MIRA INFORM REPORT
|
Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
LITEL INFRA-RED SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
J-284, M.I.D.C., Bhosari, Pune – 411026, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.06.1987 |
|
|
|
|
Com. Reg. No.: |
11-134202 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.400
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31500PN1987PTC134202 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Infrared Emitters, Modules Custom Built Infrared
Heating Systems, Ultra Violet Heating/ Curing Equipments, Non-Contact
Temperature Sensor and Power Controllers. |
|
|
|
|
No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 68900 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. There appears slight dip in sales and profit of the company in 2012. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. The company can be considered 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 PARTED BY
|
Name : |
Ms. Vaishali |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-20-66300633 |
|
Date : |
14.08.2013 |
LOCATIONS
|
Registered Office/ Factory : |
J-284, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India |
|
Tel. No.: |
91-20-66300633/ 36/ 37/ 38/ 27121848/ 7631/ 0564 |
|
Fax No.: |
91-20-27121086 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 21.09.2012
|
Name : |
Mr. Avinash Dattatraya Kulkarni |
|
Designation : |
Director |
|
Address : |
55 / 22 Ashokpath, Prasanna Apartments, Erandvana, Pune – 411004,
Maharashtra, India |
|
Date of Birth/Age : |
26.01.1942 |
|
Date of Appointment : |
19.06.1987 |
|
Voter ID No.: |
SAO0130855 |
|
DIN No.: |
00016046 |
|
|
|
|
Name : |
Mr. Shirish Vasant Karkarey |
|
Designation : |
Director |
|
Address : |
4 Prasanna Apartments, Ashok Path, 55 / 22, Erandaw, Pune – 411004,
Maharashtra, India |
|
Date of Birth/Age : |
31.01.1960 |
|
Date of Appointment : |
19.06.1987 |
|
Voter ID No.: |
MT/42/247/0366603 |
|
DIN No.: |
00016191 |
|
|
|
|
Name : |
Mr. Mahendra Kantilal Shah |
|
Designation : |
Managing director |
|
Address : |
2 A, Shree Vallabh 11 / 2, Boat Club Road, Pune – 411001, Maharashtra,
India |
|
Date of Birth/Age : |
01.06.1941 |
|
Date of Appointment : |
19.06.1987 |
|
DIN No.: |
00446569 |
|
|
|
|
Name : |
Mr. Pramod Shringarpure |
|
Designation : |
Whole-time director |
|
Address : |
B 21, Ashwini Society, Pune Mumbai Road, Pune – 411005, Maharashtra,
India |
|
Date of Birth/Age : |
13.11.1942 |
|
Date of Appointment : |
19.06.1987 |
|
DIN No.: |
00449472 |
|
|
|
|
Name : |
Nilay Mahendra Shah |
|
Designation : |
Director |
|
Address : |
2A, Shree Vallabh, 11 / 2, Boat Club Road, Pune – 411001, Maharashtra,
India |
|
Date of Birth/Age : |
06.08.1974 |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
00840933 |
KEY EXECUTIVES
|
Name : |
Ms. Vaishali |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Litex Electricals Private Limited, India |
|
172800 |
|
Doshi Nagindas Bipin |
|
18000 |
|
Karkarey Vasant Shirish |
|
18000 |
|
Shah Subdarji Chhotalal JW ILA Shah |
|
18000 |
|
Mehta Dinkar Mrudula |
|
18720 |
|
Shrirangarpure Manohar Pramod |
|
72000 |
|
Kulkarni Dattatray Avinash |
|
18000 |
|
Kulkarni Avinash Veena |
|
201600 |
|
Shah Kantilal Mahendra |
|
38880 |
|
Shah Mahendra Ila |
|
120000 |
|
Kulkarni Balkrishna Pralhad |
|
10000 |
|
Nawathe Ramchandra Kiran |
|
10000 |
|
Shah Mahendra Nilay |
|
24000 |
|
Mali K. Sanjay |
|
5000 |
|
Jawahar N. |
|
5000 |
|
|
|
|
|
Total |
|
750000 |
AS ON 21.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
23.67 |
|
Directors
or relatives of directors |
|
76.33 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Infrared Emitters, Modules Custom Built Infrared
Heating Systems, Ultra Violet Heating/ Curing Equipments, Non-Contact
Temperature Sensor and Power Controllers. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||
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|
|
|||||||||||||||
|
No. of Employees : |
35 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
State Bank of India, Small and Medium Enterprises City Credit
Centre, Senapati
Bapat Road, Pune – 411016, Maharashtra, India [Tel No.: 91-20-25679650] |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shirish Shah and Company Chartered Accountants |
|
Address : |
1/2, Mangrol Mansion, 6, Rustom Sidhwa Marg, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-66357045/ 46 |
|
Fax No.: |
91-22-22642361 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAJPS8833N |
CAPITAL STRUCTURE
AS ON 21.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
