MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN FURNITURE PRODUCTS LIMITED (w.e.f. 11.10.2002) |
|
|
|
|
Formerly Known
As : |
ZIL INFOTECH LIMITED |
|
|
|
|
Registered
Office : |
Zuari House, 41, Montieth Road, Egmore, Chennai – 600008, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.12.2000 |
|
|
|
|
Com. Reg. No.: |
18-089255 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 230.001 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200TN2000PLC089255 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ1715A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Seller and Trading of Furniture Products |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of ‘ZUARI GLOBAL LIMITED’ Subject is an established company having a moderate track record. There
appears some accumulated losses recorded by the company. However, the company gets strong financial support from its holding
company. The directors are reported to be experience businessmen. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. In view of strong holding the company can be considered for business
dealings with slight caution. |
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 |
ICRA |
|
Rating |
Cash Credit = BBB |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk |
|
Date |
December 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 DECLINED BY
|
Name : |
Mr. Prasad |
|
Designation : |
Account Department |
|
Contact No.: |
91-9345066431 |
|
Date : |
14.02.2013 |
LOCATIONS
|
Registered Office : |
Zuari House, 41, Montieth Road, Egmore, Chennai – 600008,
Tamilnadu, India |
|
Tel. No.: |
91-44-27600229 |
|
Mobile No.: |
91-9345066431 (Mr. Prasad) |
|
Fax No.: |
91-44-27661780 |
|
E-Mail : |
DIRECTORS
As on 22.08.2012
|
Name : |
Mr. Narayanan Suresh Krishnan |
|
Designation : |
Director |
|
Address : |
Flat No.105, Four Seasons No.16, Brunton Road, Bangalore – 560025,
Karnataka, India |
|
Date of Birth/Age : |
03.06.1964 |
|
Date of Appointment : |
26.03.2007 |
|
DIN No.: |
00021965 |
|
|
|
|
Name : |
Mr. Arun Mahajan |
|
Designation : |
Managing Director |
|
Address : |
B-1/18, II Floor Safdarjund Enclave, New Delhi – 110029, India |
|
Date of Birth/Age : |
12.03.1955 |
|
Qualification : |
M.A.,DPM and LW |
|
Experience : |
31 Years |
|
Date of Appointment : |
24.04.2002 |
|
DIN No.: |
00610171 |
|
|
|
|
Name : |
Mr. Ramabhadran Raghunathan |
|
Designation : |
Additional Director |
|
Address : |
Adhirami Shrutilaya, Flat SB, No.42, 28th Cross Street,
Indira Bagar, Adyar Chennai – 600020, India |
|
Date of Birth/Age : |
05.06.1949 |
|
Date of Appointment : |
24.03.2011 |
|
DIN No.: |
01343980 |
|
|
|
|
Name : |
Mr. Vishwajit Kumar Sinha |
|
Designation : |
Additional Director |
|
Address : |
B-82, First Floor, Suncity, Sector – 54 Gurgaon – 122003, Haryana, India |
|
Date of Birth/Age : |
01.09.1963 |
|
Date of Appointment : |
19.09.2012 |
|
DIN No.: |
02702645 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Zuari Global Limited |
|
23000000 |
|
B.K. Kinekar Jointly with Zuari Industries Limited |
|
10 |
|
Y.K. Natesh Jointly with Zuari Industries Limited |
|
10 |
|
H.C. Shah Jointly with Zuari Industries Limited |
|
10 |
|
N.M. Kantak Jointly with Zuari Industries Limited |
|
10 |
|
N. Suresh Krishnan jointly with Zuari Industries Limited |
|
10 |
|
R.Y. Patil Jointly with Zuari Industries Limited |
|
10 |
|
B.V. Patil jointly with Zuari Industries Limited |
|
10 |
|
Naveen Kapoor jointly with Zuari Industries Limited |
|
10 |
|
Total |
|
23000080 |
As on 22.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller and Trading of Furniture Products |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Canara Bank - Leader of the Consortium Mount Road Branch, 781-785, Anna Salai, Chennai - 600002, Tamilnadu, India · Axis Bank Limited, CMC, Karumuttu Nilayam, No.192, Anna Salai, Chennai - 600002, Tamilnadu, India ·
Bank of Punjab Limited, S 0004 Ground Floor
Alpha Wing, Raheja Towers Mount Road, Chennai - 600002, Tamilnadu, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SRBC and Company Chartered Accountants |
|
Address : |
2nd Floor, TPL House, No.3, Cenotaph Road, Teynampet,
Chennai - 600 018, Tamilnadu, India |
|
PAN.: |
ABSFS4151K |
|
|
|
|
Holding Company : |
Zuari Industries Limited (ZIL) L65921GA1967PLC000157 |
|
|
|
|
Associate Company : |
Style spa Furniture Limited (SSFL) (ceased to be associate company w.e.f November 17, 2011) CIN No.: U36101TN1998PLC039842 |
|
|
|
|
Jointly controlled
entity : |
· Chambal Fertiliser And Chemicals Limited (CFCL) CIN No.: L24124RJ1985PLC003293 ·
Hettich India Private Limited (HIPL) (ceased
to be jointly controlled company w.e.f June 14, 2011) CIN No.: U36109MH1999PTC161129 |
|
|
|
|
Fellow Subsidiary Companies
: |
