MIRA
INFORM REPORT
|
Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SKM STEELS
LIMITED |
|
|
|
|
Registered
Office : |
30, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.12.1994 |
|
|
|
|
Com. Reg. No.: |
11-083403 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 47.638
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1994PLC083403 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37214C/ MUMS41878E/
MUMS42024D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADC57801F/ AADC57801F/
AADC57801F |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Stainless Steel Products. |
|
|
|
|
No. of Employees
: |
150
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. General
Financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular 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.
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) BBB- |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk |
|
Date |
March 16, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
(Short Term Rating) A3 |
|
Rating Explanation |
Moderate degree of safety. It carry higher
credit risk. |
|
Date |
March 16, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Girish |
|
Designation : |
Marketing President |
|
Contact No.: |
91-22-23862884 |
|
Date : |
18.09.2012 |
LOCATIONS
|
Registered Office : |
30, |
|
Tel. No.: |
91-22-23862884/ 22336691/
66336691/ 40716600/ 40716666 |
|
Fax No.: |
91-22-23886165/
23805392/ 94 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Head Office : |
SKM House, 12, |
|
|
|
|
Factory : |
Plot No.2803, GIDC Phase III, Umbergaon - 396 171, District Valsad, |
|
|
|
|
Marketing Division : |
|
|
|
|
|
Branch Office
: |
v
13, Mooker Nalla , v
311, v
202, Ashwarath, Opposite Fortune Landmark,
Usmanpura, |
|
|
|
|
Export
Division : |
66, |
|
Tel. No.: |
91-22-66272727 |
|
Fax No.: |
91-22-66570103 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Kirtilal Moolchand Shah |
|
Designation : |
Managing director |
|
Address : |
Flat No.1001, 10th
Floor, Garden View, 8, J Mehta Marg, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1949 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
01.12.1994 |
|
DIN No.: |
00105703 |
|
Voter ID : |
MT/04/024/0135554 |
|
PAN No.: |
AAHPS8248K |
|
|
|
|
Name : |
Mr. Pankaj Dahyalal Shah |
|
Designation : |
Whole-time director |
|
Address : |
Flat No.161, 16th
Floor, |
|
Date of Birth/Age : |
19.02.1973 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.12.1994 |
|
DIN No.: |
00078997 |
|
Voter ID : |
ISD1526912 |
|
PAN No.: |
AAEPS7087D |
|
|
|
|
Name : |
Mr. Chirag Shantilal Shah |
|
Designation : |
Director |
|
Address : |
704, Gokul Apartments, 14th |
|
Date of Birth/Age : |
19.03.1977 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.07.2000 |
|
DIN No.: |
00081637 |
|
Voter ID : |
ISD1587963 |
|
PAN No.: |
AAGPS8472C |
|
|
|
|
Name : |
Mr. Kalpesh Haribhai Chowdhary |
|
Designation : |
Additional director |
|
Address : |
Makharia House, 1st Floor, 327, |
|
Date of Birth/Age : |
06.11.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.01.2011 |
|
DIN No.: |
00084800 |
|
Voter ID : |
MT/04/023/0114628 |
|
PAN No.: |
AABPC9287C |
|
|
|
|
Name : |
Mr. Amit Kirtilal Shah |
|
Designation : |
Director |
|
Address : |
Flat No.1001, 10th
Floor, Garden View, 8, J Mehta Marg, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1980 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.06.2001 |
|
DIN No.: |
00105932 |
|
Voter ID : |
ISD1622265 |
|
PAN No.: |
ALTPS7632L |
|
|
|
|
Name : |
Mr. Ram Anugrah Singh |
|
Designation : |
Director |
|
Address : |
B/ 34, Abhishek Apartment, Block No. 12, Cross Road – 2, Lokhandwala
Complex, Andheri, Mumbai – 400 053, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1946 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
27.11.1995 |
|
DIN No.: |
00369580 |
KEY EXECUTIVES
|
Name : |
Mr. Girish |
|
Designation : |
Marketing President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shah Kirtilal
Moolchand and Shah Veenaben Kirtilal |
|
475400 |
|
Shah Amit
Kirtilal and Shah Veenaben Kirtilal |
|
474000 |
|
SKM Constructions
Private Limited, |
|
400000 |
|
Shah Veenaben
Kirtilal and Shah Kirtilal Moolchand |
|
475000 |
|
Suryadeep Salt Refinery and Chemicals Work Limited, |
|
12000 |
|
Kailash Ficom Limited, |
|
18000 |
|
Zen Shaving Limited, |
|
4000 |
|
Tribhuvan Housing Limited, |
|
10000 |
|
Shah Kirtilal Moolchand HUF |
|
468000 |
|
Shah Ruchita Amit and Shah
Amit Kirtilal |
|
402900 |
|
Shah Amit Kartiklal
HUF |
|
476000 |
|
Chowdhary Anju Kalpesh |
|
378000 |
|
Shah Sejal Chirag and Shah Chirag Shantilal |
|
365450 |
|
SKM Industries Private Limited, |
|
65000 |
|
SKM Capital 7 Holdings Private Limited, |
|
15000 |
|
Shree Parul Developers Private Limited, |
|
110000 |
|
Megha Bhavesh Shah |
|
125000 |
|
Juvenile Capfin Private Limited, |
|
490000 |
|
Total |
