MIRA INFORM REPORT
|
Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
OCTAMEC ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 10/49,
Near Marol Industrial Estate, Andheri (East), Mumbai-400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.06.1993 |
|
|
|
|
Com. Reg. No.: |
11-072623 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.22.946 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1993PLC072623 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO03676B/ MUMO00988B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO0630R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Construction Part and Tenso Part. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3208000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. The company
is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be 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 |
ICRA |
|
Rating |
BBB- (Fund based Limit) |
|
Rating Explanation |
The moderate credit quality it carry higher than average credit risk |
|
Date |
14.03.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3 (Non – Fund based Limit) |
|
Rating Explanation |
Moderate degree of safety it carry higher credit risk |
|
Date |
14.03.2012 |
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/Factory 1: |
Plot No. 10/49, Near Marol Industrial Estate, Andheri (East), Mumbai-400059,
|
|
Tel No.: |
91-22-26132712/42489300 |
|
Fax No.: |
91-22-26132784 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Octamec House, 18, Subhash Road, Vile Parle (East), Mumbai
- 400057, India |
|
Tel. No.: |
91-22-42489300 |
|
Fax No.: |
91-22-26132784 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Plot No. 82-Part, 83, 84, 85, 86, Part of Sompura Village,
Nelamangala, Bangalore, Karnataka, India |
|
|
|
|
Factory 3: |
Located at Taloja, Navi Mumbai, Maharashtra, India |
|
|
|
|
Tel. No.: |
91-80-41281894 |
|
|
|
|
Regional Office : |
Located at: ·
·
·
·
Chennai ·
Pune ·
Vadodara |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Navinchandra Hegde |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Chairman and Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
403, Mermaid Society, |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.11.1953 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2009 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00189572 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sovin Navin Hegde |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
03, Mermaid Society, Juhu Tara Road, Juhu, Mumbai-400049, Maharashtra,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.06.1984 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2009 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02074654 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Samarth Navin Hegde |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-time director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
03, Mermaid, Juhu Tara Road, Mumbai, Maharashtra, India 400049 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
30.01.1986 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.12.2010 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03090933 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Navinchandra Hegde |
|
1433300 |
|
Soni Hegde |
|
27500 |
|
Rajiv Basrur |
|
5000 |
|
Chandrika M. Nair |
|
100 |
|
Vinod Sharma |
|
100 |
|
P. Prabhakar |
|
200 |
|
K. Ramasunder |
|
100 |
|
K. Sunderkumar Shetty |
|
100 |
|
Kaushik B. Pandya |
|
2500 |
|
Swiss Technology Venture Capital Fund Private
Limited |
|
556839 |
|
Total |
|
2025739 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
27.49 |
|
Directors or relatives of Directors |
72.11 |
|
Other top fifty shareholders |
0.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Construction Part and Tenso Part. |
|
|
|
|
Products/ Services : |
Turnkey Project |
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Footnotes (A) Cash Credit from
Indian Bank Rs.462.814 Millions (Secured by Pari Passu hypothecation of
stocks and book debts of the Company, Equitable Mortgage of Premises elonging
to third party and personal guarantee of one Director) Cash Credit from Union
Bank Rs.302.826 Millions (Secured by Pari Passu hypothecation of stocks and
book debts of the Company, Equitable Mortgage of Premises elonging to third
party and personal guarantee of one Director) Cash Credit from State Bank of
India Rs.353.284 Millions (Secured by Pari Passu hypothecation of stocks and
book debts of the Company, Equitable Mortgage of Premises belonging to third
party and personal guarantee of one Director) (B) Cash Credit
from Indian Bank Rs.238.420 Millions (Secured by Pari Passu hypothecation of
stocks and book debts of the Company, Equitable Mortgage of Premises elonging
to third party and personal guarantee of one Director) Cash Credit from Union
Bank Rs.251.440 Millions (Secured by Pari Passu hypothecation of stocks and
book debts of the Company, Equitable Mortgage of Premises elonging to third
party and personal guarantee of one Director) Short Term Loan from State Bank
