MIRA
INFORM REPORT
|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SCOTTS GARMENTS LIMITED |
|
|
|
|
Formerly Known
As : |
SCOTTS GARMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
481-B, IV Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.03.2002 |
|
|
|
|
Com. Reg. No.: |
08-030185 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 267.383
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101KA2002PLC030185 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS11395G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS9703C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Ready Made Garments. |
|
|
|
|
No. of Employees
: |
12000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6170000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established and reputed company having a
satisfactory track record. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : BBB (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
June 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating : A2 (Suspended) |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
June 2012 |
Reason for Suspension: Absence of requisite
information from the company.
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/ Unit 1 : |
481-B, IV Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-41179001/ 41179002/ 41179003/
28363576/ 28360181/ 28361451/ 40858585 |
|
Fax No.: |
91-80-28362452/ 41179007/ 41272949 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
62000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Bangalore
Units : |
[Unit - 2] No. 535, Patel Channappa Industrial Estate, Hegganahalli, Peenya
Industrial Area, Bangalore – 560091, Karnataka, India [Unit - 4] No. 66, 3rd Stage, Peenya Industrial Area, Bangalore – 560058,
Karnataka, India [Unit - 5] No. 1028/1, Irudayapurm, Pattedalli Road, Robertsonpet, KGF – 563122,
Karnataka, India [Unit - 6] No. V-27, 2nd Stage, 2nd Phase, 7th Main Road, Peenya Industrial
Area, Bangalore – 560058, Karnataka,
India [Unit - 7] No. 22, K.I.A.D.B, KGF Road, Bangarpet – 563114, Karnataka, India [Unit - 8] Plot No. 1, NH-4, Sathyamangala Industrial Area, Behind Bharath Petrol
Bunk, Tumkur – 572103, Karnataka,
India [Unit - 9] No. 5/1, Madanayakanahalli, Tumkur Road, Bangalore – 566123,
Karnataka, India [Unit - 10] No. 2, 1st Phase, Peenya Industrial Area, Jalahalli West, SM Road,
Bangalore – 560015, Karnataka, India [Unit - 11] Plot No. A 353 (A), 8th Main, Peenya II Stage, Peenya Industrial Area,
Bangalore – 560058, Karnataka, India [Unit - 16] No. 36/6, Byraveshwara Indl Area, Hegganahalli, Andrahalli Main Road,
Vishwaneedam Post, Bangalore – 560091, Karnataka, India |
|
|
|
|
Tirupur
(Units) : |
[Unit - I] No. 226/1, Dharapuram Road, Pudhur Pirivu, Tirupur – 641608, Tamilnadu,
India [Unit - III] No. 295, IG Colony, Sundamedu, Murugampalayam Post, Vidhalayam Stop,
Tirupur – 641607, Tamilnadu, India [Unit - IV] No. 1/805, Near Lakshana Theatre, Palavanchipalayam Post, Dharapuram
Road, Tirupur – 641608, Tamilnadu, India [Unit - V] No. 137/1A, Dhanalakshmi Rice Mill Compound, Karaipudhur Post,
Arulpuram, Palladam Road, Tirupur – 641605, Tamilnadu, India [Unit - VI] No. 368, Nochipalayam Road, Lakshmi garden, Veerapandi Post, Tirupur –
641605, Tamilnadu, India [Unit - VII] No. 699/2, R.M & Bros., Industrial Complex, Kamaraj Road, Tirupur
– 641604, Tamilnadu, India [Unit - VIII] No. 2/785-B, Mahalakshmi Nagar, Tirupur Main Road, Naranapuram Post,
Palladam (Tk), Palladam – 641664, Tamilnadu, India [Unit - IX] 536/5, Veerapandi, Veerapandi Post, Tirupur – 641605, Tamilnadu, India [Unit - X] No. 643, Kulathupalayam, Near Veerapandi Telephone Exchange,
Veerapandi Post, Tirupur – 641605, Tamilnadu, India [Unit - XI] No. 262 Kangeyam Road, Kulathu Thootam, Vijayapuram Post, Tirupur –
641608, Tamilnadu, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Naseer Ahmed |
|
Designation : |
Managing Director |
|
Address : |
391, 2nd Cross, 2nd Stage, RMV Extension,
Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
