY TRANSMISSION LIMITED [W.E.F. 22.04.2004] BILT INFRASTRUCTURE PRIVATE LIMITED [W.E.F. 31.07.2000] EVEREST FOOD ( |
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Registered
Office : |
P. B. No.5, Mumbai Pune Road, Next to Greaves Cotton Limited, Chinchwad,
Pune 411019, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.04.1983 |
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Com. Reg. No.: |
11-133199 |
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Capital
Investment / Paid-up Capital : |
Rs.598.566 Millions |
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CIN No.: [Company Identification
No.] |
U01119PN1938PLC133199 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKP02127G NSKP02126F PNEP08128B |
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PAN No.: [Permanent Account No.] |
AADCP2916N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Gearboxes. |
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No. of Employees
: |
900 [Approximately] |
RATING & COMMENTS
|
MIRAs Rating : |
Ba [49] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
USD 6280000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Subject is a
well established company having satisfactory track. Trade relations are
reported as fair. Business is active. Payments are reported to be usually correct
and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. R. S. Kulkarni |
|
Designation : |
Assistance Manager in Account Finance
|
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Contact No.: |
91-20-66309881 |
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Date : |
05.12.2011 |
LOCATIONS
|
Registered Office : |
P. B. No.5, Mumbai Pune Road, Next to Greaves Cotton Limited,
Chinchwad, Pune 411019, Maharashtra, India |
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Tel. No.: |
91-20-66314100/ 27475141 |
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Fax No.: |
91-20-27450287 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
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Corporate/ Head
Office : |
The Westin, 402, Business Plaza, 36/3-B, Koregaon Park Annex, Mundhwa Road,
Pune 411001, Maharashtra, India |
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Tel No.: |
91-20-67269713 |
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Fax No.: |
91-20-67269728 |
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Email : |
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Factory : |
Mumbai Pune Road, Chinchwad, Pune 411019, Maharashtra, India |
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Location : |
Owned |
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European Branch
Office : |
Stephan B. V. D-31789, Germany, Ohsener Strasse 79-83. |
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Tel No.: |
+49 (0) 5151/780-0 |
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Fax No.: |
+49 (0) 5151/780-441 |
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Email : |
DIRECTORS
AS ON 07.06.2011
|
Name : |
Mr. Suresh Kumar Mamanchand Jain |
|
Designation : |
Director |
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Address : |
India159, Siddharth Enclave, Ashram Chowk, |
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Date of Birth/Age : |
12.03.1957 |
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Date of Appointment : |
09.11.2006 |
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DIN : |
00003500 |
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Name : |
Mr. Karan Thapar |
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Designation : |
Director |
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Address : |
8, |
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Date of Birth/Age : |
20.03.1957 |
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Date of Appointment : |
05.09.2008 |
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DIN : |
00004264 |
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Name : |
Mr. Sunil Nawal Phatarphekar |
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Designation : |
Director |
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Address : |
A64, Queen Apartment, 59, Pali Hill, Bandra, Mumbai 400050, |
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Date of Birth/Age : |
02.10.1963 |
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Date of Appointment : |
08.06.2004 |
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DIN : |
00005164 |
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Name : |
Mr. Tapan Kumar Makhanlal Chattopadhyay |
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Designation : |
Director |
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Address : |
Flat No. 902, Building C1, Montvertapristine, Kirkee, Pune - 411020, |
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Date of Birth/Age : |
09.12.1938 |
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Date of Appointment : |
03.05.2007 |
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DIN : |
00114708 |
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Name : |
Mr. Praveen Krishnachandra Sachdev |
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Designation : |
Director |
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Address : |
601, |