· Paradeep Phospates Limited(PPL) CIN No.: U24129OR1981PLC001020 · Simon India Limited (SIL) CIN No.: U74899DL1995PLC071074 · Zuari Investments Limited (ZINL) CIN No.: U65993GA1995PLC001942 · Gulbarga Cements Limited (GCL) CIN No.: U26941KA2007PLC054428 · Zuari Management Services Limited (ZMSL) CIN No.: U74900GA2006PLC004921 · Adventz Infra World India Limited (AFIL) ·
Zuari Rotem Specialty Fertilisers(ZRF) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23100000 |
Equity Shares |
Rs.10/- each |
Rs.231.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23000080 |
Equity Shares |
Rs.10/- each |
Rs.230.001
Millions |
|
|
|
|
|
Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Zuari Global Limited |
2,30,00,000 |
99.9997% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
230.001 |
230.001 |
230.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(28.816) |
(8.154) |
(15.509) |
|
|
NETWORTH |
201.185 |
221.847 |
214.491 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
257.254 |
154.388 |
60.409 |
|
|
2] Unsecured Loans |
181.648 |
195.142 |
239.789 |
|
|
TOTAL BORROWING |
438.902 |
349.530 |
300.198 |
|
|
DEFERRED TAX LIABILITIES |
7.771 |
1.158 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
647.858 |
572.535 |
514.689 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
200.251 |
172.977 |
173.855 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
23.300 |
23.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
425.245
|
353.539 |
307.142 |
|
|
Sundry Debtors |
108.177
|
51.761 |
37.577 |
|
|
Cash & Bank Balances |
31.224
|
12.678 |
22.013 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
164.910
|
147.334 |
143.783 |
|
Total
Current Assets |
729.556
|
565.312 |
510.515 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
207.007
|
135.555 |
38.703 |
|
|
Other Current Liabilities |
61.251
|
43.027 |
145.116 |
|
|
Provisions |
13.691
|
10.472 |
9.162 |
|
Total
Current Liabilities |
281.949
|
189.054 |
192.981 |
|
|
Net Current Assets |
447.607
|
376.258 |
317.534 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
647.858 |
572.535 |
514.689 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1422.632 |
1229.122 |
989.909 |
|
|
|
Other Income |
12.383 |
3.820 |
24.818 |
|
|
|
TOTAL (A) |
1435.015 |
1232.942 |
1014.727 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
463.154 |
398.652 |
|
|
|
|
Purchases of stock-in-trade |
542.319 |
414.451 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(48.239) |
(25.914) |
944.228 |
|
|
|
Employee benefit expense |
128.165 |
108.916 |
|
|
|
|
Other expenses |
299.053 |
276.061 |
|
|
|
|
TOTAL (B) |
1384.452 |
1172.166 |
944.228 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
50.563 |
60.776 |
70.499 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.701 |
32.167 |
28.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.862 |
28.609 |
41.565 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.910 |
17.977 |
16.757 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(14.048) |
10.633 |
24.808 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.614 |
3.278 |
4.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(20.662) |
7.355 |
20.611 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(8.154) |
(15.509) |
(36.120) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(28.816) |
(8.154) |
(15.509) |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(0.90) |
0.32 |
0.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.44)
|
0.60 |
2.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.99)
|
0.87 |
2.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.51)
|
1.44 |
3.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
0.05 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.18
|
1.58 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.59
|
2.99 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
207.007 |
135.555 |
2.429 |
|
Creditors due others |
|
|
36.274 |
|
Total |
207.007
|
135.555 |
38.703 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
OPERATIONS AND
PROSPECTS
BUSINESS ENVIRONMENT
AND OUTLOOK
Industry though was buoyant in the first half of the financial year, second half neutralized the gains. Adverse international economic climate, high inflation coupled with unexpected high depreciation of Rupee affected customer sentiments across industries and eroded margins significantly.
Despite the odds, the Company achieved a turnover of Rs. 1510.000 Millions during the financial year, an increase of 16% as compared to the previous year. The mass distribution channel under ‘Zuari’ brand grew by 34% and is expected to be a major growth driver in the coming years. It has augmented its dealer base as well as geographical reach. It has also tied up with chains like Carrefour which will help it to expand much faster in future.
The sales of M/s Style Spa Furniture Limited (SSFL), other major buyer of IFPL products stagnated during the year due to general slowdown which has caused stagnation in sales in this channel for IFPL.
