MIRA INFORM REPORT

 

 

Report Date :

17.10.2012

 

IDENTIFICATION DETAILS

 

Name :

PERSANG ALLOY INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

353, GIDC Estate, Waghodia, District Vadodara – 391 760, Gujarat 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

09.02.2007

 

 

Com. Reg. No.:

04-049950

 

 

Capital Investment / Paid-up Capital :

Rs.17.500 millions

 

 

CIN No.:

[Company Identification No.]

U25192GJ2007PTC049950

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDP02199B

 

 

PAN No.:

[Permanent Account No.]

AAECP1424A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Solders, Soldering Chemicals and Alloys.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 142000 

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a successor of partnership concern incorporation in the year of 1989, with the name of ‘PERSANG ALLOY INDUSTRIES’ but later in the year 2007 it got converted into private limited company.

 

It is having moderate track. In the year 2010-2011 liquidity of the company has improved and financially performed well. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some caution.

 

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

 

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

B (Cash Credit)

Rating Explanation

Having high risk of default regarding timely servicing of financial obligation.

Date

October 25, 2011

 

 

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 PARTED BY

 

Name :

Mr. Vipin Shah

Designation :

General Manager in Finance

Contact No.:

91-9998016446

Date :

17.10.2012

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

353, GIDC Estate, Waghodia, District Vadodara – 391 760, Gujarat, India 

Tel. No.:

91-2668-262718-9

Mobile No.:

91-9998016446 (Mr. Vipin Shah)

Fax No.:

91-2668-262556

E-Mail :

sales@persangalloy.com

persangalloy@hotmail.com

Website :

http://persangalloy.com

Area :

50000 sq ft

Location :

Owned

 

 

Administrative Office :

13/A, Shrinagar Society, 4, Shreeniketan Apartments, Road-A, Akota Road, Vadodara - 390 020, Gujarat, India

Tel. No.:

91-265-2312933, 2330606, 2331328

Fax No.:

91-265-2310647

E-Mail :

sales@persangalloy.com

Area :

300 sq ft

Location :

Owned

 

 

Factory 2 :

188/7, GIDC Estate, Waghodia, District Vadodara – 391 760, Gujarat, India

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Persang Jal Bavaadam

Designation :

Managing Director

Address :

63, Ravi Park, Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

08.06.1965

Date of Appointment :

11.03.2007

DIN No.:

01051079

PAN No.:

ADCPB7474L

 

 

Name :

Mr. Aadil Jal Bavaadam

Designation :

Whole-Time Director

Address :

61/62/63, Ravi Park, Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

11.08.1971

Date of Appointment :

11.03.2007

DIN No.:

01051095

PAN No.:

ADCPB7474M

 

 

Name :

Mr. Firdosh Gustadji Bavaadam

Designation :

Director

Address :

GF-1/18, Gangotri Apartment, 8, Haribhakti Colony, Race Course Circle, Vadodara - 390 007, Gujarat, India

Date of Birth/Age :

28.04.1948

Date of Appointment :

09.02.2007

DIN No.:

02272732

PAN No.:

ABVPB9609E

 

 

Name :

Mr. Bakhtawar Firdosh Bavaadam

Designation :

Director

Address :

F-1/18, Gangotri Apartment, 8, Haribhakti Colony, Race Course Circle, Vadodara - 390 007, Gujarat, India

Date of Birth/Age :

02.01.1958

Date of Appointment :

09.02.2007

DIN No.:

02272727

 

 

Name :

Mr. Jal Gustadi Bavaadam

Designation :

Whole-Time Director

Address :

63, Ravi Park, Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

30.11.1933

Date of Appointment :

11.03.2007

DIN No.:

03576368

PAN No.:

ADVPB9608F

 

 

Name :

Mrs. Frenyben Jal Bavaadam

Designation :

Director

Address :

60/61, Ravi Park, Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

18.09.1946

Date of Appointment :

09.02.2007

DIN No.:

03576366

PAN No.:

ADCPB7477K

 

 

Name :

Mrs. Sannu Persang Bavaadam

Designation :

Director

Address :

61-62, Ravi Park Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

21.09.1972

Date of Appointment :

09.02.2007

DIN No.:

02703033

 

 

KEY EXECUTIVES

 

Name :

Mr. Vipin Shah

Designation :

General Manager in Finance

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

 

Persang Jal Bavaadam

 

762500

Aadil Jal Bavaadam

 

187500

Firdosh Gustadji Bavaadam

 

37500

Bakhtawar Firdosh Bavaadam

 

37500

Jal Gustadi Bavaadam

 

75000

Frenyben Jal Bavaadam

 

75000

Sannu Persang Bavaadam

 

75000

Total

 

1250000

 

As on 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Solders, Soldering Chemicals and Alloys.

