Business
information report
1. Summary Information
|
|
|
Country |
|
|
Company Name |
|
Principal Name 1 |
Mr. Tatineni Rama Rao |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ajay Tatineni |
|
|
|
Registration # |
18-010223 |
|
Street Address |
Plot No.5, Harington Apartments, 98 Harington Road, Chetpet,
Chennai-600031, Tamilnadu, India |
||
|
Established Date |
03.08.1983 |
SIC Code |
-- |
|
Telephone# |
91-44-2836544 |
Business Style 1 |
Manufacture |
|
Fax # |
91-44-28365320 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Hoses |
|
|
# of employees |
Not Available |
Product Name 2 |
Loose Braid |
|
Paid up capital |
Rs.
8,587,500/- |
Product Name 3 |
--- |
|
Shareholders |
Directors or relatives
of Directors – 96.00% Other top fifty shareholders –
4.00% |
Banking |
State Bank of
Travancore |
|
Public Limited Corp. |
No |
Business Period |
|
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
131,610,000 |
Current Liabilities |
63,909,000 |
|
Inventories |
62,324,000 |
Long-term Liabilities |
104,664,000 |
|
Fixed Assets |
152,892,000 |
Other Liabilities |
50,886,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
219,459,000 |
|
Invest& other Assets |
301,000 |
Retained Earnings |
119,080,000 |
|
|
|
Net Worth |
127,668,000 |
|
Total Assets |
347,127,000 |
Total Liab. & Equity |
347,127,000 |
|
Total Assets (Previous Year) |
260,538,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
336,978,000 |
Net Profit |
32,534,000 |
|
Sales(Previous yr) |
197,029,000 |
Net Profit(Prev.yr) |
8,458,000 |
MIRA
INFORM REPORT
|
Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
Plot No.5, Harington Apartments, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
03.08.1983 |
|
|
|
|
Com. Reg. No.: |
18-010223 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8.588 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25199TN1983PTC010223 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM01008A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of Stainless Steel Hose and Braid, Stainless
Steel Bellows, Expansion Joints, Gas Hose, End Fittings, Hose Assemblies,
Pump Connectors and Interlock Hoses |
|
|
|
|
No. of Employees
: |
Not Available |
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 510000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
22.5.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (Short Term) |
|
Rating Explanation |
Moderate degree of Safety |
|
Date |
22.5.2012 |
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.
LOCATIONS
|
Registered Office : |
Plot No.5, Harington Apartments, 98 Harington Road, Chetpet,
Chennai-600031, Tamilnadu, India |
|
Tel. No.: |
91-44-28361544 / 28362910 /
28365489 / 28362391 |
|
Fax No.: |
91-44-28365320 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
D-16, Sipcot Industrial Complex, Gummidipoondi-601201, Tamilnadu,
India |
|
Te. No.: |
91-4119-222583 / 222584 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Tatineni Rama Rao |
|
Designation : |
Chairman |
|
Address : |
14, Balaji Avenue, 1st Street T. Nagar, Chennai-600017,
Tamilnadu, India |
|
Date of Birth/Age : |
12.11.1938 |
|
Date of Appointment : |
01.07.1988 |
|
DIN No.: |
00187960 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U25199TN1983PTC010223 |
MADRAS
HYDRAULIC HOSE PRIVATE LIMITED |
Director |
01/07/1988 |
01/07/1988 |
Active |
NO |
|
2 |
U27109TN2005PTC056257 |
FLEXIFIT
ENGINEERING INDUSTRY PRIVATE LIMITED |
Director |
12/05/2005 |
12/05/2005 |
Active |
NO |
|
Name : |
Mr. Gedupooru Chamundeswari |
|
Designation : |
Managing Director |
|
Address : |
Old No. 11, New No.12, Subbiah Naidu Street, Vepery, Chennai-600007,