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Date of Birth/Age : |
04.04.1945 |
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Date of Appointment : |
04.05.2009 |
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DIN : |
00291546 |
KEY EXECUTIVES
|
Name : |
Mr. Ratanlal Tikaram Goel |
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Designation : |
Secretary |
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Address : |
Flat No.201/202, Vedant Apartment, Sadashivpeth, Pune - 411030,
Maharashtra, India |
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Date of Birth/Age : |
09.02.1962 |
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Date of Appointment : |
08.06.2004 |
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PAN : |
ABJPG4245P |
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Name : |
Mr. Maninder Singh Surinder Singh Chugh |
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Designation : |
Manager |
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Address : |
Flat No.604, Dahlia, Nyati Meadows, Kalyani Nagar, Wadgaon Sheri, Pune
411014, Maharashtra, India |
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Date of Birth/Age : |
21.12.1957 |
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Date of Appointment : |
19.01.2008 |
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PAN : |
ABQPC6696P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.06.2011
|
Names of Shareholders |
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No. of Equity
Shares |
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DBH International Private Limited, India |
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15776294 |
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Marble Arch Investments PCC Limited, |
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10000000 |
|
Karan Thapar |
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5 |
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Karan Thapar |
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5 |
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Suresh Kumar Mamanchand Jain |
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2 |
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P |
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2 |
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Ratanlal Tikaram Goel |
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2 |
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Praveen Krishnachandra Sachdev |
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2 |
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Maninder Singh Surinder Singh Chugh |
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2 |
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Total |
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25776314 |
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Names of Shareholders |
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No. of
Preference Shares |
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Greaves Leasing Finance Limited , |
|
1333034 |
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Greaves Leasing Finance Limited , |
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2075000 |
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Total |
|
3408034 |
AS ON 07.06.2011
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Equity Share
Break Up Category |
Percentage |
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|
Foreign holdings( Foreign institutional
investor(s), Foreign companies Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
38.79 |
|
Bodies corporate |
61.20 |
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Other |
0.01 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Gearboxes. |
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Products : |
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Exports : |
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Products : |
§
Gearboxes |
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Countries : |
§
Australia §
South East Asian §
Gulf Countries §
§
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Imports : |
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Products : |
Raw Material |
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Countries : |
§
§
§
South Korea §
Singapore |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed Capacity* and Installed Capacity** |
Actual Production |
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Gear Boxes |
Nos. |
65000 |
37325 |
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Fluid Couplings |
Nos. |
3500 |
2470 |
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Geared Motors |
Nos. |
25000 |
15584 |
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Auto Components |
Nos. |
1500000 |
1139626 |
(*) The companys products are exempt from licensing requirements under the Industrial Policy by virtue of Notification No.477 (E) of 25.07.1991.
(**) As certified by the management on which the statutory
auditors have placed reliance.