of India Rs.150.000 Millions (Secured by Personal Guarantee of one Director) (C) Car Loan
from HDFC Bank Rs. 1.081 Millions (Secured by hypothecation of Car) Car Loan
from Kotak Mahindra Rs.2.213 Millions (Secured by hypothecation of Car) (D) Car Loan
from HDFC Bank Rs. 3.418 Millions (Secured by hypothecation of Car) Car Loan
from Kotak Mahindra Rs.2.736 Millions (Secured by hypothecation of Car)
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chandresh C. Mehta and Company Chartered Accountants |
|
Address : |
30 Joshi Bhavan, Poddar Road, Malad (East), Mumbai-400097,
Maharashtra, India |
|
PAN No.: |
AAEPM9834A |
|
|
|
|
Subsidiaries : |
Octamec Building
Systems Limited PAN No.: AABCO1319A CIN No.: U45202MH2009PLC189570 Octamec
Infrastructure Limited PAN No.: AABCO2100P CIN No.: U45203MH2009PLC189569 |
|
|
|
|
Joint venture: |
Safintra Roofing
(India) Limited PAN No.: AAMCS2868P CIN No.: U74900MH2008PLC185250 |
|
|
|
|
Associate: |
Sentinel Rolling
Shutters and Engineering Company Private Limited PAN No.: AAACS5796C
CIN No.: U99999MH1961PTC012210 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2025739 |
Equity Shares |
Rs.10/- each |
Rs.20.257 Millions |
|
|
|
|
|
After on 30.09.2011
Authorised Capital: Rs.120.000
Millions
Issued, Subscribed & Paid-up Capital: Rs.22.946 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 |
20.257 |
20.257 |
20.257 |
|
|
2] Share Application Money |
215.100 |
215.100 |
0.000 |
|
|
3] Reserves & Surplus |
566.737 |
410.992 |
288.705 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
802.094 |
646.349 |
308.962 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1122.218 |
646.013 |
331.522 |
|
|
2] Unsecured Loans |
6.988 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1129.206 |
646.013 |
331.522 |
|
|
DEFERRED TAX LIABILITIES |
0.772 |
0.200 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1932.072 |
1292.562 |
640.484 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
39.532 |
41.680 |
37.490 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
250.672 |
120.217 |
24.198 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.253 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
100.113
|
213.483
|
88.401
|
|
|
Sundry Debtors |
1491.614
|
952.307
|
519.863
|
|
|
Cash & Bank Balances |
57.405
|
53.845
|
73.164
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
241.003
|
131.758
|
32.646
|
|
Total
Current Assets |
1890.135
|
1351.393
|
714.074
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
78.571
|
124.557
|
101.759
|
|
|
Other Current Liabilities |
20.103
|
3.067
|
0.000
|
|
|
Provisions |
149.593
|
93.104
|
33.772
|
|
Total
Current Liabilities |
248.267
|
220.728
|
135.531
|
|
|
Net Current Assets |
1641.868
|
1130.665
|
578.543
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1932.072 |
1292.562 |
640.484 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3637.489 |
3238.877 |
1512.629 |
|
|
|
Other Income |
1.965 |
63.831 |
50.843 |
|
|
|
TOTAL (A) |
3639.454 |
3302.708 |
1563.472 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
2287.058 |
|
1448.084 |
|
|
|
Contract cost |
881.721 |
2095.151 |
|
|
|
|
Employee related expenses |
42.652 |
19.735 |
|
|
|
|
Administrative selling other expenses |
63.018 |
40.662 |
|
|
|
|
TOTAL (B) |
3274.449 |
3025.928 |
1448.084 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
365.005 |
276.780 |
115.388 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
122.205 |
82.671 |
56.487 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
242.800 |
194.109 |
58.901 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.071 |
8.046 |
4.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
233.729 |
186.063 |
54.640 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
78.161 |
63.417 |
18.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
155.568 |
122.646 |
35.910 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
316.521 |
194.234 |
72.318 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
472.265 |
316.521 |
194.234 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.000 |
9.572 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
C.I.F. Basis import |
NA |
1.014 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
1.014 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
73.38 |
60.46 |
18.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.27
|
3.71 |
2.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.43
|
5.74 |
3.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.11
|
13.36 |
3.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.29
|
0.29 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
1.72
|
1.34 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.61
|
6.12 |
5.27 |
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 |
Yes |
|
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 |
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 |
OPERATIONS
During the year,
The Company’s turnover has increased from Rs. 3302.709 Millions to Rs. 3639.453
Millions registering a growth of over 10.2%. Correspondingly, the profit after
tax for the year also increased by over 27.1% from Rs. 122.466 Millions to Rs.