22.05.1959 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.03.2002 |
|
DIN No.: |
00027095 |
|
|
|
|
Name : |
Mrs. Nuzhat Aisha Naseer |
|
Designation : |
Whole-time Director |
|
Address : |
391, 2nd Cross, 2nd Stage, RMV Extension,
Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
28.08.1977 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
05.10.2005 |
|
DIN No.: |
00245176 |
|
|
|
|
Name : |
Mr. Arunachalam Arumugham |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.10.1942 |
|
|
B.Com, ACA |
|
Date of Appointment : |
04.05.2006 |
|
DIN No.: |
00350163 |
|
|
|
|
Name : |
Mr. Babugowda Sanganagowda Patil |
|
Designation : |
Director |
|
Address : |
149, 5th Cross, 10th Main Rajamahal Vilas
Extension, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
20.01.1944 |
|
Qualification : |
I.A.S |
|
Date of Appointment : |
04.07.2007 |
|
DIN No.: |
00061959 |
|
|
|
|
Name : |
Mr. Syed Anis Hussain |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.05.1938 |
|
Date of Appointment : |
01.09.2007 |
|
DIN No.: |
00115949 |
|
|
|
|
Name : |
Mr. Madan Mohan Chopra |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.03.1933 |
|
Qualification : |
B. Sc, LLB, MBA |
|
Date of Appointment : |
01.09.2007 |
|
DIN No.: |
00036367 |
|
|
|
|
Name : |
Mr. Azeezulla Baig |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.07.1947 |
|
|
MA, IAS |
|
Date of Appointment : |
12.12.2007 |
|
DIN No.: |
00532908 |
|
|
|
|
Name : |
Mr. Murali Ranganathan Rao Channasamudram |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.04.1958 |
|
|
B.Com, ACA |
|
Date of Appointment : |
12.12.2007 |
|
DIN No.: |
00533104 |
KEY EXECUTIVES
|
Name : |
Mr. Guruswamy Babu |
|
Designation : |
Secretary |
|
Date of Birth/Age : |
08.10.1959 |
|
Date of Appointment : |
01.08.2007 |
|
PAN No.: |
ALJPG8190K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
SHAREHOLDING DETAILS FILE ATTACHED
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
38.06 |
|
Directors
or relatives of directors |
|
58.01 |
|
Others |
|
3.93 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ready Made Garments. |
||||
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||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Woven |
pieces |
80,45,851 |
|
Knits |
pieces |
1,01,83,195 |
GENERAL INFORMATION
|
No. of Employees : |
12000 (Approximately) |
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|
||||||||||||||||||
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Bankers : |
Ø Canara Bank, Credit Group – II, Circle Office, No. 86, M.G. Road, Bangalore – 560001, Karnataka, India Ø Canara Bank, Overseas Branch, 28 M.G. Road, Bangalore – 560001, Karnataka, India Ø Export-Import Bank of India, Centre One, Floor 21, World Trade Centre Complex Parade, Mumbai - 400005, Maharashtra, India Ø Canara Bank, Prime Corporate Branch, Shankarnarayana Building, No.25, M.G. Road, Bangalore – 560001, Karnataka, India Ø State Bank of India, Peenya Industrial Estate Branch, 2nd Cross, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Siddaiah and Ram Chartered Accountants |
|
Address : |
32/2, I Floor, Lalbagh Main Road, Bangalore – 560027, Karnataka, India |
|
Tel. No.: |
91-80-22221590/ 22242540 |
|
Fax No.: |
91-80-41145464 |
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E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AACFS8847B |
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|
Related Parties
: |
Ø Scotts
Fashionciti India Limited Ø Scotts
Plantation (Private) Limited Ø Scotts Metals
and Mines (Private) Limited Ø
Scotts Infrastructure and Development (Private)
Limited Ø GFI Infrastructure
(Private) Limited Ø Coppers Coin
Realty (Private) Limited |
CAPITAL STRUCTURE
AFTER 30.09.2011
Authorised Capital : Rs. 440.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 267.383 Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26,738,250 |
Equity Shares |
Rs. 10/- each |
Rs. 267.383
Millions |
|
|
|
|
|
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 |
267.383 |
267.383 |