Larger varieties of product offerings and aggressive pricing strategies are planned for the next financial year to consolidate the gains under Zuari brand. Style Spa is reorienting its format, product and communication strategies which will enhance the company’ volumes.
Plant capacity expansion has been completed including settlement with labor union on higher volumes. This expansion will help the company achieve 20% increase in output.
The company is looking for international collaboration to enhance capacity while improving the productivity and design capabilities to emerge as the most competitive manufacturer in the Ready to assemble (RTA) Furniture category in the country.
PERFORMANCE
Sales grew to Rs. 1510.000 Millions (Prev year Rs 1300.000 Millions) and operating profits (EBIDA) recorded Rs 578.000 Millions compared to Rs 65.400 Millions of previous year. Margins have been under strain due to depreciation of Rupee by 18% and increased cost of Raw materials.
Company’s suit against M/s Straight curve Ideas Private Limited for repayment of ICD and interest of Rs 112.500 Millions is progressing and is expected to be settled in the next financial year.
During the year, Mr. S.K. Poddar and Mr Anil Kapoor, Directors have resigned from the Board of Directors. Mr. R. Raghunathan retires by rotation at the forthcoming Annual General Meeting and being eligible offers himself for re-appointment.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term borrowings |
|
|
|
Rupee term loans
from others |
0.000 |
1.111 |
|
Deferred payment
liabilities |
51.648 |
64.031 |
|
Short-term borrowings |
|
|
|
Intercorporate
deposits |
130.000 |
130.000 |
|
Total |
181.648 |
195.142 |
|
Sales tax deferral
Scheme (Deferred sales tax scheme is interest free and payable in 96 Instalments
amount varies from month to month based on the actual liability, starting
from May 2008 onwards.) : Rs.51.648 Millions 13% inter
corporate deposit repayable on demand: Rs.30.000 Millions, 12.25% Inter Corporate Deposit from Holding
company payable on demand (unsecured) : Rs.100.000 Millions. |
||
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U72200GA2000PLC002922 |
|
Name of the
company |
INDIAN FURNITURE PRODUCTS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Zuari House, 41, Montieth Road, Egmore, Chennai – 600008, Tamilnadu, India vivek@stylespafurniture.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90076445 |
|
Type of charge |
·
Immovable property ·
Any interest in immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others (Whole of
Current assets) |
|
Particular of
charge holder |
Canara Bank - Leader of the Consortium, Mount Road Branch, 781-785, Anna Salai, Chennai – 600002, Tamilnadu – 600002, India |
|
Nature of
instrument creating charge |
Supplemental Joint Deed Of Hypothecation, Supplemental Working Capital Consortium agreement, Inter-Se agreement, Extension of Equitable Mortgage by deposit of title deeds -Stamped Letter Evidencing Deposit of Title Deeds enclosed. |
|
Date of
instrument Creating the charge |
11.10.2011 |
|
Amount secured by
the charge |
Rs.468.700 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BR+3% for Canara Bank and J and K Bank, BR +3.5% for Axis bank, BR +4.75% for C B I morefully described in the agreement (rate of interest is subject to change by the bank from time to time) Terms of Repayment As per the agreements enclosed Margin As per the agreements enclosed Extent and
Operation of the charge On Paripassu 1st charge basis with 1) Canara Bank, Mount Road Branch, Anna Salai, Chennai-2 (Leader) - Rs.220.000 Millions, 2) Central Bank of India, Second Line Beach, Chennai-1 - Rs.60.000 Millions, 3) Jammu and Kashmir Bank, Armenian Street, Chennai-1, - Rs.115.000 Millions 4)Axis Bank, RK Salai, Chennai-4 - Rs.73.700 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location of
the property) |
Extension of Equitable Mortgage by deposit of Title Deeds of immovable property , both present and future admeasuring 16.447 acres at S.Nos.482, 488/1 and 2, 489, 490, 491, 492/1 and 2,496 part Thaneerkulam Village,79 Pt 81/1, 82,83 Part, Putlur Village, Thiruvellore Dt at G 106-108 SIDCO Industrial Estate, Kakkalur, Thiruvellore together with all buildings and structures thereon and all plant and machinery therein, morefully described in the document enclosed by way of pari passu 1st charge. Whole of the existing Securities including those acquired and or to be acquired out of the enhanced Credit Limits made available now including whole of Current Assets including Stocks of Raw Materials, Stock in process, Semi finished Goods, stores and spares not relating to Plant and Machinery (Consumable stores and spares) Bills Receivable, Book Debts and all other Assets and movables both present and future morefully described in the document enclosed by way of pari passu 1st charge. This is in addition to all other existing securities. |
|
Date of
instrument modifying the charge |
11.03.2011 |
|
Particulars of
the present modification |
Credit limits enhanced to Rs.468.700 Millions and further secured by properties given above more fully described in the documents enclosed. All other terms and conditions of the original charge and the subsequent modification remain unchanged. |
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.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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.