|
Report Date : |
29.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
EXIMCORP INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
25, R. N. Mukherjee Road, 4th Floor, Suite - C, Kolkata –
700001, West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.09.1996 |
|
|
|
|
Com. Reg. No.: |
21-81420 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.68.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51109WB1996PTC081420 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALE02708G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE7115P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Dealing
in Wood Panel Products, Resins Adhesives, Modified Starch and Waste Paper. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 480000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments re reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade term 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) |
|
|
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 |
(Long Term Rating) BBB- |
|
Rating Explanation |
Moderate degree of safety, It carry moderate
credit risk. |
|
Date |
02.08.2012 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
(Short Term Rating) A3 |
|
Rating Explanation |
Moderate degree of safety, It carry Higher
credit risk. |
|
Date |
02.08.2012 |
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/ Distribution Centers 1: |
25, R N Mukherjee Road, 4th Floor, Suite- C,
Kolkata-700001, West Bengal, India |
|
Tel. No.: |
91-33-22488728/ 22488738/ 22102769/ 22435872 |
|
Fax No.: |
91-33-22489943 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Branch Office/ Distribution Centers 2: |
Khasra No. 87/1, 50th KM Milestone, Rohtak Road, Mundka, Near Saraswati Dharmakanta, New Delhi-110041, India |
|
Tel. No.: |
91-11-41662489/ 41751815 |
|
Fax No.: |
91-11-41063444 |
|
Email : |
|
|
|
|
|
Distribution Centers 3: |
X-11 Park Tower, Anna Nagar, Chennai – 600040, Tamilnadu, India |
|
Tel. No.: |
91-44-45500020 |
|
Fax No.: |
91-44-45500067 |
DIRECTORS
(AS ON 24.09.2012)
|
Name : |
Mrs. Manju Devi Chamarai |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
25, R |
|
Date of Birth/Age : |
14.07.1959 |
|
Date of Appointment : |
02.06.1998 |
|
DIN No.: |
00024398 |
|
|
|
|
Name : |
Mr. Mahendra Kumr Bajaj |
|
Designation : |
Director |
|
Address : |
CJ-304, Sector – II, Sltlke City, Kolkata – 700091, West Bengal,
India |
|
Date of Birth/Age : |
26.12.1972 |
|
Date of Appointment : |
31.08.2012 |
|
DIN No.: |
06367030 |
|
|
|
|
Name : |
Mr. Roopsagar Chamari |
|
Designation : |
Director |
|
Address : |
24-F, Surah 3rd Lane, Rajlakhmi Apartments, Flat 4-A and B,
4th Floor, Kolkata – 700010, West Bengal, India |
|
Date of Birth/Age : |
25.10.1983 |
|
Date of Appointment : |
31.08.2012 |
|
DIN No.: |
06367034 |
|
|
|
|
Name : |
Mr. Sumn Chamaria |
|
Designation : |
Director |
|
Address : |
24-F, Surah 3rd Lane, Rajlakhmi Apartments, Flat 4-A and B,
4th Floor, Kolkata – 700010, West Bengal, India |
|
Date of Birth/Age : |
10.10.1986 |
|
Date of Appointment : |
31.08.2012 |
|
DIN No.: |
06367031 |
KEY EXECUTIVES
|
Name : |
Mrs. Shalini Rustagi |
|
Designation : |
Secretary |
|
Address : |
52/45, |
|
Date of Birth/Age : |
28.02.1975 |
|
Date of Appointment : |
01.01.2005 |
|
PAN No.: |
ACJPA1730G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 24.09.2012)
|
Names of Shareholders |
No. of Preference
Shares |
No. of Equity Shares |
|
|
|
|
|
S C Shah |
32800 |
14200 |
|
S N Chamaria |
147600 |
10320 |
|
M D Chamaria |
284080 |
14420 |
|
S |
101000 |
14500 |
|
Sumitra Chamaria |
3000 |
18000 |
|
Roopsagar Chamaria |
26000 |
12000 |
|
Suman Chamaria |
90000 |
5000 |
|
B L Sethia HUF |
-- |
50 |
|
Savitri Devi Sethia |
-- |
10 |
|
M Shangshang Hurui |
-- |
3500 |
|
M Terulim Hurui |
-- |
3000 |
|
A Aier |
1000 |
-- |
|
Sunita Kasera |
1000 |
-- |
|
Rekhu Chandak |
1000 |
-- |
|
G L Kasera |
1510 |
-- |
|
Bimla Kasera |
1010 |
-- |
|
Shreelakshmi Chamaria |
-- |
5000 |
|
Mahendra Bajaj |
10000 |
-- |
|
|
|
|
|
Total |
700000 |
100000 |
(AS ON 24.09.2012)
|
Names of Allotees |
|
No of Shares
Allotted |
|
|
|
|
|
Satya Narain Chamari |
|
6100 |
|
Manju Devi Chamari |
|
8000 |
|
Satya Narain Chamari HUF |
|
3000 |
|
Satya Narain Chamari |
|
12000 |
|
Suman Chamaria |
|
4000 |
|
|
|
|
|
Total |
|
33100 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
94.53 |
|
Other top fifty shareholders |
|
5.47 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealing
in Wood Panel Products, Resins Adhesives, Modified Starch and Waste Paper. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda International Business Branch, 4, India Exchange Place, (1st