 

 

Products :

v  5S Alloy

v  Fluxes

v  Lead Free Bar

v  Lead Free BGA Sphere

v  Lead Free Solder Paste

v  Lead Free Wire

v  Plating Anodes

v  SnPb Bar Solders

v  SnPb Solders Paste

v  SnPb Solders Wire

 

 

Exports :

 

Products :

Solder Products

Countries :

v  Gulf Countries

v  Canada

 

 

Imports :

 

Products :

Raw Materials

Countries :

v  Malaysia

v  Singapore

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

 

Unit

As at 31.03.2011

Installed Capacity

 

 

Solders Products (Wire, Bricks and Ingots)

MT

1000

Actual Production

 

 

Solders Products (Wire, Bricks and Ingots)

MT

876

 

 

GENERAL INFORMATION

 

Suppliers :

v  Sizer Metals

 

 

Customers :

End Users

 

v  Standard Radiators Private Limited

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Bank of India, Vadodara Mid Corporate Branch, Bank of India Building, 2nd Floor, Raopura, Vadodara – 390 001, Gujarat, India

 

 

Facilities :

Secured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Term Loans:

 

 

Long Term Loans:

 

 

Term Loan from Banks

(Secured against Plant and Machinery and collateral charge on immovable assets.)

(Amount repayable within 1 year Rs.4.344 millions; previous year: Rs.10.432 millions)

30.847

29.742

vehicle Finance from Banks and Financial Institutions

(Secured by Hypothecation of vehicles)

(Amount repayable within 1 year Rs.3.409 millions; previous year: Rs.1.264 millions)

7.973

3.376

Short Term Loans:

 

 

Cash Credit Accounts from Bank of India

(Secured by Hypothecation of stock and book debts and packing credit and collateral charge on immovable property)

95.512

90.851

Total

134.332

123.969

 

Unsecured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

From Financial Companies and Private Banks

8.762

3.486

From Directors and Shareholders

12.205

14.021

Total

20.967

17.507

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Vikas A. Manohar and Company

Chartered Accountants

Address :

101, Shagun Apartment, 42/A, Shiv Mahel Society, Behind Malhar Point, Old Padra Road, Vadodara – 390 015, Gujarat, India

Tel. No.:

91-265-2350108

Mobile No.:

91-9426081820

Fax No.:

91-265-3054828

E-Mail :

lca.fcs@gmail.com

Income-tax PAN of auditor or auditor's firm :

ACEPM8368D

 

 

Associates :

v  Kaizan International, Vadodara

Line of Business: Importer and Exporter of Music Systems.

 

v  Farhad S. Ghadiyali Catering Services Private Limited

 

v  OM Metals Manufacturing, Philippines

 

 

CAPITAL STRUCTURE

 

As on 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs.10/- each

Rs.20.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1250000

Equity Shares

Rs.10/- each

Rs.12.500 millions

 

 

 

 

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs.10/- each

Rs.20.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1750000

Equity Shares

Rs.10/- each

Rs.17.500 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

17.500

7.500

7.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

18.061

7.315

3.524

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

35.561

14.815

11.024

LOAN FUNDS

 

 

 

1] Secured Loans

134.332

123.969

133.326

2] Unsecured Loans

20.967

17.507

19.771

TOTAL BORROWING

155.299

141.476

153.097

DEFERRED TAX LIABILITIES

1.276

0.482

0.000

 

 

 

 

TOTAL

192.136

156.773

164.121

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

55.208

54.558

54.878

Capital work-in-progress

0.671

0.000

0.000

 

 

 

 

