MIRA
INFORM REPORT
|
Report Date : |
31.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHANKAR PACKAGINGS LIMITED |
|
|
|
|
Registered
Office : |
303, Turf Estate, Dr. E. Moses Road, Shakti Mills Lane, Mumbai -
400011, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.05.1985 |
|
|
|
|
Com. Reg. No.: |
11-036120 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 28.049 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH1985PTC036120 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS01961B / MUMS40482B /
MUMS40819C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS8076P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of FIBC/HDPE/ PP Woven Sacks |
|
|
|
|
No. of Employees
: |
Information Denied By Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba ( 52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having good track record. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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.
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 |
A2: Bank Gurantee |
|
Rating Explanation |
Strong degree of safety it carry low credit risk. |
|
Date |
28.02.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ : Term Loan (Upgraded from BBB) |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk |
|
Date |
28.02.2012 |
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 PARTED BY
Management Non co-operative (91-22-24903225)
LOCATIONS
|
Registered Office / Corporate Office: |
303, Turf Estate, Dr. E Moses Road, Shakti Mills Lane, Mumbai -
400011, Maharashtra, India |
|
Tel. No.: |
91-22-24903236 / 24903225 / 24903228 |
|
Mobile No.: |
91-22-24903236 |
|
Fax No.: |
91-22-24903227 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory & Sales Office : |
4-5-6, GIDC Estate, Vaghodia, District:
Baroda – 391 760, Gujarat – India |
|
Tel. No.: |
91-2668-262334 / 262434 |
|
Fax No.: |
91-2668-262833 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
(Hyderabad -
Marketing) 508, Maheshwari Chambers, Somajiguda, Hyderabad – 500082, Andhra
Pradesh – India |
|
Tel. No.: |
91-40-40038828 |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Akshayshankar Pratapshankar Pandya |
|
Designation : |
Director |
|
Address : |
112-A, Paradise Apartments, 44 Nepean Sea Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
02.06.1965 |
|
Qualification : |
B.com |
|
Date of Appointment : |
21.09.2010 |
|
DIN No.: |
01557239 |
|
|
|
|
Name : |
Mr. Vikramshankar Govindshankar Pandya |
|
Designation : |
Managing Director |
|
Address : |
A/5, Garib CHSL, N S Road, No. 5, JVPD, Juhu, Mumbai-400049,
Maharashtra, India |
|
Date of Birth/Age : |
06.04.1961 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.04.1995 |
|
PAN No.: |
AGJPP9410C |
|
DIN No.: |
01595269 |
|
|
|
|
Name : |
Mr. Anandshankar Revashankar Pandya |
|
Designation : |
Director |
|
Address : |
1402, Pleasant Palace, 16 N D Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
11.04.1923 |
|
Qualification : |
BA |
|
Date of Appointment : |
21.06.1986 |
|
DIN No.: |
01163634 |
|
|
|
|
Name : |
Mr. Praveen Shankar Pratap Shankar Pandya |
|
Designation : |
Director |
|
Address : |
132/133, 13th Floor, B Building, Petit Hall 66, Nepean Sea
Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
04.10.1950 |
|
Qualification : |
CA |
|
Date of Appointment : |
06.05.1985 |
|
DIN No.: |
00316843 |
|
|
|
|
Name : |
Mr. Ganga Sharan Agrawal |
|
Designation : |
Director |
|
Address : |
801, Pleasant Palace, Narayan Dabholkar, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
31.07.1931 |
|
Qualification : |
BSC |
|
Date of Appointment : |
27.02.1988 |
|
DIN No.: |
00216838 |
|
|
|
|
Name : |
Mr. Gaj Singh Jodhpur |
|
Designation : |
Director |
|
Address : |
Umaid Bhavan Palace, Jodhpur – 342006, Rajasthan, India |
|
Date of Birth/Age : |
13.01.1948 |
|
Qualification : |
MBA |
|
Date of Appointment : |
27.02.1988 |
|
DIN No.: |
00061278 |
KEY EXECUTIVES
|
Name : |
Mr. Pranab Lalit Mitra |
|
Designation : |
Secretary |
|
Address : |
302, Usha Sadan, Marol, Andheri (East), Mumbai – 400059, Maharashtra,
India |
|
Date of Birth/Age : |
24.05.1960 |
|
Date of Appointment : |
01.01.1986 |
|
PAN No.: |
AAFPM3756L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Praveen Shankar Pandya |
35547 |
|
Rajeev Shankar Pandya |
34500 |
|
Anand Shankar Pandya |
141295 |
|
Umaid Investment Company Private Limited, India |
