MIRA
INFORM REPORT
|
Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIRGO ENGINEERS LIMITED |
|
|
|
|
Registered
Office : |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune - 411057, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.06.1987 |
|
|
|
|
Com. Reg. No.: |
11-043673 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.421.965
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28939PN1987PLC043673 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV00608G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV1586H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of all kinds of
engineering goods and articles |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a good track record. The
latest financials are not made available with the government department. As per previous year’s, the financial position of the company seems to
be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Commercial Paper = A1+ |
|
Rating Explanation |
Having very strong degree of safety regarding timely payment of
financial obligation it carry lowest credit risk |
|
Date |
September 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Swati |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-20-66744000 |
|
Date : |
22.02.2013 |
LOCATIONS
|
Registered Office : |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune-411057, |
|
Tel. No.: |
91-20-66744000 |
|
Fax No.: |
91-20-66744021 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
North and Virgo Engineers
Inc. 2900, |
|
Tel. No.: |
+1-713-5543143 |
|
Fax No.: |
+713-5543148 |
|
|
|
|
Sales and Distribution Virgo Engineer Inc. : |
13219, N. Promenade, Blvd, |
|
Tel. No.: |
+1-281-4910400 |
|
Fax No.: |
+1-281-4910444 |
|
|
|
|
Overseas offices : |
Located at:- · Continental Europe · United Kingdom · Mioddle East and Africa · Far East Asia |
|
|
|
|
Branches : |
Located At: ·
Mumbai ·
Baroda ·
New Delhi ·
Chennai ·
Kolkata |
DIRECTORS
As on 27.08.2012
|
Name : |
Mr. Vaidyanath Sathnur Balsubramanian |
|
Designation : |
Director |
|
Address : |
-504, Ganga Estate, Off |
|
Date of Birth/Age : |
12.09.1945 |
|
Date of Appointment : |
27.04.2010 |
|
DIN No. : |
00335644 |
|
|
|
|
Name : |
Mr. Mahesh Shivanand Desai |
|
Designation : |
Director |
|
Address : |
B-11/12, Chaitraban Residency, Off
|
|
Date of Birth/Age : |
16.09.1956 |
|
Date of Appointment : |
08.06.1987 |
|
DIN No. : |
00335134 |
|
|
|
|
Name : |
Mr. Jagdish Shivanand Desai |
|
Designation : |
Director |
|
Address : |
F/2, Shanti Co-operative Housing Society, |
|
Date of Birth/Age : |
21.01.1959 |
|
Date of Appointment : |
01.07.1995 |
|
DIN No. : |
00335436 |
|
|
|
|
Name : |
Mr. Rajaram Moreshwar Ajgaonkar |
|
Designation : |
Director |
|
Address : |
Mandar,Opposite Buramshell, Pump, |
|
Date of Birth/Age : |
07.02.1958 |
|
Date of Appointment : |
10.07.1995 |
|
DIN No. : |
00605034 |
|
|
|
|
Name : |
Mrs. Hetal Madhukant Gandhi |
|
Designation : |
Additional Director |
|
Address : |
Rosy CHS, Flat No. 61, |
|
Date of Birth/Age : |
29.07.1965 |
|
Date of Appointment : |
18.10.2006 |
|
DIN No. : |
00106895 |
|
|
|
|
Name : |
Mr. Kishore A. Kulkarni |
|
Designation : |
Director |
|
Address : |
33, ICICI Apartments,
Spring Mills Compound, Mumbai-400014, |
|
Date of Birth/Age : |
06.06.1954 |
|
Date of Appointment : |
18.06.2004 |
|
DIN No. : |
01572451 |
|
|
|
|
Name : |
Mr. Paresh Jaisingh
Rajda |
|
Designation : |
Whole Time Director |
|
Address : |
F-6/1, |
|
Date of Birth/Age : |
18.01.1957 |
|
Date of Appointment : |
10.02.2009 |
|
DIN No. : |
00680340 |
|
|
|
|
Name : |
Mr. Dheerendra Ramrao Joshi |
|
Designation : |
Director |
|
Address : |
4114.Garden View Amritvan, Goregaon (E) Mumbai 400 063,
Maharashtra, |
|
Date of Birth/Age : |
19.05.1955 |
|
Date of Appointment : |
11.08.2010 |
|
DIN No. : |
00077046 |
|
|
|
|
Name : |
Mr. Manu Mahmud Parpia |
|
Designation : |
Director |
|
Address : |
72,
Tenerife Little |
|
Date of Birth/Age : |
16.01.1950 |
|
Date of Appointment : |
26.10.2007 |
|
DIN No. : |
00118333 |
|
|
|
|
Name : |
Mr. Abhay Mahadeo Nalawade |
|
Designation : |
Director |
|
Address : |
Aman 53, National Housing Society, |
|
Date of Birth/Age : |
23.03.1949 |
|
Date of Appointment : |
26.10.2007 |
|
DIN No. : |
00342055 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj
Ramakant Kohok |
|
Designation : |
Company Secretary |
|
Address : |
Shreeeramkunj,
43/73, Navsahyadri Housing Society, Karvenagar, Pune-411052, |
|
Date of Birth/Age : |
28.08.1967 |
|
Date of Appointment : |
13.08.1999 |
|
Pan No.: |
ABJPK9557C |
|
|
|
|
Name : |
Ms. Swati |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2012
SHAREHOLDING DETAILS FILE ATTACHED
As on 26.10.2012
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Dhanajay Vatsyayan |
|
10480 |
|
Dinesh Dalvi |
|
4160 |
|
Naresh Maheshwari |
|
2500 |
|
Total |
|
17140 |
As on 27.08.2012
Equity Share Break up (Percentage of Total Equity)
|
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 |
57.98 |
|
Bodies corporate |
0.08 |
|
Directors or relatives of Directors |
38.35 |
|
Other |
3.59 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of all kinds of
engineering goods and articles |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash / Credit (30 Days / 60 Days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash / Credit (30 Days / 60 Days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
2000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited, 36-38, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India. · Bank of Baroda, 1303 Shivajinagar Branch, Off JM Road, Pune - 411005, Maharashtra, India. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
C-401, Fourth
Floor, Panchshil Tech Park, Yerwada, Pune - 411006, Maharashtra, India |
|
Tel. No.: |
91-20-66036000 |
|
Fax No.: |
91-20-66015900 |
|
PAN.: |
AABFS3421N |
|
|
|
|
Subsidiaries : |
· Virgo Valves and Controls Limited, India CIN: U29120MH2004PLC146916 · EVS Valves Inc · Vintrol Inc, USA · Rifox Hans Richter Gmbh Spezialarmaturen · Virgo Europe S.P.A, Italy · Vintrol India Limited CIN: U29299PN2004PLC019901 · Virgo Engineers Inc., USA · Virgo Valves and Controls (ME) FZE ·
Virgo Valves and Controls Korea Limited |
CAPITAL STRUCTURE
After 27.08.2012
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 |
|
|
|
|
|
|
42227854 |
Equity Shares |
Rs.10/- each |
Rs.422.279
Millions |
|
|
|
|
|
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 |
|
|
|
|
|
|
42196524 |
Equity Shares |
Rs. 10/- each |
Rs.421.965
Millions |
|
|
|
|
|
Notes:
(Of the above 197556 equity
shares were allotted as fully paid up pursuant to contracts for consideration
other than cash. Further,40825784 equity shares were allotted as fully paid up
bonus shares by capitalisation
of Capital Redemption Reserve, General
Reserve and Securities Premium Account.
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 |
421.965 |
210.982 |
210.780 |
|
|
2] Equity Share pending allotment |
0.000 |
0.000 |
10.038 |
|
|
3] Employee Stock Options Outstanding |
967.359 |
0.811 |
0.734 |
|
|
4] Reserves & Surplus |
0.000 |
1042.117 |
553.035 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1389.324 |
1253.910 |
774.587 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
969.775 |
648.104 |
941.259 |
|
|
2] Unsecured Loans |
54.820 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1024.595 |
648.104 |
941.259 |
|
|
DEFERRED TAX LIABILITIES |
41.953 |
41.374 |
30.905 |
|
|
|
|
|
|
|
|
TOTAL |
2455.872 |
1943.388 |
1746.751 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
816.753 |
735.615 |
685.184 |
|
|
Capital work-in-progress |
90.759 |
30.544 |
85.452 |
|
|
|
|
|
|
|
|
INVESTMENT |
26.290 |
26.290 |
126.355 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
828.889
|
509.832
|
642.685 |
|
|
Sundry Debtors |
1075.376
|
810.471
|
641.818 |
|
|
Cash & Bank Balances |
60.743
|
63.952
|
53.937 |
|
|
Other Current Assets |
168.693
|
144.668
|
141.176 |
|
|
Loans & Advances |
260.954
|
195.676
|
239.882 |
|
Total
Current Assets |
2394.655
|
1724.599
|
1719.498 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
697.393 |
410.415 |
422.118 |
|
|
Other Current Liabilities |
79.945
|
74.870
|
385.932 |
|
|
Provisions |
95.247
|
88.375
|
61.688 |
|
Total
Current Liabilities |
872.585
|
573.660
|
869.738 |
|
|
Net Current Assets |
1522.070
|
1150.939
|
849.760 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2455.872 |
1943.388 |
1746.751 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2480.491 |
2800.851 |
2486.394 |
|
|
|
Other Income |
214.484 |
398.994 |
153.320 |
|
|
|
TOTAL (A) |
2694.975 |
3199.845 |
2639.714 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1457.812 |
|
|
|
|
|
Manufacturing service costs |
241.934 |
209.033 |
|
|
|
|
Contract cost |
1.603 |
4.713 |
2155.312 |
|
|
|
Employee related expenses |
283.721 |
202.107 |
|
|
|
|
Administrative selling other expenses |
178.043 |
147.006 |
|
|
|
|
TOTAL (B) |
2163.113 |
2241.410 |
2155.312 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
531.862 |
958.435 |
484.402 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
104.882 |
152.270 |
132.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