Tamilnadu, India |
|
Date of Birth/Age : |
17.08.1965 |
|
Date of Appointment : |
01.07.1988 |
|
DIN No.: |
00187909 |
|
|
|
|
Name : |
Mr. Shanmugavelu Ramakrishnan |
|
Designation : |
Whole Time Director |
|
Address : |
Shantham, 179, Nethaji Street, Ganesh Nagar, Selaiyur, Chennai-600073,
Tamilnadu, India |
|
Date of Birth/Age : |
30.03.1943 |
|
Date of Appointment : |
08.06.1998 |
|
DIN No.: |
00188008 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74930TN1989PTC018353 |
TAFECON
PRIVATE LIMITED |
Managing
director |
17/11/1989 |
17/11/1989 |
Active |
NO |
|
2 |
U25199TN1983PTC010223 |
MADRAS
HYDRAULIC HOSE PRIVATE LIMITED |
Whole-time
director |
08/06/1998 |
08/06/1998 |
Active |
NO |
|
Name : |
Mr. Ajay Tatineni |
|
Designation : |
Director |
|
Address : |
18, Balaji Avenue, 1st Steet, T. Nagar, Chennai-600017,
Tamilnadu, India |
|
Date of Birth/Age : |
12.07.1973 |
|
Date of Appointment : |
21.03.1997 |
|
DIN No.: |
00187929 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U25199TN1983PTC010223 |
MADRAS
HYDRAULIC HOSE PRIVATE LIMITED |
Director |
21/03/1997 |
21/03/1997 |
Active |
NO |
|
2 |
U27109TN2005PTC056257 |
FLEXIFIT
ENGINEERING INDUSTRY PRIVATE LIMITED |
Director |
12/05/2005 |
12/05/2005 |
Active |
NO |
|
Name : |
Ms. Jayasree Tatineni |
|
Designation : |
Director |
|
Address : |
Old No.14, New No.18, Balaji Avenue, 1st Street T. Nagar, Chennai-600017,
Tamilnadu, India |
|
Date of Birth/Age : |
26.05.1949 |
|
Date of Appointment : |
01.07.1988 |
|
DIN No.: |
00187986 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
T. Rama Rao |
46100 |
|
T. Jayasree |
10540 |
|
T. Ajay |
6010 |
|
T. Nagasuseela |
5650 |
|
G. Chamundeswari |
2500 |
|
Dr. Musunuru Jagdeshwar Rao |
13000 |
|
G. Suresh |
25 |
|
Vishnu Choudhary |
25 |
|
Dronavalli Jalaja |
2000 |
|
S. Ramakrishnan |
25 |
|
TOTAL
|
85875 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
96.00 |
|
Other top fifty shareholders |
4.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Stainless Steel Hose and Braid, Stainless
Steel Bellows, Expansion Joints, Gas Hose, End Fittings, Hose Assemblies,
Pump Connectors and Interlock Hoses |
|
|
|
|
Products : |
·
Hoses ·
Loose Braid |
PRODUCTION STATUS (AS ON : 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Stainless Steel Hose Pipes |
In Mtrs |
500000 |
-- |
-- |
|
Hose |
In Mtrs |
-- |
500000 |
524595 |
|
Braid |
In Mtrs |
-- |
225000 |
360480 |
|
Bellows Expansion Joints |
Nos. |
-- |
10000 |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of Travancore, Chennai Main Branch,
United India Building, Esplanade, Chennai-600108, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N Srikrishna of Brahmayya and Company Chartered Accountant |
|
Address : |
48, Masilamani Road, Balaji Nagar, Royapettah, Chennai-600014,
Tamilnadu, India |
|
Tel No.: |
91-44-28131128 / 28131138 / 28131148 / 28131158 |
|
Fax No.: |
91-44-28131158 |
|
Email : |
|
|
PAN No.: |
AAAFB2481J |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85875 |
Equity Shares |
Rs.100/-
each |
Rs. 8.588
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 |
8.588 |
8.588 |
8.588 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
119.080 |
86.546 |
78.089 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
127.668 |
95.134 |
86.677 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
104.664 |
84.869 |
90.921 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.344 |
|
|
TOTAL BORROWING |
104.664 |
84.869 |
92.265 |
|
|
DEFERRED TAX LIABILITIES |
29.975 |
29.393 |
27.140 |
|
|
|
|
|
|
|
|
TOTAL |
262.307 |
209.396 |