155.656 Millions.
CURRENT YEAR OUTLOOK
The company is
holding orders on hand of about Rs. 4000.000 Millions and further orders are
under advanced stage of negotiation with the potential customers. The Company
has bagged some highly prestigious orders such as order from Shyama Power
Company Limited for Pre Engineered Building for Shell Shop at Rae Bareili, from
Ruchi Soya Industries Limited for PEB at their Bihar Site, and Nagarjuna Oil
Corporation Limited for PEB. Considering the orders on hand and those under
negotiations, The directors are confident that the company will continue to
achieve significant growth in the coming few years.
CONTINGENT LIABILITIES
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Guarantees
issued by Banks (Secured
by Bank Deposit under lien with the bank – Rs. 2.150 Millions) |
87.436 |
8.980 |
|
Disputed
Dues in respect of Income Tax (Dispute since settled in favour of the
Company) |
15.728 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U99999MH1993PLC072623 |
|
Name of the company |
OCTAMEC ENGINEERING LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No. 10/49, Near Marol Industrial Estate, Andheri (East),
Mumbai-400059, Maharashtra, India Email: finance@octamec.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10179551 |
|
Type of charge |
|
|
Particular of charge holder |
Indian Bank, 254-260,
Avvai Shanmugam Salai, Royapettah, Chennai-600014, Tamilnadu, India |
|
Nature of instrument creating charge |
Second Supplemental Joint Deed of Hypothecation dtd.16th June, 2012
between Octamec Engineering Limited and Indian Bank, Union Bank of India,
State Bank of India, Bank of Baroda and Standard Chartered Bank |
|
Date of instrument Creating the charge |
16.06.2012 |
|
Amount secured by the charge |
Rs. 2550.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest as per sanction letter of respective banks Terms of Repayment On Demand Margin Stocks & Book Debts - 25% EPC - 10% FBP/FBD/FBN - NIL BG - 10% LC - 10% Extent and Operation of the charge The Charge will rank pari passu between Indian Bank, Union Bank of
India, State Bank of India, Bank of Baroda and Standard Chartered Bank |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
First pari passu charge by way of Hypothecation of Stock and Book
Debts and other current assets, present and future of the Company First pari passu charge over entire Plant and Machinery and other
movable assets and immovable fixed assets present and future of the Company |
|
Date of instrument modifying the charge |
30.12.2010 |
|
Particulars of the present modification |
The amount of charge is increased from Rs. 1350.000 Millions to Rs.
2550.000 Millions. Further, Bank of Baroda and Standard Chartered Bank are
now added as a new consortium members in addition to existing consortium
members viz: Indian Bank, Union Bank of India and State Bank of India. |
FIXED ASSETS:
- Plant and
Machinery
- Furniture and
Fixture
- Electrical
Installation
- Tools and
Equipment
- Computers and
Software
- Office
Equipment
- Fax Machine
- Vehicle
- 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 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.52.97 |
|
|
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.