267.383 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1275.496 |
1031.144 |
858.673 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1542.879 |
1298.527 |
1126.056 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2474.472 |
1900.302 |
1591.057 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2474.472 |
1900.302 |
1591.057 |
|
|
DEFERRED TAX LIABILITIES |
77.517 |
87.621 |
38.801 |
|
|
|
|
|
|
|
|
TOTAL |
4094.868 |
3286.450 |
2755.914 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
GOODWILL |
223.319 |
295.092 |
368.865 |
|
|
FIXED ASSETS [Net Block] |
1189.056 |
1124.226 |
877.711 |
|
|
Capital work-in-progress |
164.563 |
1.678 |
5.082 |
|
|
|
|
|
|
|
|
INVESTMENT |
266.500 |
266.500 |
166.500 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1657.629
|
1114.851
|
813.424
|
|
|
Sundry Debtors |
799.618
|
789.873
|
849.657
|
|
|
Cash & Bank Balances |
73.854
|
48.432
|
60.221
|
|
|
Other Current Assets |
198.467
|
140.293
|
0.000
|
|
|
Loans & Advances |
446.863
|
344.091
|
298.966
|
|
Total
Current Assets |
3176.431
|
2437.540
|
2022.268
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
626.755
|
584.016
|
544.725
|
|
|
Other Current Liabilities |
86.316
|
61.704
|
21.180
|
|
|
Provisions |
209.930
|
192.866
|
118.607
|
|
Total
Current Liabilities |
923.001
|
838.586
|
684.512
|
|
|
Net Current Assets |
2253.430
|
1598.954
|
1337.756
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4094.868 |
3286.450 |
2755.914 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4619.698 |
3955.271 |
3638.770 |
|
|
|
Other Income |
417.790 |
388.327 |
105.586 |
|
|
|
TOTAL (A) |
5037.488 |
4343.598 |
3744.356 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
2268.221 |
1962.425 |
|
|
|
|
Manufacturing service costs |
827.235 |
695.395 |
|
|
|
|
Employee related expenses |
1017.843 |
805.627 |
|
|
|
|
Administrative selling other expenses |
183.952 |
189.570 |
|
|
|
|
TOTAL (B) |
4297.251 |
3653.017 |
3149.650 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
740.237 |
690.581 |
594.706 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
122.375 |
134.140 |
123.620 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
617.862 |
556.441 |
471.086 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
218.979 |
198.754 |
99.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
398.883 |
357.687 |
372.051 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
104.897 |
153.818 |
99.868 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
293.986 |
203.869 |
272.183 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
26.738 |
26.738 |
26.739 |
|
|
|
Tax on Dividend |
4.441 |
4.441 |
4.544 |
|
|
BALANCE CARRIED
TO THE B/S |
262.807 |
172.690 |
240.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods (F.O.B. basis) |
4036.770 |
3430.280 |
3181.340 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
142.070 |
54.340 |
82.690 |
|
|
|
Components and Spare Parts |
128.040 |
60.120 |
44.950 |
|
|
|
Capital Goods |
60.480 |
106.230 |
44.790 |
|
|
TOTAL IMPORTS |
330.590 |
220.690 |
172.430 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.06 |
10.41 |
9.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.84
|
4.69
|
7.27
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.63
|
9.04
|
10.22
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.14
|
10.04
|
12.83
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.28
|
0.33
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.20
|
2.11
|
2.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.44
|
2.91
|
2.95
|
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 |
Yes |
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
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 |
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 |
OPERATIONS
The profit before
tax is Rs 472.650 millions in the current year compared to Rs.432.460 millions
in the previous year. The profit after tax during the current year is
Rs.349.300 millions compared to Rs.278.420 millions in the previous year.
