|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA CONVEYOR SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Mahindra Towers, P K Kurne Chowk, Mumbai 400018, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.01.2010 |
|
|
|
|
Com. Reg. No.: |
198438 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.313.775
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29268MH2010PTC198438 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Material handling equipment and systems. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2037812 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Mahindra and Mahindra Group. It is a well established company having a satisfactory track record.
There appears slight dip in the profitability during 2011-2012. However, general financial position of the company seems to be good. The company gets strong financial support from its holding liquidity
position is good. Trade relations are reported to be 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.
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 |
A+ Fund Based Limit |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. It carry low credit risk. |
|
Date |
February 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 : |
Mahindra Towers, P K Kurne Chowk, Mumbai 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24905632 |
|
Fax No.: |
91-22-24900833 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq.ft |
|
Location : |
Rented |
|
|
|
|
Factory 1: |
148, |
|
Tel. No.: |
91-20-6631 7200 / 2742
63 96 |
|
Fax No.: |
91-20-2742 6398 |
|
|
|
|
Corporate Office/ Factory : |
Gat No 316 to 319 Ambadvet Pune Paud Road Near Pirangut, Pune 412108,
India |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Sundaram Venkatraman |
|
Designation : |
Director |
|
Address : |
501, Vikas Classic, Building No. 4, Behind Basant Theatre, Dr. C Gidwani
Marg, Chembur, Mumbai 4000740, Maharashtra, India |
|
Date of Birth/Age : |
07.05.1952 |
|
Date of Appointment : |
04.01.2010 |
|
DIN No.: |
00077193 |
Other Directorship
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U74999MH1995PLC093447 |
TECPRO ASHTECH LIMITED |
Director |
05/12/2002 |
05/12/2002 |
05/01/2008 |
Amalgamated |
NO |
|
2 |
U45201MH2001PLC131942 |
MAHINDRA INFRASTRUCTURE
DEVELOPERS LIMITED |
Nominee director |
23/04/2003 |
23/04/2003 |
- |
Active |
NO |
|
3 |
U74210MH1993PLC074723 |
Mahindra Consulting Engineers
Limited |
Nominee director |
22/04/2004 |
22/04/2004 |
- |
Active |
NO |
|
4 |
U45200MH1992PLC068846 |
MAHINDRA CONSTRUCTION
COMPANY LIMITED |
Director |
29/09/2007 |
24/04/2006 |
- |
Active |
NO |
|
5 |
U45205MH1999PLC121235 |
MAHINDRA WATER UTILITIES
LIMITED |
Director |
18/09/2007 |
10/10/2006 |
- |
Active |
NO |
|
6 |
U74999MH1954PLC019908 |
MAHINDRA ENGINEERING AND
CHEMICAL PRODUCTS LIMITED |
Director |
27/08/2007 |
16/01/2007 |
- |
Active |
NO |
|
7 |
U74140MH1992PLC066606 |
MAHINDRA AND MAHINDRA
CONTECH LIMITED |
Director |
05/09/2008 |
30/05/2008 |
- |
Active |
NO |
|
8 |
U30007MH1991PLC064368 |
BRISTLECONE INDIA LIMITED
|
Director |
24/07/2009 |
25/07/2008 |
- |
Active |
NO |
|
9 |
U34100MH2007PLC171151 |
MAHINDRA VEHICLE
MANUFACTURERS LIMITED |
Director |
20/08/2009 |
19/11/2008 |
- |
Active |
NO |
|
10 |
U92190MH2008PLC178894 |
MUMBAI MANTRA MEDIA
LIMITED |
Director |
08/09/2009 |
03/02/2009 |
- |
Active |
NO |
|
11 |
U29268MH2010PTC198438 |
Mahindra Conveyor Systems
Private Limited |
Director |
23/06/2011 |
04/01/2010 |
- |
Active |
NO |
|
12 |
U34100MH2005PTC153702 |
Mahindra Automobile
Distributor Private Limited |
Director |
01/08/2011 |
31/08/2010 |
- |
Active |
NO |
|
13 |
U74999MH2011PTC212468 |
Mahindra Integrated
Business Solutions Private Limited |
Director |
18/01/2011 |
18/01/2011 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Parag Chandulal Shah |
|
Designation : |
Director |
|
Address : |
7, Kailas 50 Peddar Road, Mumbai 400026, Maharashtra, India |
