MIRA
INFORM REPORT
|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
LONSEN KIRI CHEMICAL INDUSTRIES LIMITED (w.e.f. 21.07.2008) |
|
|
|
|
Formerly Known
as : |
LONSEN KIRI CHEMICAL INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Hasubhai Chambers, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
09.04.2008 |
|
|
|
|
Com. Reg. No.: |
04-053537 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1305.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24114GJ2008PLC053537 |
|
|
|
|
PAN NO.: |
AABCL4527B |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHML01153F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Dye Stuffs. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between China based Zhejiang Lonsen and
Kiri Dyes and Chemicals India. It is an established company having a moderate track record. There
appears some accumulated loss during the current year recorded by the
company. However, networth of the company appears to be strong. Trade relations
are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with some caution. |
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 |
CARE |
|
Rating |
BB (Long Term Bank Facilities) |
|
Rating Explanation |
Having moderate risk of default regarding a
timely servicing of financial obligation. |
|
Date |
August 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 : |
7th Floor, Hasubhai Chambers, |
|
Tel. No.: |
91-79-26574371 / 72 / 73 |
|
Fax No.: |
91-79-26574374 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.498, 577/B, 584/B, 585, 586, 587, 588, 589 Village Dushwada, Padra,
Vadodara- 391 450, |
DIRECTORS
AS ON 30.06.2012
|
Name : |
Mr. Manishkumar Pravinchandra Kiri |
|
Designation : |
Managing Director |
|
Address : |
53, Manekbaug society, |
|
Date of Birth/Age : |
26.12.1972 |
|
Date of Appointment : |
01.09.2008 |
|
DIN No.: |
00198284 |
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 |
L24231GJ1998PLC034094 |
KIRI INDUSTRIES
LIMITED |
Managing
director |
01/04/2010 |
14/05/1998 |
- |
Active |
NO |
|
2 |
U24114GJ2008PLC053537 |
LONSEN KIRI
CHEMICAL INDUSTRIES LIMITED |
Managing
director |
01/09/2008 |
09/04/2008 |
- |
Active |
NO |
|
3 |
U45201GJ2008PTC053728 |
KIRI
INFRASTRUCTURE PRIVATE LIMITED |
Director |
29/04/2008 |
29/04/2008 |
01/01/2011 |
Active |
NO |
|
4 |
U24100GJ2011PLC065068 |
KIRI PEROXIDE
LIMITED |
Director |
20/04/2011 |
20/04/2011 |
- |
Active |
NO |
|
Name : |
Mr. Pravinbhai Amratlal Kiri |
|
Designation : |
Director |
|
Address : |
53, Manekbaug society, |
|
Date of Birth/Age : |
01.11.1945 |
|
Date of Appointment : |
09.04.2008 |
|
DIN No.: |
00198275 |
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 |
L24231GJ1998PLC034094 |
KIRI INDUSTRIES
LIMITED |
Whole-time
director |
01/04/2010 |
14/05/1998 |
- |
Active |
NO |
|
2 |
U24114GJ2008PLC053537 |
LONSEN KIRI
CHEMICAL INDUSTRIES LIMITED |
Director |
09/04/2008 |
09/04/2008 |
22/10/2012 |
Active |
NO |
|
3 |
U45201GJ2008PTC053728 |
KIRI INFRASTRUCTURE
PRIVATE LIMITED |
Director |
29/04/2008 |
29/04/2008 |
01/01/2011 |
Active |
NO |
|
4 |
U24100GJ2011PLC065068 |
KIRI PEROXIDE
LIMITED |
Director |
20/04/2011 |
20/04/2011 |
- |
Active |
NO |
|
5 |
U74140GJ2011PTC066155 |
APK ADVISORY SERVICES
PRIVATE LIMITED |
Director |
02/07/2011 |
02/07/2011 |
- |
Active |
NO |
|
6 |
U51109GJ2011PTC066697 |
CHEMHUB EXIM
PRIVATE LIMITED |
Director |
09/08/2011 |
09/08/2011 |
- |
Active |
NO |
|
7 |
U51109GJ2011PTC066911 |
CHEMHUB TRADELINK
PRIVATE LIMITED |
Director |
27/08/2011 |
27/08/2011 |
- |
Active |
NO |
|
Name : |
Mr. Yalin Chen Xu |
|
Designation : |
Additional Director |
|
Address : |
929, Bukt Timah Road, #03 -21, Singapore - 589642 |
|
Date of Birth/Age : |
19.09.1965 |
|
Date of Appointment : |
30.06.2012 |
|
DIN No.: |
03610804 |
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 |
U24114GJ2008PLC053537 |
LONSEN KIRI
CHEMICAL INDUSTRIES LIMITED |
Director |
30/06/2012 |
01/09/2011 |
- |
Active |
NO |
|
2 |
U24114MH1995PTC094620 |
DYSTAR INDIA PRIVATE
LIMITED |
Director |
18/09/2012 |
22/06/2012 |
- |
Active |
NO |
|
3 |
U33125MH1995PTC090076 |
TEXANLAB
LABORATORIES PRIVATE LIMITED |
Director |
18/09/2012 |
22/06/2012 |
- |
Active |
NO |
|
Name : |
Mr. Sheng Chang |
|
Designation : |
Additional Director |
|
Address : |
No.20, Zheda road, |
|
Date of Birth/Age : |
17.03.1974 |
|
Date of Appointment : |
09.07.2008 |
|
DIN No.: |
02147753 |
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 |
U24114GJ2008PLC053537 |
LONSEN KIRI
CHEMICAL INDUSTRIES LIMITED |
Additional
director |
09/07/2008 |
09/07/2008 |
- |
Active |
NO |
|
2 |
U33125MH1995PTC090076 |
TEXANLAB
LABORATORIES PRIVATE LIMITED |
Director |
18/09/2012 |
22/06/2012 |
- |
Active |
NO |
|
3 |
U24114MH1995PTC094620 |
DYSTAR INDIA
PRIVATE LIMITED |
Director |
18/09/2012 |
22/06/2012 |
- |
Active |
NO |
|
Name : |
Mr. Han Gong |
|
Designation : |
Additional Director |
|
Address : |
8-701, No.567, East Jin, AN- Road, Shanghai City, Huamu Town - 201 204,
Pudong District -201204 |
|
Date of Birth/Age : |
19.09.1971 |
|
Date of Appointment : |
09.07.2008 |
|
DIN No.: |
02147775 |
KEY EXECUTIVES
|
Name : |
Mr. Anjan Chetan Sheth |
|
Designation : |
Secretary |
|
Address : |
A-22, Sharanam -2 N.R. Dhanajay Towers Shyamal Cross Roads, Satellite,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
19.07.1987 |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
BFYPS0340R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Names of Shareholders |
No. of Shares |
|
Kiri Industries Limited, India |
29999998 |
|
Well Prospering Limited, |
44999997 |
|
Kiri Industries Limited, India
Jointly with Pravin Kiri |
1 |
|
Kiri Industries Limited, India Jointly with Manish Kiri |
1 |
|
Well Prospering Limited, |
1 |
|
Well Prospering Limited, |
1 |
|
Well Prospering Limited, Central Hong Kong Jointly with Han Gong |
1 |
|
Total |
75000000 |
AS ON 30.06.2012
|
Names of Preference Shareholders |
No. of Shares |
|
Kiri Industries Limited, India |
22200000 |
|
Well Prospering Limited, |
33300000 |
|
Total |
55500000 |
AS ON 30.06.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
60.00 |
|
Bodies corporate |
40.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Dye Stuffs. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. D. Shukla and Company Chartered Accountant |
|
Address : |
22, Aakruti Society, Satellite Road, Ahmedabad – 380015, Gujarat,
India |
|
Tel. No.: |
91-79-26445335 |
|
Fax No.: |
91-79-26445335 |
|
E-Mail : |
|
|
PAN No.: |
AKHPS9176L |
|
|
|
|
Holding Company : |
·
Well Prospering Limited |
|
|
|
|
Joint Ventures : |
·
Kiri Industries Limited ·
Well Prospering Limited |
|
|
|
|
Other Related Parties : |
·
Mr. Zhifeng Xiang ·
Mr. Manish P Kiri ·
Mr. Pravin A Kiri ·
Mr. Sheng Chang ·
Mr. Han Gong |
CAPITAL STRUCTURE
After 30.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 Millions |
|
70000000 |
Preference Shares |
Rs.10/- each |
Rs. 700.000 Millions |
|
|
TOTAL |
|
Rs. 1500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs. 750.000
Millions |
|
55500000 |
Preference Shares |
Rs.10/- each |
Rs. 555.000 Millions |
|
|
TOTAL |
|
Rs. 1305.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1305.000 |
830.000 |
550.000 |
|
|
2] Share Application Money |
73.232 |
18.576 |
0.000 |
|
|
3] Reserves & Surplus |
111.000 |
5.006 |
0.000 |
|
|
4] (Accumulated Losses) |
(308.865) |
0.000 |
(51.459) |
|
|
NETWORTH |
1180.367 |
853.582 |
498.541 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
278.476 |
342.451 |
326.223 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
278.476 |
342.451 |
326.223 |
|
|
DEFERRED TAX LIABILITIES |
112.042 |
70.441 |
55.685 |
|
|
|
|
|
|
|
|
TOTAL |
1570.885 |
1266.474 |
880.449 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1349.724 |
792.780 |
708.627 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
443.747
|
376.941 |
289.295 |
|
|
Sundry Debtors |
56.357
|
150.236 |
270.443 |
|
|
Cash & Bank Balances |
43.897
|
64.102 |
21.357 |
|
|
Other Current Assets |
1.316
|
0.240 |
2.773 |
|
|
Loans & Advances |
139.319
|
146.069 |
53.233 |
|
Total
Current Assets |
684.636
|
737.588 |
637.101 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
376.436
|
132.845 |
226.171 |
|
|
Other Current Liabilities |
67.483
|
116.152 |
233.194 |
|
|
Provisions |
24.185
|
19.253 |
6.092 |
|
Total
Current Liabilities |
468.104
|
268.250 |
465.457 |
|
|
Net Current Assets |
216.532
|
469.338 |
171.644 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.629 |
4.656 |
0.178 |