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers, End Users and OEMs · Bharat Petroleum Bharat Heavy Electricals Limited (BHEL) Greaves Indian Oil ISGEC John Thompson ITC Limited Jindal Stainless Kone Elevators Larsen and Toubro Mahindra Manally Bharat Engineering Company Limited National Thermal Power Corporation (NTPC) Steel Authority of India Limited (Sail) Shree Cement Limited Tata Steel Vedant Industries Limited TRF India Limited |
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No. of Employees : |
900 [Approximately] |
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Bankers : |
§
Axis
Bank Limited, JM Road Branch, 1262/B Sterling Plaza, Jangali Maharaj Road, Deccan Gymkhana, Pune - 411004, Maharashtra, India · ICICI Bank City Mall
Branch, India §
State Bank of India Tarachandra Branch, India §
Yes Bank §
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountants |
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Address : |
Pune, Maharashtra, India |
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Holding Company : |
DBH International Private Limited CIN : U74899DL1950PTC057209 |
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Entities in which
KMP or their relatives exercise significant influence |
Crompton Greaves Limited CIN : L99999MH1937PLC002641 English Indian Clays Limited CIN : L26939KL1963PLC002039 Greaves Cotton Limited CIN : L99999MH1922PLC000987 Greaves Leasing Finance Limited CIN : U29299MH1958PLC011250 Pembril Industrial and Engineering Company Private Limited CIN : U29291MH1973PTC016361 Premium Transmission BV, Germany |
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Entities which
exercise significant influence in the Company |
Marble Arch Investments PCC Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26,000,000 |
Equity Shares |
Rs.10/- each |
Rs.260.000 millions |
|
3,450,000 |
Preference Shares |
Rs.100/- each |
Rs.345.000 millions |
|
|
|
|
|
|
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Total |
|
Rs.605.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,776,314 |
Equity Shares |
Rs.10/- each |
Rs.257.763 millions |
|
3,408,034 |
3.50 % Non-Cumulative Redeemable Preference |
Rs.100/- each |
Rs.340.803 millions |
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|
|
|
|
|
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Total |
|
Rs.598.566
millions |
Note:
1,350,000 3.50 % Non-Cumulative Redeemable Preference Shares of 100 each Rs.135.000, 2,100,000 5% Non-Cumulative Redeemable Preference Shares of 100 each Rs.210.000 Total Rs.345.000
Of the above shares, 15,776,294 are held by DBH International Private Limited, the holding company
1,333,034 3.50% Non-Cumulative Redeemable Preference Shares of 100 each (Above shares are allotted as fully paid, pursuant to a contract without payment being received in cash) Rs.133.303, 2,075,000 5% Non-Cumulative Redeemable Preference Shares of 100 each fully paid(Above Preference Shares are redeemable on or before February 2014)Rs.207.500 Total Rs.340.803
Of the above shares, 15,776,294 are held by DBH International Private Limited, the holding company
1,333,034 3.50% Non-Cumulative Redeemable Preference Shares of 100 each (Above shares are allotted as fully paid, pursuant to a contract without payment being received in cash) Rs.133.303, 2,075,000 5% Non-Cumulative Redeemable Preference Shares of 100 each fully paid(Above Preference Shares are redeemable on or before February 2014)Rs.207.500 Total Rs.340.803
Of the above shares, 15,776,294 are held by DBH International Private Limited, the holding company
1,333,034 3.50% Non-Cumulative Redeemable Preference Shares of 100 each (Above shares are allotted as fully paid, pursuant to a contract without payment being received in cash) Rs.133.303 2,075,000 5% Non-Cumulative Redeemable Preference Shares of 100 each fully paid (Above Preference Shares are redeemable on or before February 2014) Rs.207.500 Total Rs.340.803
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2011 [9 months] |
30.06.2010 [12 months] |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
598.566 |
598.566 |
598.566 |
|
|
2] Share Application Money |
0.000
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
971.806 |
772.195 |
608.123 |
|
|
4] (Accumulated Losses) |
0.000
|
0.000 |
0.000 |
|
|
NETWORTH |
1570.372 |
1370.761 |
1206.689 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
343.921 |
292.264 |
477.902 |
|
|
2] Unsecured Loans |
30.428 |
38.419 |
33.172 |
|
|
TOTAL BORROWING |
374.349 |
330.683 |
511.074 |
|
|
DEFERRED TAX LIABILITIES |
61.164 |
61.947 |
55.775 |
|
|
|
|
|
|
|
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TOTAL |
2005.885 |
1763.391 |
1773.538 |
|
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
FIXED ASSETS [Net Block] |
928.368 |
964.125 |
927.135 |
|
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Capital work-in-progress |
92.710 |
24.465 |
73.658 |
|
|
|
|
|
|
|
|
INVESTMENT |
340.903 |
340.903 |
340.903 |
|
|
DEFERREX TAX ASSETS |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
477.946
|
402.281 |
350.814 |
|
|
Sundry Debtors |
755.144
|
712.966 |
687.877 |
|
|
Cash & Bank Balances |
127.704
|
90.371 |
91.045 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
78.261
|
58.252 |
57.533 |
|
Total
Current Assets |
1439.055
|
1263.870 |
1187.269 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
462.994 |
419.517 |
386.841 |
|
|
Other Current Liabilities |
194.983
|