|
Date of Birth/Age : |
25.11.1975 |
|
Date of Appointment : |
04.01.2010 |
|
DIN No.: |
00374944 |
Other Directorship
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U01110MH1983PTC029216 |
INDIRA AGRICULTURAL FARM
PVT LTD |
Director |
04/09/1996 |
04/09/1996 |
- |
Active |
NO |
|
2 |
U51900MH1985PTC037329 |
SYSTEMS MARKETING (INDIA)
PVT LTD |
Director |
02/05/1997 |
02/05/1997 |
- |
Strike off |
NO |
|
3 |
U67190MH1987PTC042205 |
SHAH AND GALA FINANCE
CONSULTANTS PVT LTD |
Director |
02/05/1997 |
02/05/1997 |
- |
Strike off |
NO |
|
4 |
U25209MH1998PTC116707 |
C J INDUSTRIES PRIVATE
LIMITED |
Director |
29/09/1998 |
29/09/1998 |
- |
Active |
NO |
|
5 |
U27100MH1981PTC025565 |
HYD-AIR MAGNETS PRIVATE LIMITED
|
Director |
24/05/2007 |
24/05/2007 |
- |
Strike off |
NO |
|
6 |
U63032MH2008PTC186581 |
Mahindra Ocean Blue
Marine Private Limited |
Director |
25/09/2009 |
09/09/2008 |
- |
Active |
NO |
|
7 |
U35911MH2008PLC185462 |
MAHINDRA TWO WHEELERS
LIMITED |
Director |
12/08/2009 |
29/09/2008 |
- |
Active |
NO |
|
8 |
U92412MH2008PTC187927 |
MAHINDRA UNITED FOOTBALL
CLUB PRIVATE LIMITED |
Director |
01/09/2009 |
03/11/2008 |
- |
Active |
NO |
|
9 |
U63000MH2007PLC173466 |
Mahindra Logistics
Limited |
Director |
11/08/2009 |
28/04/2009 |
- |
Active |
NO |
|
10 |
U52190MH2007PTC173762 |
MAHINDRA RETAIL PRIVATE
LIMITED |
Director |
10/08/2010 |
03/11/2009 |
- |
Active |
NO |
|
11 |
U29268MH2010PTC198438 |
Mahindra Conveyor Systems
Private Limited |
Director |
23/06/2011 |
04/01/2010 |
- |
Active |
NO |
|
12 |
U40101MH2010PTC205236 |
MAHINDRA SOLAR ONE
PRIVATE LIMITED |
Director |
16/09/2011 |
04/07/2010 |
- |
Active |
NO |
|
13 |
U22120MH1948PTC009314 |
THE INDIAN AND EASTERN
ENGINEER COMPANY PRIVATE LIMITED |
Additional director |
09/07/2010 |
09/07/2010 |
- |
Active |
NO |
|
14 |
U51900MH1978PLC020222 |
MAHINDRA INTERTRADE
LIMITED |
Director |
22/07/2011 |
22/07/2010 |
- |
Active |
NO |
|
15 |
U40300MH2010PTC205946 |
MAHINDRA OFFGRID SERVICES
PRIVATE LIMITED |
Director |
26/07/2010 |
26/07/2010 |
- |
Active |
NO |
|
16 |
U74990MH2010PTC207854 |
MAHINDRA EPC SERVICES
PRIVATE LIMITED |
Director |
19/09/2010 |
19/09/2010 |
11/03/2011 |
Active |
NO |
|
17 |
U67110MH2008PLC188837 |
RETAIL INITIATIVE
HOLDINGS LIMITED |
Director |
29/09/2011 |
13/08/2011 |
- |
Active |
NO |
|
18 |
U40300MH2012PTC226017 |
Mahindra Suryaprakash Private
Limited |
Additional director |
27/09/2012 |
27/09/2012 |
- |
Active |
NO |
|
19 |
U40103MH2012PTC226016 |
Mahindra Suryaurja
Private Limited |
Director |
27/09/2012 |
27/09/2012 |
- |
Active |
NO |
|
20 |
U80302MH2010PTC198303 |
Mahindra Namaste Private
Limited |
Additional director |
04/02/2013 |
04/02/2013 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Sanjay Ramakant Nadkarni |
|
Designation : |
Director |
|
Address : |
C/o Joyti Saraf, 1/20 Madhavi Society, 277 Mogul Lane, Matunga west,
Mahim Mumbai 400016, Maharashtra, India |
|
Date of Birth/Age : |
28.02.1966 |
|
Date of Appointment : |
19.07.2012 |
|
DIN No.: |
05330736 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra Engineering and Chemical Products Limited, India |
|
28711499 |
|
Mr. Zhooben Bhiwandiwala |
|
1 |
|
Tsubakimoto Bulk Systems Corporation, Japan |
|
2666089 |
|
Total |
|
31377589 |
AS ON 30.09.2012
|
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 |
8.50 |
|
Bodies corporate |
91.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Material handling equipment and systems. |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
State Bank of India, Industrial Finance Branch Lead Bank, 1st
Floor, Tara Chambers Near Mariaaipolicechowky, Mumbai Pune Highway,
Wakdewadi, Pune 411003, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Rs. In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
|
|
|
Fellow Subsidiary : |
|
|
|
|
|
Ultimate Holding Company: |
Mahindra and Mahindra Limited |
|
|
|
|
Holding Company: |