426.980 |
806.165 |
352.159 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
85.398 |
75.411 |
56.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
341.582 |
730.754 |
295.774 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
79.580 |
135.468 |
65.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
262.002 |
595.286 |
230.107 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
676.588 |
256.943 |
162.226 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
26.210 |
59.600 |
30.000 |
|
|
|
Interim dividend on equity shares |
|
52.746 |
52.695 |
|
|
|
Proposed final dividend on equity shares |
126.587 |
63.294 |
52.695 |
|
|
|
Tax on Dividend |
|
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
785.792 |
676.589 |
256.943 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
6.21 |
14.11 |
5.46 |
|
|
|
- Diluted |
6.21 |
14.11 |
5.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.72
|
18.60
|
8.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.77
|
26.09
|
11.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.63
|
29.70
|
12.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.58
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74
|
0.52
|
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
3.01
|
1.98 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Creditors due small micro enterprises |
14.707 |
2.957 |
9.250 |
|
Due to Subsidiary Companies |
0.000 |
0.000 |
53.206 |
|
Creditors due others |
682.686 |
407.458 |
359.662 |
|
Total |
697.393 |
410.415 |
422.118 |
|
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 |
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 |
No |
|
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 |
Note:
The registered office of the company has been shifted from J
517, MIDC Industrial, Areabhosari, Pune – 411026, Maharashtra, India to present
address w.e.f.24.11.2007.
THE YEAR IN
RETROSPECT
REVENUES
The Company’s
total revenue stood at Rs. 2,695 Millions as against Rs.3.200 Millions in the
previous year. Other income dropped from Rs. 399.000 Millions to Rs. 214.000
Millions this year. In the previous year other income included Profit on sale
of investment amounting to Rs. 238.000 Millions. Profit after tax (PAT) stood
at Rs. 262.000 Millions in FY 2010-11 as against Rs. 595.000 Millions in FY
2009-10.
On a consolidated
basis, The Company’s total revenue marginally dropped by 0.58% from Rs.
6817.000 Millions to Rs. 6777.000 Millions. During the same period consolidated
PAT decreased by 18.97% from Rs. 870.000 Millions to Rs. 705.000 Millions.
While the company continued to maintain its gross margins despite difficult
market conditions, decline in PAT was due to increase in operating expenses and
employee cost. This was partly compensated by reduction in financial expenses.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Rupee term loans banks unsecured |
54.820 |
0.000 |
|
TOTAL |
54.820 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U28939PN1987PLC043673 |
|
Name of the
company |
VIRGO ENGINEERS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune-411057, Maharashtra,
India |
|
This form is for |
Creation of charge |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Floating charge ·
Others (Current assets and movable fixed
assets) |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India. |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
27.11.2012 |
|
Amount secured by
the charge |
Rs.240.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the terms
of the Bank's sanction letter. Terms of Repayment As per the terms
of the Bank's sanction letter. Margin As per the terms
of the Bank's sanction letter. Extent and Operation of the charge The Bank is
having first pari passu charge on movable fixed assets (both present and
future) & second pari passu charge on current assets (both present and
future) as described in sr.no.15 below as security for repayment of financial
facilities granted by the Bank to the Borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
A) Hypothecation by way of first pari passu charge on all the present and future movable fixed assets of the borrower. B) Hypothecation by way of second pari passu charge on all the present and future current assets of the borrower. |
FIXED ASSETS:
- Buildings
- Dies and patterns
- Furniture and Fixture
- Plant and Machinery
- Electrical Installation
- 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.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
51 |
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.