206.082 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
152.892 |
131.981 |
114.310 |
|
|
Capital work-in-progress |
0.301 |
10.019 |
15.154 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.324
|
37.276
|
36.544 |
|
|
Sundry Debtors |
71.769
|
49.572
|
55.142 |
|
|
Cash & Bank Balances |
21.295
|
9.076
|
7.418 |
|
|
Other Current Assets |
0.060
|
0.111
|
0.036 |
|
|
Loans & Advances |
38.486
|
22.503
|
18.297 |
|
Total
Current Assets |
193.934
|
118.538 |
117.437 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.603
|
38.191
|
30.168 |
|
|
Other Current Liabilities |
1.306
|
1.256
|
1.303 |
|
|
Provisions |
20.911
|
11.695
|
9.348 |
|
Total
Current Liabilities |
84.820
|
51.142 |
40.819 |
|
|
Net Current Assets |
109.114
|
67.396
|
76.618 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
262.307 |
209.396 |
206.082 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
336.978 |
197.029 |
249.999 |
|
|
|
Other Income |
0.582 |
1.005 |
0.675 |
|
|
|
TOTAL (A) |
337.560 |
198.034 |
250.674 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
284.910 |
166.874 |
208.745 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
284.910 |
166.874 |
208.745 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
52.650 |
31.160 |
41.929 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.126 |
9.065 |
12.441 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.524 |
22.095 |
29.488 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.359 |
9.037 |
8.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
31.165 |
13.058 |
21.469 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.369) |
4.600 |
7.577 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
32.534 |
8.458 |
13.892 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
84.210 |
75.752 |
61.860 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
116.744 |
84.210 |
75.752 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
239.777 |
118.716 |
173.976 |
|
|
TOTAL EARNINGS |
239.777 |
118.716 |
173.976 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
46.792 |
11.876 |
2.933 |
|
|
|
Capital Goods |
7.227 |
22.696 |
12.911 |
|
|
|
Consumables |
3.055 |
0.593 |
0.000 |
|
|
TOTAL IMPORTS |
57.074 |
35.165 |
15.844 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
379.00 |
98.49 |
161.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.64
|
4.27
|
5.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.25
|
6.63
|
8.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.99
|
5.21
|
9.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.14
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
1.74
|
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.32
|
2.88 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE
The Sales
(excluding Other Income) for the year ended 31st March 2011 was Rs.
336.978 Millions compared to Rs.197.029 Millions last year. Manufacturing Industries,
more specifically, the Engineering Industry underwent one of the worst economic
situation. However, the Company outperformed all its contemporaries. The
present Economic Indicators are looking positive. However, the inflation index
is also witnessing a steep increase. The prices of Iron and Steel, one of the
basic raw materials for the Company, had increased drastically.
The Company's 100%
EOU division performed well during the year. The Company's EOU division
registered a turnover of Rs.132.253 Millions.
The Profit before
Taxation impressively grew from Rs.13.058 Millions to Rs.31.165 Millions during
the year. The Profit after Tax also grew from Rs.8.458 Millions to Rs.32.534
Millions during the year.