690000 |
|
Govind Shankar Pandya |
147375 |
|
Vikram Shankar Pandya |
290905 |
|
Alka Rajeev Pandya |
31625 |
|
Namita Praveen Pandya |
29274 |
|
Urvashi B. Bhatt |
2185 |
|
Akshay Shankar Pandya |
34500 |
|
Vidyaben Pandya |
46000 |
|
Saroj Pandya |
62360 |
|
Rati Pandya |
1572 |
|
Aprna Kulkarni |
5750 |
|
Manoj Selot |
5750 |
|
Sangeeta Pandya |
34500 |
|
Shivani Pandya |
34500 |
|
Shuchi Pandya |
34500 |
|
Avinash Pandya |
58937 |
|
Siddarth Pandya |
58937 |
|
Vivek Pandya |
34500 |
|
Shankar Securities Private Limited, India |
150000 |
|
Bulk Bags India Limited, India |
391100 |
|
Dolphin Investments Limited, Hong Kong |
150600 |
|
Jyotishankar Pandya, |
204125 |
|
Revashankar Gems Limited, India |
11250 |
|
Shankar Jewels Limited, India |
11250 |
|
Shankar Realty Private Limited, India |
22590 |
|
R D Pandya (HUF) |
650 |
|
Dhruv Akshay Pandya |
24438 |
|
Kashyap Akshay Pandya |
24438 |
|
Total |
2804953 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
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 |
12.64 |
|
Bodies corporate |
45.49 |
|
Directors or relatives of Directors |
41.87 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of FIBC/HDPE/ PP Woven Sacks |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Woven Stocks |
MT |
15264 |
11909 |
GENERAL INFORMATION
|
No. of Employees : |
Information Denied By
Management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India · The Hongkong and Shanghai Banking Corporation Limited 52/60 Mahatma Gandhi Road, Fort , Mumbai-400001, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajendra and Company Chartered Accountants |
|
Address : |
1311, Dalamal Tower, 211, Nariman Point, Mumbai - 400021, Maharashtra,
India |
|
PAN.: |
AAAFR1878D |
|
|
|
|
Subsidiaries Company: |
· Lift Pack Doo, Serbia · Shankar Europe BVBA, Belgium |
|
|
|
|
Others: |
Umaid Investment Company Private Limited |
CAPITAL STRUCTURE
As on: 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2804953 |
Equity Shares |
Rs.10/- each |
Rs. 28.049
Millions |
|
|
|
|
|
Reconciliation of the
number of Shares Outstanding
|
|
Number of Shares |
|
Opening Share Capital |
2,804,953 |
|
Closing Share Capital |
2,804,953 |
List of Shareholders
having more than 5% shares
|
Name of
Shareholders |
Numbers |
Percentage |
|
Bulk Bags India Limited |
391100 |
13.94 |
|
Dolphin Investment Limited |
150600 |
5.37 |
|
Mountain Investment Inc. |
161000 |
5.74 |
|
Shankar Securities Private Limited |
150000 |
5.35 |
|
Umaid Investment Company Pvt.Ltd. |
690000 |
24.60 |
|
Anand Shankar Pandya |
141295 |
5.04 |
|
Govind Shankar Pandya |
147375 |
5.25 |
|
Vikram Shankar Pandya |
290905 |
10.37 |
There are no shares
with differential rights
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 |
28.049 |
28.049 |
28.049 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
572.433 |
470.489 |
392.184 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
600.482 |
498.538 |
420.233 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
555.968 |
394.003 |
270.566 |
|
|
2] Unsecured Loans |
9.406 |
7.057 |
1.318 |
|
|
TOTAL BORROWING |
565.374 |
401.060 |
271.884 |
|
|
DEFERRED TAX LIABILITIES |
52.052 |
31.944 |
27.146 |
|
|
|
|
|
|
|
|
TOTAL |
1217.908 |
931.542 |
719.263 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
822.116 |
523.065 |
423.104 |
|
|
Capital work-in-progress |
0.014 |
43.237 |
3.969 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.087 |
38.241 |
30.152 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
230.384
|
239.578
|
156.343
|
|
|
Sundry Debtors |
176.189
|
135.422
|
82.843
|
|
|
Cash & Bank Balances |
52.471
|
27.712
|
11.182
|
|
|
Other Current Assets |
31.774
|
3.619
|
0.485
|
|
|
Loans & Advances |
200.717
|
132.995
|
143.870
|
|
Total
Current Assets |
691.535
|
539.326
|
394.723
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
89.692
|
75.183
|
75.830
|
|
|
Other Liabilities |
175.556
|
83.493
|
0.643
|
|
|
Provisions |
55.596
|
53.651
|
56.212
|
|
Total
Current Liabilities |
320.844
|
212.327
|
132.685
|
|
|
Net Current Assets |
370.691
|
326.999
|
262.038
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1217.908 |
931.542 |
719.263 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2030.009 |
1609.516 |
1138.161 |
|
|
|
Other Income |
6.460 |
5.995 |
7.402 |
|
|
|
TOTAL
(A) |
2036.469 |
1615.511 |
1145.563 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1115.188 |