FUTURE OUTLOOK:
The company has
commenced its construction activities in the two proposed projects at
Doddapallapur and Kolar. The company has obtained necessary sanctions for Term
Loans from Canara Bank for both the projects. The Production in these locations
in some divisions will commence in the fourth quarter of 2011-12. The Company
has also added two stitching units at Peenya, Bangalore towards its expansion.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U18101KA2002PLC030185 |
|
Name of the
company |
SCOTTS GARMENTS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
481-B, IV Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka, India Email: accounts@scottsgarments.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10139282 |
|
Type of charge |
Immovable property Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of
India, Peenya Industrial Estate Branch, 2nd Cross, Peenya Industrial Estate,
Bangalore – 560058, Karnataka, India Email: sbi.03024@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental agreement
of loan-cum-hypothecation sme-4 and memorandum confirming the extension of
equitable mortgage by deposit of title deeds sme-7 (both pertain to same
charge) |
|
Date of
instrument Creating the charge |
09.07.2012 |
|
Amount secured by
the charge |
Rs. 698.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest EPC/PCFC/ADHOC
LIMIT : As applicable to Export Finance as per RBI Guidelines from time to
time Terms of Repayment Repayable on
Demand. Advance is for a period of 3 months Margin RM/SFG//FG/Receivables
: 10% LC/BG : 10% Extent and Operation of the charge Paripassu charge
by way of hypothecation alongwith Canara Bank on stocks and book debts and
entire current assets at various locations of the company. Others EPC/PCFC 320.000
millions ;FBD 15 millions; Adhoc limit 35.000 millions; term loans 69.700
millions LC 100.000
millions; BG 4.000 millions ; forward contracts 20.000 millions . Total
698.700 millions. |
|
Short particulars
of the property charged |
Pari passu charge
by way of Hypothecation along with Canara Bank on Stocks and Book Debts and
entire current Assets at various locations of the company. Hypothecation of plant
and machinery purchased out of Term Loan and installed at factory Unit at
Tiruppur. Hypothecation of
windmill and 2 acres of land at Sankneri, Tirunelveli, Tamil Nadu. EM of converted
Land and Building at No.1028 (New No.1028/1) measuring 7450 sq.ft. and Bldg.
measuring 9885 sft. at Patepalli Road, Robertsonpet, KGF,
Bangarpet , Taluk, Valued at 8.400 millions EM of Lease Hold
Rights of land measuring 45,140.89 sq.ft and building measuring 31,000 sq. ft
at No.22 KIADB Industrial Area, at Bangarpet Industrial Area, Bangarpet
Taluk, Kolar District, valued at
24.700 millions EM of Apt.No.
105-C, Block 3, 10th Floor, Mittal Towers, Nariman Point, #210, Mumbai, measuring 1138 sq. ft. SBA,
valued at Rs. 46.100 Millions ( as per
VR dated 08.12.2010) EM of converted
Land at No.127, Nelagadarana halli
Village, PIA, IV phase, Bangalore,
measuring 10890 sq. ft. and building measuring 26,000 sq. ft. valued
at Rs.32.700 millions as per VR dated
08.12.2010 EM of converted
Industrial Land at S. No. 127, situated at Nelagdaranahalli Village, PIA, IV
Phase, Yeshwanthpur Hobli, Bangalore North Taluk, measuring 31,581 sq. ft.
valued at Rs.50.500 millions EM of
Agricultural land at SF No. 217/4B, an extent of 2.14 millions SF No. 219/2
an extent of 2.49 acres at Palladam Taluk, Ganapathipalayam Village, Tirupur
District, Valued at Rs.58.200 Millions. EM of 2 Acres of
land at Radhapuram Village, Tirunelveli. Tamilnadu. Hypothecation of
Plant and machinery at Sy. No. 262, Kangeyam Road, Tirupur. |
|
Date of Modification |
26.05.2011 |
|
Particulars of
the present modification |
The Adhoc limit
sanctioned to the extent of Rs.35.000 millions. Hence the amount secured by
charge stands increased to Rs. 698.700 millions. All other terms and conditions
remain unchanged. |
CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF
(AS On 31.03.2011):
i) Corporate
Guarantee given by the company for Term Loans granted by Banks – to
Ex-Directors of Rs.30.000 millions.
ii) Outstanding Letter
of Credit issued by bank - Rs.203.850 millions.
iii) Liability on account of export obligation to be fulfilled - Rs.
995.840 millions.
FIXED ASSETS
Ø Land
Ø Land and Buildings
Ø
Ø Show Room
Ø Project at Tarapur
Ø
Ø Factory Buildings
Ø Plant and Machinery
Ø Electrical Installation
Ø Furniture and Fixtures
Ø Furniture and Fixtures 100%
Ø Office Equipments
Ø Data Processing Equipments
Ø Vehicles
Ø Civil Work on Leased Building
Ø Mobile Handsets
Ø Effluent Treatment Plant
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. 54.85 |
|
|
1 |
Rs. 88.16 |
|
Euro |
1 |
Rs. 71.54 |
INFORMATION DETAILS
|
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.