|
4763750 |
AS ON 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
2.62 |
|
Bodies
corporate |
|
73.78 |
|
Directors
or relatives of directors |
|
23.60 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Stainless Steel Products. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS
(AS ON 31.03.2010)
Licensed Capacity: No Licence Required
|
Particulars |
Unit |
Installed Capacity |
|
Stainless Steel
Bright Bars |
M. Tonnes |
9000 |
|
Power |
(Kw) |
750 |
|
Particulars |
Unit |
Actual Production |
|
Own and On Jobwork Basis: |
|
|
|
Stainless Steel
Bright Bars |
M. Tonnes |
1938.553 |
|
Stainless Steels Wires |
M. Tonnes |
0.000 |
|
Stainless Steel Rods/ Rounds
|
M. Tonnes |
11252.040 |
|
Stainless Steel Scrap |
M. Tonnes |
312.586 |
|
Power |
(‘000 Kwh) |
1093.405 |
GENERAL INFORMATION
|
No. of Employees : |
150
(Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Ø Yes Bank
Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie
Besant Road, Worli, Mumbai – 400018, Maharashtra, India Ø Commonwealth
Bank of Australia, Level 2, Hoechst House, Nariman Point, Mumbai – 400021,
Maharashtra, India Ø ICICI Bank Limited, Landmarkrace Cource Circle,
Alkapuri, Baroda – 390015, Gujarat, India Ø Bank of India (Lead Bank of BOI
Consortium), C. P. Tank Branch, Chandaramji Girl’s High School Building, 95
Vithalbhai Patel Road, Mumbai -
400004, Maharashtra, India Ø The Federal Bank Limited, Corporate Banking
Branch, 1st Floor, Raja Bahadur Mansion, 32, Bombay Samachar Marg,
Fort, Mumbai – 400001, Maharashtra, India Ø Bank of India Limited, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Edelweiss Finance
and Investments Limited, 2nd Floor, MB Towers, Plot No.5, Road
No.2, Banjara Hills, |
|
|
|
|
Auditors : |
|
|
Name : |
R.M. Doshi and Company Chartered Accountants |
|
Address : |
307, Vaishali Apartments, 30/31, Parekh Street, Prathana Samaj, Mumbai
400 004, Maharashtra, India |
|
Tel. No.: |
91-22-67437416/ 17 |
|
Fax No.: |
91-22-23824232 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AABPD5830G |
|
|
|
|
Associate : |
Ø Heavy Metal and
Tubes Limited Ø Maitri Metals
Private Limited Ø SKM Enterprises
Private Limited Ø SKM Industries
Private Limited Ø SKM Metal
Processors Private Limited Ø Khyati Fincap
Private Limited Ø Suns tar
Infratech Private Limited Ø SKM Construction
Private Limited Ø BKC Developers
Private Limited |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
Ø Bharat Steel
Yard Ø Shree Steel
Depot Ø Shree Chintamani
Stainless |
|
|
|
|
Subsidiaries : |
SKM Alloys
Private Limited [U27100MH1997PTC111184] |
|
|
|
|
Other Related Party : |
SKM Foundation |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,763,750 |
Equity Share |
Rs.10/- each |
Rs. 47.638
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 |
47.638 |
49.900 |
48.900 |
|
|
2] Share Application Money |
0.000 |
20.000 |
45.348 |
|
|
3] Reserves & Surplus |
1287.773 |
1147.262 |
928.243 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1335.411 |
1217.162 |
1022.491 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2840.777 |
1534.763 |
800.318 |
|
|
2] Unsecured Loans |
96.200 |
81.000 |
76.330 |
|
|
TOTAL BORROWING |
2936.977 |
1615.763 |
876.648 |
|
|
DEFERRED TAX LIABILITIES |
9.603 |
11.557 |
12.116 |
|
|
|
|
|
|
|
|
TOTAL |
4281.991 |
2844.482 |
1911.255 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
90.028 |
57.485 |
51.989 |
|
|
Capital work-in-progress |
158.367 |
54.894 |
27.024 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.626 |
19.609 |
20.738 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1469.357
|
880.067
|
470.534
|
|
|
Sundry Debtors |
2722.011
|
1766.560
|
1195.878
|
|
|
Cash & Bank Balances |
68.274
|
179.173
|
173.420
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
200.169
|
137.734
|
138.871
|
|
Total
Current Assets |
4459.811
|
2963.534
|
1978.703
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
381.363
|
167.072 |
140.138 |
|
|
Other Current Liabilities |
14.432
|
48.623
|
18.391
|
|
|
Provisions |
50.046
|
35.345
|
8.670
|
|
Total
Current Liabilities |
445.841
|
251.040
|
167.199
|
|
|
Net Current Assets |
4013.970
|
2712.494
|
1811.504
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4281.991 |
2844.482 |
1911.255 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16701.680 |
9232.855 |
9454.387 |
|
|
|
Other Income |
122.908 |
109.142 |
44.836 |
|
|
|
TOTAL (A) |
16824.588 |
9341.997 |
9499.223 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
15673.717 |
8554.713 |
|
|
|
|
Manufacturing service costs |
251.717 |
116.092 |
|
|
|
|
Employee related expenses |
35.799 |
24.209 |
|
|
|
|
Administrative selling other expenses |
484.660 |
350.033 |
|
|
|
|
TOTAL (B) |
16445.893 |
9045.047 |
9287.141 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
378.695 |
296.950 |
212.082 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