885.565 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(33.271) |
(41.902) |
1023.439 |
|
|
|
Employee related expenses |
112.310 |
92.613 |
|
|
|
|
Other expenses |
578.675 |
485.414 |
|
|
|
|
TOTAL (B) |
1772.902 |
1421.690 |
1023.439 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
263.567 |
193.821 |
122.124 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.072 |
37.872 |
28.505 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
216.495 |
155.949 |
93.619 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.976 |
35.114 |
31.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
164.519 |
120.833 |
62.549 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
54.425 |
34.378 |
15.642 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
110.094 |
86.455 |
46.907 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
372.492 |
302.832 |
268.820 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.500 |
8.646 |
4.691 |
|
|
|
Dividend |
7.013 |
7.012 |
7.012 |
|
|
|
Tax on Dividend |
1.137 |
1.137 |
1.192 |
|
|
BALANCE CARRIED
TO THE B/S |
462.936 |
372.492 |
302.832 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of goods exported |
1769.965 |
1402.700 |
1009.849 |
|
|
TOTAL EARNINGS |
1769.965 |
1402.700 |
1009.849 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
160.272 |
125.390 |
|
|
|
Stores & Spares |
NA |
9.988 |
5.720 |
|
|
|
Plant and Machinery |
NA |
49.467 |
16.469 |
|
|
TOTAL IMPORTS |
NA |
219.727 |
147.579 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.25 |
30.82 |
16.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.41
|
5.35
|
4.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.11
|
7.51
|
5.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.87
|
11.37
|
7.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.27
|
0.24
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Net worth) |
|
0.94
|
0.81
|
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
2.54
|
2.97 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
|
|
|
|
|
Creditors due to others |
89.692
|
75.183
|
75.830
|
|
|
|
|
|
|
Total |
89.692
|
75.183
|
75.830
|
|
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
NOTE:
The Registered
address of the company has been shifted from A-4,
OPERATING RESULTS AND
BUSINESS
The gross turnover of the company for the year increased to Rs. 2124.100 Millions which is a quantum jump of nearly 31% over the previous year. In tune with increased sales, the profit after tax of the company has gone up from 86.400 Millions to 112.000 Millions. The total capacity of the company as on date is 17,875 MT per annum. The actual capacity utilization have been 12,856 MT which reflects the capacity utilization of up to 72%. The business environment of the company continues to remain favorable barring developments in the global environment.
During the financial year, the Company opened a wholly owned subsidiary viz., Shankar (Europe) BVBA in Belgium to oversee it's European operation. In addition, the Company also set up a manufacturing operation in Serbia in collaboration with a local company in Serbia.
The company has during the year, successfully set up a new production Unit with CAPEX of Rs. 400.200 Millions in financial year 2010-11 and 2011-12 thereby increasing production capacity of company by 2610 MT per annum.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U25202MH1985PLC036120 |
|
Name of the company |
SHANKAR PACKAGINGS LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
303, Turf Estate, Dr. E Moses Road, Shakti Mills Lane, Mumbai -
400011, Maharashtra, India Email: shankar1@mtnl.net.in |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10062886 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
State Bank of
India MIDC Group Industrial Finance Branch, Marble Arch, Race Course,
Vadodara - 390007, Gujarat, India Email: laxmi.yadav@sbi.co.in
|
|
Nature of instrument creating charge |
Supplemental Deed of Mortgage |
|
Date of instrument Creating the charge |
10.06.2011 |
|
Amount secured by the charge |
Rs. 960.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest
CC- at 4.50% above Base Rate with monthly rest, Term Loans - II and
III - 4.75% above Base Rate with monthly rest, SLC - 1% above normal rate
applicable to CC and in case of NF comm. at normal rate Terms of
Repayment working capital - on demand, