|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA SHUBHLABH SERVICES LIMITED (w.e.f. 16.08.2000) |
|
|
|
|
Formerly Known
As : |
MAHINDRA SHUBHLABH SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.04.2000 |
|
|
|
|
Com. Reg. No.: |
11-125781 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.61.145
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01409MH2000PLC125781 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMM20219D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM1298D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into Agri Farm Business and Services. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Mahindra Group. The company’s profitability is under
severe pressure. General financial position is moderate having good amount of
accumulated losses. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered for business dealings with slight
caution initially. |
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 |
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 DECLINED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-66483051 |
|
Date : |
25.09.2012 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-66483051/ 24905877/ 24931441 |
|
Fax No.: |
91-22-24922726/ 24975081 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Farm Equipment Sector, Gate No.2, |
DIRECTORS
As on 25.07.2011
|
Name : |
Mr. Manohar Gopal Bhide |
|
Designation : |
Director |
|
Address : |
A5, Bageshree, Shankar Ghanekar Marg, Prabhadevi, Mumbai – 400 025, |
|
Date of Birth/Age : |
14.02.1939 |
|
Date of Appointment : |
02.11.2000 |
|
DIN No.: |
00001826 |
|
|
|
|
Name : |
Mr. Chandrasekar Kandasamy |
|
Designation : |
Director |
|
Address : |
D11/53, |
|
Date of Birth/Age : |
08.01.1954 |
|
Date of Appointment : |
22.12.2006 |
|
DIN No.: |
01084215 |
|
|
|
|
Name : |
Mr. Anoop Krishna Mathur |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
22.10.1947 |
|
Date of Appointment : |
25.04.2007 |
|
DIN No.: |
00014372 |
|
|
|
|
Name : |
Mr. Ashok Hiralal Sharma |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
15.06.1964 |
|
Date of Appointment : |
06.12.2010 |
|
|
|
|
Name : |
Ms. Veena Vedprakash Mishra |
|
Designation : |
Director |
|
Address : |
1203, 12th Floor, Raheja Tipco Height 04, Western Express,
Highway, Malad – East, Mumbai – 400 097, |
|
Date of Birth/Age : |
14.07.1956 |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
03502175 |
KEY EXECUTIVES
|
Name : |
Mr. Feroze Hoshang Baria |
|
Designation : |
Secretary |
|
Address : |
630, Gemlrina, |
|
Date of Birth/Age : |
09.07.1971 |
|
Date of Appointment : |
09.05.2000 |
|
PAN No.: |
AADPB1596R |
|
|
|
|
Name : |
Mr. Vikram Puri |
|
Designation : |
Chief Executive Office and Manager |
|
Address : |
7, Panoromic View Co-Operative Society Limited, 30, Golf Limks, Pali
Hill, Khar, Mumbai - 400 052, |
|
Date of Birth/Age : |
06.09.1958 |
|
Date of Appointment : |
19.08.2005 |
|
PAN No.: |
AAHPP1456C |
|
|
|
|
Name : |
Mr. Nitin |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, |
|
3875983 |
|
Mahindra and Mahindra Limited Jointly with U.Y. Phadke |
|
1 |
|
Mahindra and Mahindra Limited Jointly with A.G. Tawde |
|
1 |
|
Mahindra and Mahindra Limited Jointly with C. Krishnadas |
|
1 |
|
Mahindra and Mahindra Limited Jointly with M.A. Narareth |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Roshni Sagreiya |
|
1 |
|
International Finance Corporation, |
|
1036410 |
|
Mahindra and Mahindra Limited Jointly with Raghunath Murti |
|
1 |
|
Mahindra Holdings Limited, |
|
1202114 |
|
Mahindra and Mahindra Limited Jointly with Gautam Nagwekar |
|
1 |
|
Total |
|
6114514 |
Equity Share Break up (Percentage of Total Equity)
As on 25.07.2011
|
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 |
16.95 |
|
Bodies corporate |
83.05 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Agri Farm Business and Services. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
PAN No.: |
AAEPJ3085C |
|
|
|
|
Holding Company : |
Mahindra and
Mahindra Limited CIN No.: L65990MH1945PLC004558 |
|
|
|
|
Fellow Subsidiary Company : |
|
|
|
|
|
Associate – Holding more than 20% stake : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6114514 |
Equity Shares |
Rs.10/- each |
Rs.61.145
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 |
61.145 |
389.335 |
389.335 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
50.530 |
50.529 |
|
|
4] (Accumulated Losses) |
(79.565) |
(293.695) |
(299.120) |
|
|
NETWORTH |
(18.420) |
146.170 |
140.744 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.500 |
135.081 |
30.868 |
|
|
2] Unsecured Loans |
80.000 |
0.000 |
20.083 |
|
|
TOTAL BORROWING |
82.500 |
135.081 |
50.951 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
64.080 |
281.251 |
191.695 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.899 |
14.911 |
15.415 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.008 |
0.041 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
128.556
|
275.723
|
295.272
|
|
|
Sundry Debtors |
9.463
|
199.740
|
127.919
|
|
|