Floor), Kolkata-700001, West Bengal, India |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
ALPS and Company Chartered Accountant |
|
Address : |
9, Crooked Lane, 3rd Floor, Kolkata-700069, West |
|
PAN No.: |
AADFK8188N |
CAPITAL STRUCTURE
(AS ON 24.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs. 100/- each |
Rs.90.000 Millions |
|
100000 |
Preference Shares |
Rs. 100/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs. 100/-
each |
Rs.70.000
Millions |
|
100000 |
Preference Shares |
Rs. 100/-
each |
Rs.10.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.80.000 Millions |
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 Millions |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.70.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
580000 |
Equity Shares |
Rs. 100/-
each |
Rs.58.000
Millions |
|
100000 |
Preference Shares |
Rs. 100/-
each |
Rs.10.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.68.000 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 |
68.000 |
59.900 |
54.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
52.344 |
44.577 |
37.140 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
120.344 |
104.477 |
91.340 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
64.305 |
47.371 |
30.923 |
|
|
2] Unsecured Loans |
19.800 |
16.100 |
10.000 |
|
|
TOTAL BORROWING |
84.105 |
63.471 |
40.923 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
204.449 |
167.948 |
132.263 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.786 |
27.384 |
13.252 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.077 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
76.238
|
60.513
|
60.586 |
|
|
Sundry Debtors |
68.245
|
42.099
|
38.070 |
|
|
Cash & Bank Balances |
8.365
|
5.458
|
0.963 |
|
|
Other Current Assets |
0.193
|
1.918
|
16.276 |
|
|
Loans & Advances |
45.974
|
33.479
|
4.212 |
|
Total
Current Assets |
199.015
|
143.467
|
120.107 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.000
|
0.000
|
0.000 |
|
|
Other Current Liabilities |
17.354
|
0.249
|
0.027 |
|
|
Provisions |
3.998
|
2.654
|
1.146 |
|
Total
Current Liabilities |
21.352
|
2.903
|
1.173 |
|
|
Net Current Assets |
177.663
|
140.564
|
118.934 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
204.449 |
167.948 |
132.263 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
185.038 |
|
|
|
Other Income |
NA |
NA |
1.279 |
|
|
|
TOTAL |
NA |
NA |
186.317 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
NA |
NA |
129.485 |
|
|
|
Administrative Expenses |
NA |
NA |
16.179 |
|
|
|
Marketing Expenses |
NA |
NA |
2.656 |
|
|
|
Others Expenses |
NA |
NA |
15.242 |
|
|
|
TOTAL |
NA |
NA |
163.562 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, CHARITIES AND DONATION, DEPRECIATION AND AMORTISATION |
39.848 |
34.254 |
22.755 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.296 |
4.573 |
3.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, CHARITIES AND DONATION, DEPRECIATION AND AMORTISATION |
33.552 |
29.681 |
19.495 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.070 |
0.445 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Charities and
Donations |
2.118 |
1.770 |
1.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
28.364 |
27.466 |
17.830 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.046 |
9.212 |
6.168 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment for
earlier year |
0.048 |
0.099 |
0.081 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
18.270 |
18.155 |
11.662 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend Declared |
9.007 |
8.086 |
7.342 |
|
|
|
Tax on Dividend |
1.496 |
1.374 |
1.247 |
|
|
|
Fringe Benefit Tax |
0.000 |
0.000 |
0.253 |
|
|
Net
Surplus to Reserve and Surplus |
7.767 |
8.695 |
3.073 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.87 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
6.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
9.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.56
|
16.08 |
13.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.26 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.64
|
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.32
|
49.42
|
102.39 |
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 one 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) |
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 AND PROSPECTS
The performance of
the company during the year has improved in terms of growth in the revenue by