FORM 8
|
Corporate identity
number of the company |
U25199TN1983PTC010223 |
|
Name of the
company |
MADRAS HYDRAULIC
HOSE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 5
Harington Apartment, 98 Harington
Road, Chetput, Chennai -600031, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90299940 |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
State Bank of
Travancore, Chennai Main Branch, United India Building, Esplanade, Chennai-
600108, Tamilnadu, India |
|
Nature of
instrument creating charge |
1. Memorundum of
Deposit For Creation of Further Charge for TL/Overall WC Limit. 2. Supp Agreement
of Hypothecation of Goods and Assets for Increase In The Overall WC Limit. 3. Term Loan
Agreement For High Value Advances. 4. Deed of
Hypothecation For TL. 5. Letter Regarding
The Grant of Individual Limits Within The Overall WC Limit 6. Supp Agreement
of Loan for Increase In The Overall WC Limit. 7. Supp Deed of
Guarantee for Increase In Overall WC Limit. 8. Deed of
Guarantee for Term Loans. |
|
Date of
instrument Creating the charge |
21.01.2012 |
|
Amount secured by
the charge |
Rs. 273.3000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC and EF- 14.5%
p.a Term Loan- 14.5%
p.a Stand-By Line Credit
Limit- 1% Above the normal interest rate on regular WC. BP/FDBP/FBEP/EBRD-
Normal Charges as applicable to SBT Gold Card Holders. Terms of repayment Working Capital
Limits - 12 Months. BP/FDBP/FBEP/EBRD
- Sight or Usance Up to 180 Days. LC - Sight or
Usance up to 90 Days for Domestic and Foreign LCs. Stand-By-Line of
Credit Limit - 12 Months. Medium Term Loan
- 12 Months. Margin 1. WC Limits -
CC:25% and EPC/PCFC:10% ON Raw Materials, Stock in Process, Finished Goods 35% On Finished Goods(120 Days) 2. LC - 10% 3. Stand-By-Line
Of Credit Limit - As Applicable To Cash Credit Limit 5. Medium Term
Loan - 33.60% Extent and operation of the charge The Charge is
secured by WC-Primary Security Hypothecation of Stocks, of raw materials,
stock in process, finished goods, receivables and other CA.
BP/FDBP/FBEP/EBRD: 1). Draft / hundi bills accompanied by invoice, Air way
bill / Bill of Lading and other documents as stipulated. 2). Extension of
charge over current assets. Letter of Credit-(Inland/Foreign) Entire Current
Assets including the goods procured under LC. Securities and Collateral as
detailed in the Annexure to this Form. |
|
Short particulars
of the property charged (Including location of the property) |
WC Hypothecation of
stocks, of raw materials, stock in process, finished goods, receivables and
other current assets. Colletral 1. Extension of EM of land of 4.45 acres and
building in the name of the Company at Plot No.D-16 (S), SIPCOT Industrial
Complex, Gummidipoondi in Sy. No. 14/4A (part) and 27 of Karumbukuppam
Village in Tiruvallur District Extension of EM
(second charge - 1st Charge to MTL) of 1.835 acres of land in Sy. No. 75/1,
Part, Sundarapandiapuram Village, Tenkasi Taluk, Thirunelveli District. Extension of EM
(Second Charge-1st Charge to MTL) of 1.20 acres of land in Sy. No:169/1 A and
171/2, V Kallipalayam Village, Tirupur Taluk, Coimbatore District Second charge
over other fixed assets (excluding the above immovable properties, where
first charge is in favour of WC limit).
First charge to be made available to the WC limit on liquidation of
the existing term loans. Draft / hundi bills accompanied by invoice, Air way
bill / Bill of Lading and other documents as stipulated. 2). Extension of
charge over current assets. Entire Current Assets including the goods
procured under LC. 1. Omnibus Counter guarantee 2. Extension of first charge
over current assets. Further detailed in the Annexure given to this Form. |
|
Date of
instrument modifying the charge |
19.06.2009 |
|
Particulars of
the present modification |
Increase in
overall limit from Rs. 253.500 Millions to Rs. 273.300 Millions |
FIXED ASSETS
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Wind Generation Machine-I
·
Office Equipment
·
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 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 oney-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. 52.69 |
|
|
1 |
Rs. 85.71 |
|
Euro |
1 |
Rs. 68.14 |
INFORMATION DETAILS
|
Report Prepared by
: |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--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.