Cash & Bank Balances |
2.817
|
23.818
|
19.259
|
|
|
Other Current Assets |
0.000
|
0.005
|
0.031
|
|
|
Loans & Advances |
48.328
|
39.921
|
15.265
|
|
Total
Current Assets |
189.164
|
539.207
|
457.746
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
84.760
|
260.285
|
238.478
|
|
|
Other Current Liabilities |
38.008
|
9.795
|
41.868
|
|
|
Provisions |
3.215
|
2.795
|
1.161
|
|
Total
Current Liabilities |
125.983
|
272.875
|
281.507
|
|
|
Net Current Assets |
63.181
|
266.332
|
176.239
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
64.080 |
281.251 |
191.695 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
261.465 |
793.125 |
487.676 |
|
|
|
Other Income |
17.300 |
52.578 |
18.949 |
|
|
|
TOTAL |
278.765 |
845.703 |
506.625 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
330.203 |
691.521 |
423.570 |
|
|
|
Employee Related Expenses |
17.346 |
48.098 |
82.013 |
|
|
|
Administrative Selling Other Expenses |
6.883 |
92.827 |
(92.681) |
|
|
|
TOTAL |
354.432 |
832.446 |
498.964 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(75.667) |
13.257 |
7.661 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
5.788 |
6.799 |
12.545 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(81.455) |
6.458 |
(4.884) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.115 |
1.033 |
1.057 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(81.570) |
5.425 |
(5.941) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.842 |
|
|
|
|
|
|
|
|
|
Less |
ADJUSTMENTS RELATED
MERGER ACQUISITIONS |
0.784 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(82.354) |
5.425 |
(6.783) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(293.695) |
(299.120) |
(292.337) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(296.484) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(79.565) |
(293.695) |
(299.120) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
- Export of Goods on F.O.B Basis |
147.106 |
312.414 |
210.444 |
|
|
|
TOTAL EARNINGS |
147.106 |
312.414 |
210.444 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
- Traded Goods |
47.656 |
24.175 |
2.902 |
|
|
|
TOTAL
IMPORT |
47.656 |
24.175 |
2.902 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(13.34) |
0.14 |
(0.23) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(29.54) |
0.64 |
(1.34) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(31.20) |
0.68 |
(1.22) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(42.92) |
0.97 |
(1.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
4.43 |
0.03 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(11.32) |
2.79 |
2.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.97 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR
DETAILS
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
- Due Small Micro Enterprises |
0.000 |
1.103 |
1.084 |
|
- Due Others |
84.760 |
259.182 |
237.394 |
|
Total |
84.760 |
260.285 |
238.478 |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
SCHEME OF
ARRANGEMENT
The Hon'ble High Court of Judicature at Bombay has on 25th March, 2011 approved the Scheme of Arrangement between the Company and Mahindra and Mahindra Limited and their respective Shareholders wherein the Non-Fruits Business [comprising of the Agri Input Business (seed, seed potato and crop care) and the Other Common Assets and Liabilities of the Company] along with related assets, liabilities, tax losses of the Company have been demerged into Mahindra & Mahindra Limited. The Scheme of Arrangement has become effective on 15th April, 2011. The Appointed Date for the Scheme was 1st January, 2010.
Due to the Scheme of Arrangement getting approved by the Hon'ble High Court, the Accounts of the Company for the year ended 31st March, 2011 reflect the performance of only the Fruits Business of the Company.
OPERATIONS
During the year, the performance of the Company has suffered on account of both the drop in the volume of export of Grape fruit together with a drastic fall in export realisations. The Company exported 269 containers of fruits as against 328 containers during the last year.
In the export season of 2010, grapes exported from India (including from the Company) to Europe were found to contain a chemical called Chlormequate Chloride ("CCC") marginally above the permissible limits prescribed under the E.U. Food Safety Regulations. The Agricultural and Processed Food Products Export Development Authority ("APEDA") which is the Nodal Agency which notifies chemicals to be excluded/minimum residual level in EU markets prior to their exports, did not include CCC test in the list of chemicals to be tested which resulted
in detection of CCC in the grapes that were exported.
The detection of CCC above the permissible limits resulted in European Markets stopping sale of grapes to European Retailers. The prices of grapes crashed from 12 Euros per carton to 3 Euros per carton. Due to the crash in prices, the grape exporters (including the Company) could not recover their expenses resulting in their suffering losses in the current financial year.
