MIRA
INFORM REPORT
|
Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
USV LIMITED |
|
|
|
|
Registered Office : |
Arvind Vithal Gandhi Chowk, BSD Marg, Govandi, Mumbai - 400 088, |
|
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|
Country : |
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|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
25.08.1961 |
|
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|
|
Com. Reg. No.: |
11-12098 |
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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 |
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|
|
|
Line of Business : |
Manufacturer and Exporter of Tablets Capsules and Pharmaceutical
Drugs. |
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|
|
No. of Employees : |
Information denied 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 |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA + [Long Term] |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
17.07.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 + [Short Term] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
17.07.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non co-operative.
LOCATIONS
|
Registered / Corporate Office : |
Arvind Vithal Gandhi Chowk, BSD Marg, Govandi, Mumbai - 400 088, |
|
Tel. No.: |
91-22-25564048 /
4049 / 4050 / 4051 / 25562225 / 25559915 / 25581118 / 67861111 |
|
Fax No.: |
91-22-25515608 / 25584025 |
|
E-Mail : |
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|
Website : |
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|
Factory 1 : |
MIDC, Lote Industrial Area, Khed, Ratnagiri, OIDC, Dabhel, Daman,
HPSIDC, Baddi, |
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|
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|
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 |
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Factory 3: |
OIDC, Dabhel, Daman, Daman and |
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Factory 4: |
Hilltop Industrial, Area, Jhar Majri, Baddi, |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mrs. Leena Gandhi Tewari |
|
Designation : |
Chairperson |
|
Address : |
41, Ritu Apartments, 208, |
|
Date of Birth/Age : |
09.03.1957 |
|
Qualification : |
MBA, B. Com. |
|
Date of Appointment : |
20.01.1986 |
|
Din No.: |
00001748 |
|
|
|
|
Name : |
Mr. Prashant Kumar Tewari |
|
Designation : |
Managing Director |
|
Address : |
41, Ritu Apartments, 208, |
|
Date of Birth/Age : |
09.04.1958 |
|
Qualification : |
MS, B.Tech IIT- |
|
Date of Appointment : |
20.01.1986 |
|
Din No.: |
00001745 |
|
|
|
|
Name : |
Mr. Debabrata Atul Chanda Bhaduri |
|
Designation : |
Director |
|
Address : |
9-A, |
|
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, |
|
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, |
|
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, |
|
Date of Birth/Age : |
24.11.1958 |
|
Qualification : |
MBA, |
|
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. |
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Products : |
APIs
Finished Products
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Brand Names : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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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 |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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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 |
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|
|
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Cost Auditor : |
|
|
Name : |
Sevekari, Khare and Associates Chartered Accountants |
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|
|
|
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 |
|
|
|
|
|
|
|
|
Less |
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 |
6642.190 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.785 |
1.538 |
4.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3319.194 |
3048.451 |
2281.910 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
646.334 |
386.722 |
356.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2672.860 |
2661.729 |
1925.130 |
|
|
|
|
|
|
|
|
|
Less |
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
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Creditors due small micro enterprises |
7.481 |
9.595 |
|
|
Creditors due others |
1685.864 |
1245.771 |
|
|
TOTAL |
1693.345 |
1255.366 |
1004.570 |
|
Sr. No. |
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) |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
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
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
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
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
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
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 |
BSD Marg, Govandi, Mumbai - 400 088, 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 |
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 |
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 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 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.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
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.