|
|
|
|
|
|
|
|
TOTAL |
1570.885 |
1266.474 |
880.449 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
529.306 |
1267.153 |
398.745 |
|
|
|
Other Income |
8.029 |
27.244 |
16.512 |
|
|
|
TOTAL (A) |
537.335 |
1294.397 |
415.257 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Material changes inventories |
454.857 |
926.616 |
|
|
|
|
Manufacturing Service cost |
73.677 |
137.798 |
386.929 |
|
|
|
Employee related expenses |
36.108 |
21.617 |
|
|
|
|
Administrative selling other expenses |
53.690 |
49.725 |
|
|
|
|
TOTAL (B) |
618.332 |
1135.756 |
386.929 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(80.997) |
158.641 |
28.328 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
42.985 |
52.286 |
8.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(123.982) |
106.355 |
19.627 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.943 |
33.129 |
15.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(160.925) |
73.226 |
4.226 |
|
|
|
|
|
|
|
|
|
Add |
Prior period
items before tax |
0.194 |
(1.009) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.637 |
15.731 |
55.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(202.368) |
56.486 |
(51.459) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.005 |
(51.481) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
111.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(308.865) |
5.005 |
(51.481) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.000 |
386.434 |
|
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
386.434 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
259.336 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
49.432 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
308.768 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.18) |
1.01 |
(1.36) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(37.66)
|
4.36 |
(12.39) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(30.40)
|
5.77 |
1.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.91)
|
4.78 |
0.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13)
|
0.08 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.31 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
2.75 |
1.38 |
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 |
No |
|
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 |
No |
|
12] |
Profitability for last
three years |
No |
|
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) |
Yes |
|
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 |
FORM 8
|
Corporate
identity number of the company |
U24114GJ2008PLC053537 |
|
Name of the
company |
LONSEN KIRI
CHEMICAL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
7th Floor, Hasubhai Chambers, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of charge
holder |
Union Bank of India , Ashram Road Branch, C. U. Shah Chambers, Nr.
Gujarat Vidhyapith, Ashram Road,, Ahmedabad - 380014, Gujarat, India |
|
Nature of
instrument creating charge |
Composite
Hypothecation Deed |
|
Date of instrument
Creating the charge |
28.09.2012 |
|
Amount secured by
the charge |
Rs. 80.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base rate plus 4.75%
present effective rate is 15.25% p.a. with monthly rests Terms of repayment 48 monthly
installments of Rs 16,66,667 each after a moratorium period of 1 year from
the date of first disbursement Margin 89.87% Extent and operation of the charge First charge of
machineries / other assets purchased out of Term Loan Bank and second charge
on all the other assets of the company purchased / to be purchased for
setting up unit for manufacturing of levafix reactive dyes of the company. |
|
Short particulars
of the property charged (Including location of the property) |
1.First charge on
machinery / other assets purchased out of term loan bank for setting up unit
for manufacturing of levafix reactive dyes of the company. 2.Second charge
on all the other assets of the company purchased for setting up unit for
manufacturing of levafix reactive dyes of the company. |
FIXED ASSETS
·
Land
·
Furniture and Fixture
·
Computers
·
Vehicles
·
Office Equipments
·
Plant and Machinery
·
Building
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.54.84 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.