INVESTMENT

10.500

0.000

5.710

DEFERRED TAX ASSETS

0.000

0.000

1.650

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
41.180

30.937

23.764

 

Sundry Debtors
90.769

56.069

52.036

 

Cash & Bank Balances
6.980

6.351

1.913

 

Other Current Assets
0.000

0.000

0.000

 

Loans, Advances & Deposits

27.510

35.633

29.671

Total Current Assets
166.439

128.990

107.384

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
37.022

25.742

2.907

 

Other Current Liabilities
0.000

0.000

0.000

 

Provisions
4.119

1.787

3.643

Total Current Liabilities
41.141

27.529

6.550

Net Current Assets
125.298

101.461

100.834

 

 

 

 

MISCELLANEOUS EXPENSES

0.459

0.754

1.049

 

 

 

 

TOTAL

192.136

156.773

164.121

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income from Operations

509.431

324.009

296.349

 

 

Other Income

1.051

1.512

1.491

 

 

TOTAL                                     (A)

510.482

325.521

297.840

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Accretion/ Decretion of Finished Stock

6.857

(9.814)

2.884

 

 

Material Consumed

422.034

279.958

260.835

 

 

Purchase of Traded Material

11.215

0.000

0.000

 

 

Direct Expenses

9.666

7.668

7.170

 

 

Administrative, Selling & Other Expenses

11.937

12.296

7.840

 

 

Emoluments to Staff

9.889

7.753

3.485

 

 

Impairment Loss

0.261

0.000

0.000

 

 

Preliminary Expenses Written off

0.295

0.295

0.295

 

 

Exceptional Items

0.000

0.000

1.605

 

 

TOTAL                                     (B)

472.154

298.156

284.114

 

 

 

 

 

Less

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

38.328

27.365

13.726

 

 

 

 

 

Less

INTEREST & FINANCIAL EXPENSES               (D)

18.018

16.719

16.474

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

20.310

10.646

(2.748)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3.737

3.523

2.523

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                 (G)

16.573

7.123

(5.271)

 

 

 

 

 

Less

TAX                                                                  (H)

4.096

3.332

(2.728)

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

12.477

3.791

(2.543)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

4.821

2.030

4.573

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Interim Dividend

1.500

0.000

0.000

 

 

Dividend Distribution Tax on Interim Dividend

0.231

0.000

0.000

 

 

Transfer to General Reserve

2.000

1.000

0.000

 

BALANCE CARRIED TO THE B/S

13.567

4.821

2.030

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Sales

71.921

17.932

24.884

 

 

Deemed Export Sales

8.466

7.302

9.589

 

TOTAL EARNINGS

80.387

25.234

34.473

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

323.500

240.300

208.000

 

TOTAL IMPORTS

323.500

240.300

208.000

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

7.13

5.05

NA

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

600.000

 

 

 

 

 

Expected Sales (2012-2013): Rs.800.000 millions

 

The above information has been parted by Mr. Vipin Shah (General Manager in Finance).

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
2.44

1.16

(0.85)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.25

2.20

(1.78)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
7.48

3.88

(3.25)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.47

0.48

(0.48)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.52

11.41

14.48

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.05

4.69

16.39

 

 

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)

Sundry Creditors

 

 

 

- For Goods

34.557

23.483

0.985

- For Expenses

2.465

2.259

1.922

Total

37.022

25.742

2.907

 

 

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

Yes

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

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

Yes

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

Yes

18) Major customers

Yes

19) Payments terms

Yes

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

Yes

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

Yes

 

 


Note:

The registered office of the company has been shifted from 188/7, GIDC Estate, Waghodia, Vadodara – 391 760, Gujarat to the present address.

 

OPERATIONS:

 

Subject is a player in both lead-based and lead-free solder products, solder paste and fluxes and it is catering to the growing demands of Automotive, Electronics and Electrical Industries. It endeavors to maintain a long term association with the customers by satisfying their evolving needs.

 

The management's focus is on enhancing the business model to serve the customers and to grow and sustain in the expanding domestic and international market, while building long term relationship with the customers domestic and internationally.