Mahindra Engineering and Chemical Products Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32000000 |
Equity Shares |
Rs.10/- each |
Rs.320.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31377589 |
Equity Shares |
Rs.10/- each |
Rs.313.775
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
313.775 |
242.478 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
195.678 |
99.114 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
509.453 |
341.592 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
66.350 |
0.000 |
|
|
TOTAL BORROWING |
|
66.350 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
12.700 |
1.100 |
|
|
|
|
|
|
|
|
TOTAL |
|
588.503 |
342.692 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
452.964 |
206.642 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
34.748 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
68.956
|
70.954 |
|
|
Sundry Debtors |
|
153.185
|
149.930 |
|
|
Cash & Bank Balances |
|
20.396
|
7.600 |
|
|
Other Current Assets |
|
2.794
|
2.417 |
|
|
Loans & Advances |
|
13.755
|
14.888 |
|
Total
Current Assets |
|
259.086
|
245.789 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
96.039
|
50.645 |
|
|
Other Current Liabilities |
|
55.210
|
54.245 |
|
|
Provisions |
|
7.046
|
4.849 |
|
Total
Current Liabilities |
|
158.295
|
109.739 |
|
|
Net Current Assets |
|
100.791
|
136.050 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
588.503 |
342.692 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
549.806 |
552.472 |
|
|
|
Other Income |
|
6.812 |
8.791 |
|
|
|
TOTAL (A) |
|
556.618 |
561.263 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
82.378 |
117.475 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.867 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
81.511 |
117.475 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
10.266 |
1.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
71.245 |
115.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
26.800 |
39.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
44.445 |
76.883 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
121.328 |
76.883 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.41 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
7.98 |
13.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
12.95 |
20.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.00 |
25.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.14 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.13 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.63 |
2.23 |
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 |
-- |
|
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 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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if
available |
-- |
|
32] |
Passport No of Proprietor/Partner/Director,
if available |
-- |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
-- |
|
34] |
External Agency Rating, if available |
No |
Operation
The total income and profits for the year under review were Rs. 556.600
millions and Rs. 44.500 millions respectively. During the year under review,
the Company continued to maintain a leading position as supplier of Chain
Bucket Elevators and Chain Conveyors for the Cement Industry. The Company has
also widened its product range with supplies of special Chain Conveyors for
Waste Heat Recovery Systems and Belt Bucket Elevators to the Cement Industry. During
the year under review, The Company has received several prestigious orders
including for supply of High Capacity Chain Bucket elevators (1500 TPH) and
Chain Conveyors from ThyssenKrupp Industries India Limited for the Reliance
Cementation project. The Company has also achieved a breakthrough in Overhead
Conveyor Systems for automotive applications. The sales remained sluggish
throughout the year due to low demand from key sectors such as Cement and
Power.