252.401 |
233.017 |
|
|
Provisions |
137.174
|
158.054 |
135.569 |
|
Total
Current Liabilities |
795.151
|
829.972 |
755.427 |
|
|
Net Current Assets |
643.904
|
433.898 |
431.842 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2005.885 |
1763.391 |
1773.538 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 [9 months] |
30.06.2010 [12 months] |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2767.871 |
3157.351 |
2694.901 |
|
|
|
Other Income |
23.357 |
29.286 |
24.130 |
|
|
|
TOTAL (A) |
2791.228 |
3186.637 |
2719.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1517.044 |
1720.223 |
|
|
|
|
Manufacturing service costs |
221.316 |
257.420 |
|
|
|
|
Employee related expenses |
237.158 |
341.553 |
|
|
|
|
Administrative selling other expenses |
212.578 |
238.131 |
|
|
|
|
Research development expenditure |
16.956 |
16.916 |
2169.914 |
|
|
|
TOTAL (B) |
2205.052 |
2574.243 |
2169.914 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
586.176 |
612.394 |
549.117 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.544 |
61.121 |
76.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
555.632 |
551.273 |
472.490 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
96.635 |
120.057 |
102.673 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
458.997 |
431.216 |
369.817 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
156.058 |
153.273 |
129.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
302.939 |
277.943 |
240.703 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
272.194 |
258.123 |
231.519 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
150.000 |
100.000 |
|
|
|
Proposed Dividend - Preference Shares |
|
15.041 |
15.041 |
|
|
|
Tax on Proposed Dividend - Preference
Shares |
303.327 |
2.498 |
2.556 |
|
|
|
Interim Dividend |
|
38.664 |
38.664 |
|
|
|
Tax on Interim Dividend |
|
6.571 |
6.571 |
|
|
|
Proposed Dividend |
|
43.820 |
43.820 |
|
|
|
Tax on Proposed Dividend |
|
7.278 |
7.447 |
|
|
BALANCE CARRIED
TO THE B/S |
271.806 |
272.194 |
258.123 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
125.560 |
153.067 |
- |
|
|
TOTAL EARNINGS |
125.560 |
153.067 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
66.019 |
71.084 |
- |
|
|
|
Components and Spare Parts |
2.360 |
1.634 |
- |
|
|
|
Capital Goods |
1.799 |
59.201 |
- |
|
|
TOTAL IMPORTS |
70.178 |
131.919 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
11.24 |
10.10 |
8.66 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
4250.000 |
|
|
|
|
|
Expected Sales (2012-13): Rs.5000.000 Millions
The above information has been parted by Mr. R. S. Kulkarni.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 [9 months] |
30.06.2010 [12 months] |
30.06.2009 |
|
PAT / Total Income |
(%) |
10.85
|
8.72 |
8.85 |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
16.58
|
13.66 |
13.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.39
|
19.35 |
17.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.31 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.74
|
0.85 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.52 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS: RS.
IN MILLIONS
|
Particulars |
31.03.2011 [9 months] |
30.06.2010 [12 months] |
30.06.2009 |
|
Due to Micro,
Small Micro Enterprises |
43.840 |
22.019 |
14.459 |
|
Due to Others |
419.154 |
397.498 |
307.851 |
|
For Capital Goods |
0.000 |
0.000 |
64.531 |
|
|
|
|
|
|
Total |
462.994 |
419.517 |
386.841 |
|
Available
in Report [Yes/No] |
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Construction of the firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of contact person |
Yes |
|
Turnover of firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
---- |
|
Estimation for coming financial year |
Yes |
|
Capital the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
Yes |
|
Payment Terms |
Yes |
|
Export / Import Details [If Applicable] |
Yes |
|
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 |
OPERATIONS
The Company has achieved net income of Rs. 2791.200 millions during the period as against Rs. 3186.600 millions in the previous year, a growth of 17% basis) has also increased by 45% to Rs. 302.900 millions as against Rs. 277.900 millions in the previous year.
The exports during the period were Rs. 125.600 millions
against Rs. 153.100 millions in the previous year, a growth of 9% on annualized
basis. The Company has appointed new dealers in
The company has drawn up ambitious plan for growth in the international operations, for which the management team is being strengthened. New products especially for the export markets are under development as also new geographies are being explored.
Business in all product groups has shown a robust growth. This is primarily on account of strong economic scenario in the country and also because of increase in market share in all the segments. Geared motor and Helical and Planetary gearboxes have demonstrated substantial growth introduction of new products in the Helical and Planetary Gearbox family, growth trend will continue in the coming financial year also.
FUTURE OUTLOOK
The Indian economy is growing at a very strong pace; GDP is expected to grow at plus 8% in the coming financial
year. This augurs very well for future growth prospects of the Company.