154.336 |
86.079 |
175.794 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
224.359 |
210.871 |
36.288 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.152 |
5.289 |
5.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
216.207 |
205.582 |
30.571 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
77.603 |
65.563 |
14.469 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
138.604 |
140.019 |
16.102 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Adjustments |
0.000 |
0.000 |
1.382 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
N.A. |
427.143 |
409.659 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
139.604 |
567.162 |
427.143 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
360.328 |
169.245 |
432.021 |
|
|
|
Compensation Earned |
17.524 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
377.852 |
169.245 |
432.021 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
2473.901 |
617.250 |
302.707 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.10 |
28.06 |
3.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.82 |
1.50 |
0.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.29 |
2.23 |
0.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.75 |
6.81 |
1.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.17 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.53 |
1.53 |
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.00 |
11.81 |
11.83 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
58.603 |
4.202 |
0.000 |
|
Creditors due others |
322.760 |
162.870 |
140.138 |
|
Sundry
creditors |
381.363 |
167.072 |
140.138 |
|
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
BUSINESS RESULTS AND OPERATIONS
Recessionary
trends continued to prevail in the US and the European markets, however the domestic
demands surged in view of development in infrastructure and other sectors in
the Indian economy. With better demand and a good cash flow in the domestic
markets, company could achieve turnover of Rs. 16701.700 Millions against Rs.
9232.900 Millions which was almost double. Due to efficient management of funds
and stringent control over cost, profits before depreciation and taxes
increased to Rs. 224.400 Millions against Rs. 210.800 Millions for the last
year resulting into a fourfold increase.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27100MH1994PLC083403 |
|
Name of the
company |
SKM STEELS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
30 C P 2nd Floor
Tank Road, Mumbai - 400004, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10300041 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Commonwealth Bank
of Australia, Level 2, Hoechst House, Nariman Point, Mumbai
- 400021, Maharashtra, India Email ID: vlaxman@vsnl.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter no. NPLCB:
VJ: 11-12 : 548, dated 29.03.2012, issued from Bank of India. |
|
Date of
instrument Creating the charge |
29.03.2012 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest 1.75%
above base rate, i.e. 11.75% p.a. (Currently, Base Rate is 10% p.a.), on a
monthly compounding basis Terms of Repayment Underlying
Drawing restricted to 90 days. Margin As may be
stipulated by the Bank from time to time. Extent and Operation of the charge Bank of India
(BOI) confirmed that by virtue of the charge created and/or to be created by the
company in favour of BOI in respect of its current assets covered under the
1st Pari-Passu charge both present and future, to secure its Funded and
Non-Funded facilities, shall in all respects rank 1st pari passu with the
charge/s created/to be created, inter alia, in favour of Commonwealth Bank of
Australia for its credit facilities aggregating Rs.100.000 Millions, for all
purposes and to all intents. |
|
Short particulars
of the property charged |
Hypothecation of
Stocks, raw materials, finished goods etc. existing and to be purchased from
time to time. Hypothecation of
Existing and future Book Debts etc. |
|
Particulars of
the present modification |
The charge
created/to be created by the company in favour of Bank of India in respect of
its current assets covered under the 1st Pari-Passu charge, to secure its
Funded and Non-Funded facilities, shall in all respects rank 1st pari passu
with the charge/s created/to be created, inter alia, in favour of
Commonwealth Bank of Australia for its credit facilities aggregating
Rs.100.000 Millions, for all purposes and to all intents. |
FIXED ASSETS:
Ø Freehold Land
Ø Leasehold Land
Ø Factory Buildings
Ø Other Buildings
Ø Plant and Machinery
Ø Electrical Installation
Ø Vehicles
Ø Furniture and Fixtures
Ø Office Equipments
Ø Air Conditioners
Ø
Other Assets
Ø
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 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. 54.26 |
|
|
1 |
Rs. 88.15 |
|
Euro |
1 |
Rs. 71.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.