New Factory
The Company has shifted its entire operations to a new facility located
at Village Ambadwet, Pirangut, Pune. The new facility has been constructed on a
plot of 33,250 square meters and is having covered sheds of about 10,000 square
meters and office space of 1,100 square meters. The factory is equipped with
all facilities critical to the manufacturing process? right from raw material
inlet to loading bay - to produce better products in an efficient manner.]
FORM 8
|
Corporate
identity number of the company |
U29268MH2010PTC198438 |
|
Name of the
company |
MAHINDRA CONVEYOR SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Mahindra Towers, P K Kurne Chowk, Mumbai 400018, Maharashtra |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch Lead Bank, 1st
Floor, Tara Chambers Near Mariaaipolicechowky, Mumbai Pune Highway,
Wakdewadi, Pune 411003, Maharashtra, India Email: sbi.08966@sbi.co.in |
|
Nature of
instrument creating charge |
First
Supplemental Joint Deed of Hypothecation for creation of first pari passu
charge on Hypothecated assets for securing increase in working Capital limits
and first supplemental Working capital Consortium agreement . |
|
Date of
instrument Creating the charge |
18.04.2012 |
|
Amount secured by
the charge |
Rs. 316.700
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest SBI - CC : 4% above
BR. presently 14% p.a., BOB 3% above BR- 13.75%. p.a ( floating) PC / PCFC
and Exp.Bills Disc/Purchase/Negotiation
- As per RBI Directives / Bank's policies from time to time. Terms of repayment The borrower
shall repay to the said banks the said increased working capital facilities
aggregating to Rs. 316.700 millions forthwith on demand of all such amounts
as may be standing at the foot of the said working capital account(s)
together with interest, compound interest, penal/additional interest, liquidated
damages, costs, charges , expenses and other money thereon at the rate or
rates as may be applicable thereto Margin SBI and BOB - 25%
on domestic and 20 % on imported raw materials. 40% on Stock-in-process,
33.33% on Finished Goods, Book Debts - 40%-
domestic and export receivables outstanding upto 120 days. Extent and operation of the charge Ranks paripassu
with the First paripassu charge on the hypothecated assets already created and
subsisting in favour of SBI and BOB and each of them severally in
consideration of these banks agreeing to grant additional WCF aggregating Rs.134.000
millions. |
|
Short particulars
of the property charged (Including location of the property) |
Current Assets,
stocks of raw materials stocks in process, semi finished and finished goods,
stores and spares not relating to P and M, BR, Book debts and all other
movables, both present and future. |
|
Particulars of
the present modification |
By First Supplemental
Joint deed of Hypothecation and First supplemental working Capital consortium
agreement dated 18th April, 2012,
additional working capital facilities of Rs. 134.000 millions is
sanctioned by SBI and BOB and the over all working capital facility is increased
from Rs 182.700 millions to Rs 316.700 millions. |
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 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.54.39 |
|
|
1 |
Rs.82.05 |
|
Euro |
1 |
Rs.69.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.