In the domestic fruit business the Company has opened up southern markets in Hyderabad. The Company has also done improved business in Citrus Fruits of 245 MTS as against 60 MTS in the previous year.
OUTLOOK
The Company has intensified efforts to grow markets other than Europe. It has implemented steps to constantly review E.U. Food Safety Regulations.
The Company has not encountered any issues related to quality of grapes exported so far in the current grape season. The export prices have firmed up in Europe and Middle East as compared to previous years. Although the number of containers of grapes exported this season will be lower than the previous years, due to a fall in harvesting of grapes on account of unseasonal rains in the grape growing areas of Maharashtra, the increased price realisations will to a large extent offset the drop in total planned volume for exports.
The domestic fruit business will provide an opportunity for future growth of the Company's fruits business. The Company has initiated actions for sourcing Apple, Citrus and Pears from various locations in India as well as overseas for expanding its product offerings. The Company is therefore poised to benefit from these initiatives during the current year.
CONTINGENT
LIABILITIES (AS ON 31.03.2011)
(i) Sales Tax Demand Rs. NIL (previous Year Rs. 0.882 Million) {Paid under Protest Rs. Nil (Previous Year Rs. 0.092 Million) relating to issue of Deductibility in respect of which the co. is in the appeal and hopes to succeed in the matter.
(ii) Claim against the company for loss of business/ Services (excluding interest claimed) etc. not acknowledged as debt and not provided for Rs. NIL (Previous Year Rs. 2.401 Millions).
(iii) Details of indemnity for guarantees given by bank-
Bank Guarantees
|
In Favour of |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
|
|
|
|
Custom Authorities |
0.050 |
0.050 |
|
Agriculture Market committee |
1.500 |
1.500 |
|
TOTAL |
1.550 |
1.550 |
FORM 8:
|
Corporate
identity number of the company |
U01409MH2000PLC125781 |
|
Name of the
company |
MAHINDRA
SHUBHLABH SERVICES LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-mail : puri.vikram@mahindra.com |
|
This form is for |
Modification of
Charge |
|
Charge
identification (ID) number of the charge to be modified |
80019180 |
|
Type of charge |
|
|
Particular of
charge holder |
Export - Import Bank of India, Centre One Building, Floor 21, World
Trade Centre, Complex, Cuffe Parade, Mumbai - 400 005, Maharashtra, India E-mail : smeagrigroup@eximbankindia.in |
|
Nature of
instrument creating charge |
Letter of
Confirmation Dated 09.04.2012 Executed by Mahindra Shubhlabh Services Limited
("The Borrower") In Favour of Export-Import Bank of India
("EXIM BANK") For Renewal of Pre/Post Shipment Credit Limit of USD
2.20 Million / Equivalent Euro / Equivalent INR and further confirming the
continuation of security created by the borrowers for the renewal period. |
|
Date of
instrument Creating the charge |
09.04.2012 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: USD: LIBOR (6
month) plus 475 bps p.a., payable quarterly. INR: 11.50% p.a.
payable monthly on 20th day of each month in each year. Additional
interest: 2% p.a., sub to rest Terms of
Repayment: Each Disbursement
Relating to Pre-Shipment Credit shall be Repaid by the Borrower within 180
Days from the date of such disbursement or Out of Relative Export Proceeds Or
Equivalent Disbursement From Post-Shipment Credit, Whichever is earlier. Each Disbursement
Relating to Post-Shipment Credit shall be Repaid by the Borrower within 180
Days from the date of such disbursement or Out of Relative Export Proceeds,
Whichever is earlier. Each Disbursement
Relating to Post-Shipment Credit shall be Repaid by the Borrower within 180
Days from the date of such disbursement Or Out of Relative Export Proceeds,
Whichever is earlier. Margin : Pre-Shipment
Credit: 20% of Individual Export Order. Post-Shipment
Credit: 10% of Individual Export bill Extent and
Operation of the Charge: Exclusive Charge
by way of Hypothecation in favor of EXIM Bank over Borrower's Current Assets
Including Receivables, Pertaining to Export of Goods Both Present and Future,
as security for the due repayment of the loan of USD 2.20 MN (Renewed for a
further period of 1 year) and payment of interest and all other monies
payable by the Borrower to EXIM Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
Borrower's Current Assets including Receivables Pertaining to Exports of
Fruits and Vegetables and other Agri Produce, both Present and Future. |
|
Date of
instrument modifying the charge |
24.02.2011 |
|
Particulars of
the present modification |
Security created
vide Deed of Hypothecation dt. 16/2/06 in favour of EXIM Bank and modified from
time to time is being further modified by Letter of Confirmation dated 9/4/12
to secure the renewed limit of USD 2.2 Million for the renewal period as
mentioned in Letter of Confirmation attached hereto. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Vehicles
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.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
34 |
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.