 

The gross revenue of the Company has shown a substantial growth of 59.50% and the net revenue after excise duty has shown the growth of 57.72% over the corresponding previous year. The profit before taxes has also shown a mark increase of 132%. The improvements in the results were due to favorable market conditions and commodity prices. In-spite of increase in the profitability, the company continuously faces liquidity crunch due to slow realization of debtors, investment made in joint venture companies as well as due to repayment of term loan installments. To augment the resources, the company has increased its paid up capital by Rs.10.000 millions by infusion of fresh capital. The company is also negotiating with its bankers for enhanced credit limits. The company forces substantial growth in its turnover, domestic as well as export turnover during the current financial year. During the year the company achieved approximately 400% growth in its export turnover.

 

CONTINGENT LIABILITIES:

 

In respect of the following matters:

 

Particulars

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

Claims against the company not acknowledged as debts

Nil

Nil

Letter of Credit

Nil

Nil

Demand raised by Income Tax Department for A.Y. 2007-08 against which appeal has been filed

0.075

0.125

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U25192GJ2007PTC049950

Name of the company

PERSANG ALLOY INDUSTRIES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

188/7, GIDC Estate, Waghodia, Vadodara – 391 760, Gujarat, India

E-Mail: persangalloy@hotmail.com

This form is for

Modification of charge

Charge identification number of the modified 

10066909

Type of charge

Immovable Property

Particular of charge holder

Bank of India, Vadodara Mid Corporate Branch, Bank of India Building, 2nd Floor, Raopura, Vadodara – 390 001, Gujarat, India

E-Mail: MCB.Vadodara@bankofindia.co.in

Nature of description of the instrument creating or modifying the charge

Supplemental Memorandum of Deposit of Title Deeds.

Date of instrument Creating the charge

17.11.2011

Amount secured by the charge

Rs.152.630 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

TL @ 3.50% over BR + 0.50% tenor premium effective 14.75% p.a.

CC @ 3.50% over BR presently 14.25% p.a.

EPC / FBP/FBN @ 1.50% over BR presently 12.25% with monthly rest

 

Terms of Repayment:

TL - As per original sanctioned letter

CC, EPC, FBP / FBN - On demand

 

Margin:

TL @ 15%

CC - Stock @ 20%

CC - BD @ 30%

EPC @ 10%

LC - DP/DA 90 days, Buyers Credit, Guarantees @ 15%

 

Extent and Operation of the charge:

First and Exclusive charge in favour of Bank of India

 

Others:

TL - V - Rs.10.377 millions

TL - VI - Rs.7.253 millions

Working Capital - Fund Based:

CC - Stock - Rs.45.000 millions

CC - BD upto 120 days - Rs.90.000 millions

EPC - Rs.45.000 millions

FBP/FBN - Rs.45.000 millions (Maximum WCFB - Rs.135.000 millions)

Non Fund Based:

LC - DP/DA 90 days - Rs.45.000 millions

Buyers Credit - Rs.45.000 millions

Guarantee - Rs.0.500 million (Maximum NFB - Rs.45.000 millions)

Maxi. Working Capital - Rs.135.000 millions

Total..... Rs.152.630 millions

Short particulars of the property charged

Immovable Property being NA land at Plot/Shed No.188/7 admes. 1018.60 Sq. Fts. at Waghodia Industrial Area/Estate consisting of R.S.No.1515/1/P and 1514/2/P within village limits and Taluka Waghodia, Vadodara

 

Immovable Property being NA land at Plot/Shed No.353 admes. 5000 Sq. Mts. at Waghodia Industrial Area/Estate consisting of R.S.No.800/P and 804/P within village limits and Taluka Waghodia, District Vadodara.

Date of latest modification prior to the present modification

22.07.2009

Particulars of the present modification 

Under this modification total amount of charge secured has been increased to Rs.152.630 millions

 

TRADE REFERENCES:

 

v  Standard Radiators Private Limited

v  Sizer Metals

 

FIXED ASSETS:

 

v  Land Leasehold

v  Building Premises

v  Plant and Machinery

v  Computers and Peripherals

v  Moulds and Dies

v  Vehicles

v  Furniture and Fixtures


CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.82

UK Pound

1

Rs.84.95

Euro

1

Rs.68.61 

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

 

36

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.