64% largely on account of commodity type trading of Lumbers as well as moderate
growth in the core business of Wood Panel Products. However, the profitability
has been eroding due to intense competition and severe price undercutting by
new domestic producers of low ended products. While the international price has
witnessed a steady rise in the pricing, the scenario in India has not
correspondingly changed affecting the whole sale prices and consequently, the
prices in the market remaining largely depressed on account of undercutting by
the domestic Indian producers. All such changes owing to market forces have
impacted the profitability and this change is likely to aggravate in the
subsequent years also as more and more capacities are being added in domestic
industry without any sustainability in terms of resources as well as
corresponding markets for the product. The initiative to develop the business
of Kiln Dried Lumbers from North America and Europe is showing positive
results.
The Company has
added the exclusivity in business of Lumbers in the Indian market by entering
in to a strategic arrangement with Hampton Lumber Sales, Portland, USA.
The results are expected during the next
financial year onwards. The dormant stock of flooring products like Carpets and
HDF Floorings have however still remained dormant and are a dent on company’s
resources and liquidity. The efforts are being made to get rid of this at any
available pricing in the market.
The borrowings of
the company has increased substantially owing to added requirement of funds to
meet the growth in the volumes vis-a-vis increase in inventory levels due to
(i) inability to source the balancing items, (ii) increased book debts from
Customers (iii) losses and or blockages of substantial sums of money in
refundable Special Duty on Import @ 4% and Service Tax and Anti Dumping duty,
complete details of which have been reported in the Annexure to the Financial
accounts.
The company is
also facing the liquidity constrains on account of longer credit terms to move
the stocks and uncertainties prevailing receipts of payments from major buyers
inflicting an avoidable cost to finance such credits to customers. The company
has completed the construction of its warehouse at Mundka, New Delhi during the
year on its own land in the Mundka Industrial Area at New Delhi.
In conclusion, the
company has suffered cumulatively on account of several factors listed above
and overall weak market sentiments, which is likely to continue for most part
of the next financial year also. All possible care is being taken to turn
around and accelerate the profitability to sustainable level by specific
measures to reduce the proportion of dormant inventory and longer credit costs.
Sustainability the company follows a strict green policy in conformity with the
principles and Criteria of Forest Stewardship Council and unconditionally
resolves that forest resources and associated lands should be managed to meet
the social, economic, ecological, cultural and spiritual needs of present and
future generations. To achieve this, the company also resolves that their
customers will be able to purchase Wood and Wood Panel Products that can be
traced to sources whose forest management systems are based on standards which
take in to account International environmental, ecological, biodiversity,
social and economic needs.
The prime
objectives of its environmental Policy is responsible distribution of Wood and
Wood Panel products sourced from well-managed forests that have been certified
to credible certification standards and while doing so, not to trade in
1. Forests or
forest product suppliers that do not comply with all relevant national
legislation relating to the trade in forest products
2. Old growth
forests including natural forests of high-conservation-value, where these are
recognized nationally or regionally, unless these forests are progressing
towards credible forest certification in a time-bound, stepwise and transparent
manner,
3. Protected
areas, parks or similar areas where harvesting operations are not complementary
to responsible forest management,
4. Forests which
are currently being converted to other land uses, or forests that have been
converted to plantations,
5. Forests which
are in areas of armed conflict or civil unrest, where there is a direct
relationship between the forest products trade and the funding of such
conflicts,
6. Genetically
modified trees, being tress originating from recombinant transgenic techniques,
7. Wood that has
been harvested illegally.