740,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.400
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
7.400 |
7.400 |
|
(b) Reserves & Surplus |
|
9.825 |
8.528 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
17.225 |
15.928 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.881 |
0.702 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
0.881 |
0.702 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.317 |
1.194 |
|
(b)
Trade payables |
|
5.539 |
7.280 |
|
(c)
Other current liabilities |
|
3.240 |
7.203 |
|
(d)
Short-term provisions |
|
4.473 |
3.622 |
|
Total
Current Liabilities (4) |
|
13.569 |
19.299 |
|
|
|
|
|
|
TOTAL |
|
31.675 |
35.929 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
6.422 |
5.376 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
0.000 |
0.000 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
6.422 |
5.376 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
2.504 |
5.018 |
|
(b)
Inventories |
|
11.041 |
12.315 |
|
(c)
Trade receivables |
|
5.626 |
7.176 |
|
(d)
Cash and cash equivalents |
|
0.237 |
0.151 |
|
(e)
Short-term loans and advances |
|
5.845 |
5.893 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
25.253 |
30.553 |
|
|
|
|
|
|
TOTAL |
|
31.675 |
35.929 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
7.400 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6.819 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
14.219 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.011 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.011 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.668 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
14.898 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5.837 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.324 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
8.183 |
|
|
Sundry Debtors |
|
|
2.562 |
|
|
Cash & Bank Balances |
|
|
0.117 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
4.852 |
|
Total
Current Assets |
|
|
15.714 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
4.217 |
|
|
Other Current Liabilities |
|
|
1.108 |
|
|
Provisions |
|
|
3.652 |
|
Total
Current Liabilities |
|
|
8.977 |
|
|
Net Current Assets |
|
|
6.737 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
14.898 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
55.736 |
61.489 |
38.010 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.539 |
3.885 |
1.260 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.639 |
0.881 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.900 |
3.004 |
NA
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.981 |
NA |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.57 |
4.06 |
1.56 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
50.000 |
|
|
|
|
|
The above information has been parted by Ms. Vaishali [Accounts
Department]
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.56
|
6.32 |
3.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.02
|
10.81 |
5.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.24 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02
|
0.07 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
1.58 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
Note:
The Registered office of the company has been shifted from 916, Dhiraj
Shri Hind Co-operative Housing Society, 23, Duncan Causeway Road, Sion, Mumbai,
Maharashtra, India to the present w.e.f. 05.06.2009.
CORPORATE
INFORMATION:
Subject incorporated on 19.06.1987,
a one-stop provider of
Heating Solutions for applications as diverse as
PET pre-form heating, space vehicle testing and paint curing.
Litel LR Heating Solutions
include the design and manufacturing of
complete systems with electronic controls tor optimal performance.
What makes Litel LR unique, is its ability to manufacture a
complete spectrum of radiation (infrared) emitters as well as, robust heating
systems m-house. Litel LR’s wide industry background and flexible designs
enables many customers to enhance and retrofit heating systems in existing
production lines, thereby, achieving space savings, improved quality and a
rapid return on investment.
Litel LR has implemented the ISO
9061:2008 (QAS, Australia)
to ail company activities ranging from enquiry processing to product validation
with the aim of exceeding customer expectations at every stage. Litel LR's
commitment to innovation has earned it recognition by the Government of India
as an in-house R&D laboratory.
Litel LR continues to expand into new horizons of process
heating. With continuous innovation and aggressive adaptation
of cutting.
FINANCIAL PERFORMANCE:
The net profit after
tax for the year ended 31st March, 2012 is Rs. 1.900 Millions as compared
to Rs. 3.004 Millions earned in the previous year. The directors are hopeful of
better performance in the current year
PERFORMANCE REVIEW:
With the rapidly changing macro-economic scenario, customer demands and expectations have changed. Customers are maintaining a cautious approach while spending money on their capital equipment requirements. Manufacturing industry was the worst impacted with manufacturers reducing their capacity utilization, cutting down on the overall spending. The automotive industry faced the heat with declining car sales. There is a new challenge as manufacturers are watching to save input costs to product to impact their financial results. They are also looking for innovative products and solutions to retain the existing and acquire the new customers. Demand for capital goods remained erratic throughout the year. Few orders were in the pipeline which helped in the initial period. By Oct., Nov. majority of auto company (major customers) Orders came to a halt. Due to global recession other domestic industry clients also became reluctant to place any orders. Small value orders were also difficult to conclude. One large order was confirmed in January which gave hope to have a respectable yearly sales performance. Even this fizzled out as customer decided to take delivery of ready equipment in the following accounting year.
Domestic sales of lamps and accessories remained at moderate level.
Increased wages, labor costs, utility costs and purchase
costs were controlled by close watch on finance, inventory control, purchase
policy and work efficiency.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U31500PN1987PTC134202 |
|
Name of the
company |
LITEL INFRA-RED
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
J-284, M.I.D.C.,
Bhosari, Pune – 411026, Maharashtra, India Email: litelir@vsnl.com |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
90386687 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of India, Small and Medium Enterprises City Credit
Centre, Senapati
Bapat Road, Pune – 411016, Maharashtra, India Email: secc.pune@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Letter of
Arrangement |
|
Date of
instrument Creating the charge |
31.12.2012 |
|
Amount secured by
the charge |
Rs. 14.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WC: Interest @ 3%
margin above Base Rate which is presently 9.75% p.a., Present Effective Rate
is 12.75% or the rate as may be prescribed by the bank from time to time. Terms of Repayment As per Agreement
With Bank Margin Raw Material
(indigenous): 25%, Semi Finished Goods: 30%, Finished Goods: 33%, Domestic
Receivables: 40% Extent and Operation of the charge Type of facility
(Rs in Millions): DCC- 60 (Renewal of DCC Limit with enhancement from
existing level of Rs.4.000 Millions to Rs.6.000 Millions), Bank Guarantee 80
(Renewal of Bank Guarantee Limit with reduction from existing level of
Rs.10.000 Millions to Rs.8.000 Millions with interest flexibility within LC
and BG limits to the extent of Rs.1.000 Million) , Total Rs.14.000 Millions. Exclusive Charge
of State Bank of India, SMECCC, Pune. Charge on
hypothecated assets and mortgaged properties shall continue till full
repayment of loan with interest. |
|
Short particulars
of the property charged |
Primary Security
: Hypothecation of Stock, Book debts and Other Current Assets of the Company. Collateral
Security : Equitable Mortgage of Immovable Property of Company: All that piece
and parcel of property bearing Plot No. 284 adm. 1450 Sq. Mtrs in the Pimpri
Industrial Area being and lying at Village Bhosari, Tal. and Sub Reg.
District Haveli, District and Registration District Pune and within the local
limits of PCMC together with construction thereof. |
|
Date of
Modification |
09.09.2010 |
|
Particulars of
the present modification |
By the present
modification, there is restructuring of Limits. Total of charge amount
remains at Rs.14.000 Millions. DCC- 60 (Renewal
of DCC Limit with enhancement from existing level of Rs.4.000 Millions to
Rs.6.000 Millions), Bank Guarantee 80
(Renewal of Bank Guarantee Limit with reduction from existing level of
Rs.10.000 Millions to Rs.8.000 Millions with interest flexibility within LC
& BG limits to the extent of Rs.1.000 Million). |
FIXED ASSETS:
·
Land
·
Building
·
Machinery
·
Electrical Installations
·
Furniture
·
Office Equipments
·
Vehicles
·
Computers
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. 63.73 |
|
|
1 |
Rs. 99.79 |
|
Euro |
1 |
Rs. 85.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.