The Company is continuously focusing on development of new
products, increasing the geographies to cater to the new markets. The Company
is in the process of setting up a new plant in
The Directors are optimistic of improved performance for the current year, barring any unforeseen circumstances.
PROMOTER GROUP
The company is subsidiary of DBH International Private Limited and it continues holding 15,776,294 shares representing
61.20% of Paid Up Equity Capital of the Company. The Members
may note that the promoter group companies, are controlled by Mr. Karan Thapar,
comprising of the following Companies 1) Greaves Cotton Limited, Company
Private Limited, (4) DBH International Private Limited (5) Karun Carpets
Private Limited, (6) Greaves Leasing Finance Limited, (7) Bharat Projects
Private Limited, (8) Dee Greaves Limited, (9) Standard Refinery and Distillery
Limited, (10) Bharat Starch Products Limited, (11) DBH Global Holdings Limited,
(12) DBH Investments Private Limited, (13) Greaves Farymann Diesel GmbH (14)
DBH Consulting Limited (15) Greaves Auto Limited (16) Greaves Cotton
NOTE
The Registered office address of the company has been shifted from
Premium House, Old Mumbai Pune Road, Chinchwad, Pune 411019, Maharashtra,
India to the present address w.e.f. 20.10.2010
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2011 [9 months] |
30.06.2010 [12 months] |
|
Bills discounted
with banks |
50.203 |
61.004 |
|
Central sales tax
and VAT liability that may arise in respect of matters in appeal |
32.868 |
13.680 |
|
Excise duty
liability that may arise in respect of matters in appeal |
15.531 |
15.522 |
|
Income tax
liability that may arise in respect of matters in appeal |
9.578 |
15.135 |
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U01119PN1983PLC133199 |
|
Name of the
company |
PREMIUM
TRANSMISSION LIMITED |
|
Address of the
registered office or of the principal place of business in |
Premium House, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10066696 |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank Limited,
JM Road Branch, 1262/B Sterling Plaza, Jangali Maharaj Road, Deccan
Gymkhana, Pune - 411004, Maharashtra, India Email : niranjan.sonawane@axisbank.com
|
|
Nature of
instrument creating charge |
Amendment cum
Link Agreement (Annexure) executed on 02/08/2011 to switch over the existing
notion of Interest to be charged on the lending amount from Linking to BPLR
to Linking to Base Rate + notion as per mandatory directives from RBI. |
|
Date of
instrument Creating the charge |
02.08.2011 |
|
Amount secured by
the charge |
Rs.150.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- As per the Sanction Letter No. AXISB/PUNE/MC/AA/10-11/56, Dated 22/02/2011
duly acknowledged by the Company through its Directors. Terms of
Repayment - As per the Sanction Letter No. AXISB/PUNE/MC/AA/10-11/56, Dated
22/02/2011 duly acknowledged by the Company through its Directors. Margin - As per
the Sanction Letter No. AXISB/PUNE/MC/AA/10-11/56, Dated 22/02/2011 duly
acknowledged by the Company through its Directors. Extent and
Operation of the charge - Axis Bank Limited, JM Road Branch, Pune, will have
continuous charge as per the prevailing terms and conditions till the
repayment of entire loan with interest thereon. Through this modification the
methodology and the scope of interest
to be charged on the loan amount has been changed there is no change in the
security and shall be available in favour of the Bank irrespective of the
change in terms in the Rate of Interest for the Facilities. Others - The
Company, has given assent to all the Terms and Conditions, Covenants, as
provided in the Bank's Sanction Letter No. AXISB/PUNE/AA/10-11/56
Dated-22/02/11 and 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 term. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the current
assets inclusive of book debts stock spares stores etc located at the
Registered Office and at the Works of the Company. |
|
Particulars of
the present modification |
By execution of Link
Agreement, the company has given assent to switch over policy of calculation
of interest rate on lending amount,
from BPLR concept mode to Base Rate +
Concept mode, as per RBI's Mandatory
Directives. Present Rate of Interest being Base rate+3.50% pa. |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Vehicles
·
Technical Know-how
·
Air Conditioner
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 Intl
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 companys 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.55.58 |
|
|
1 |
Rs.87.14 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SCs 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.