FORM 8:
|
Corporate
identity number of the company |
U51109WB1996PTC081420 |
|
Name of the
company |
EXIMCORP INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
25, R |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) Number of the charge to be modified |
80048808 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others: Stock, P
and M and Current and Fixed Assets |
|
Particular of
charge holder |
Bank of Baroda International Business Branch, 4, India Exchange Place, (1st
Floor), Kolkata-700001, West Bengal, India |
|
Nature of
instrument creating charge |
Supplemental Composite Instrument of Hypothecation of Goods, Book-Debts, Movable Machinery, Vehicles Supplemental Memorandum of Entry. |
|
Date of
instrument Creating the charge |
25.08.2011 |
|
Amount secured by
the charge |
Rs.212.732
Millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge. |
Rate of Interest Interest and
other charges will be paid as per terms and conditions of Sanction Terms;
however, interest and other charge are subject to change from time to time. Terms of
Repayment The working
capital limit (Rs.200.000 Millions by way of Letter of Credit (Sub-limit of
letter Rs.50.000 Million by way of CC) is payable on demand whereas the term
loan of Rs.12.732 Millions (Sanctioned amount – R.20.000 Millions) shall be
repaid in 20 equal quarterly installment of Rs.1.000 Millions each per
quarter commencing from July- Sept.2010. Interest and
other charges shall be serviced as and when charged to account. Margin The borrower
shall maintain appropriate margin as stipulated in the sanction terms,
however the same is subject to change from time to time. Presently the
applicable margin is CC:- 25% on Stock
and Book-debts LC:- 10% by way
of FDR ( on utilisation basis) TL:- 35.65% Extent and
Operation of the charge The security
created under said Agreement shall operate by way of First Charge and as
continuing security. The charged
assets property be kept at the Company risk and expense in good condition and
fully insured against loss or damage by fire, lighting or explosion or theft
and also against loss or damage by riot and civil commotion etc. as may be
required by the Bank in the joint names of the Bank and the Company. Others The Company hereby
declares that all the charged property now existing are absolute property of
and at the sole disposal of the Company and free from any prior charge or
encumbrance and undertakes that all future property shall likewise be the
unencumbered and absolute and disposable property of the Company. Other terms and
conditions are as per terms and conditions of above referred Agreement and
Sanction Terms of the bank. |
|
Short particulars
of the property charged |
The borrower
hypothecates and charges by way of 1st charge
a)
all
stocks of RM, WIP , FG, packing material
and stores and spares now being
and lying in the Borrower's Factory or anywhere else b)
all book-debts, outstanding,
receivables, claims etc and other Current Assets c)
all movable plant and machinery,
furniture, fixtures, tools , vehicles etc and other fixed assets d)
Further the Company created
equitable mortgage in respect of All that piece and parcel of land measuring 5041.65 Sq. Yard together
with buildings and structure thereon and fixtures and fittings both present
and future lying and situated at Khasra No 88/16 (1-5), 88/14(0-01),
15(0-05),16(1-05), 17 (0-18), Khasara No. 88/14 (O-09), 17 Min (O-17),
Mundka, Delhi-110041 both present and future. |
|
Particulars of
the present modification |
By present
modification the overall limit secured by charge has enhanced from Rs.145.732
Millions to Rs. 212.732 Millions. The revised credit facilities are as
follows- Letter of Credit
- Rs.200.000 Millions (Sub- Limit Cash
Credit ) - (Rs.50.000 Millions) Term Loan -
Rs.12.732 Millions Other terms and
condition save as modified above remain unchanged |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Other Equipments
·
Furniture Fixtures
·
Vehicle
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.53.63 |
|
|
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.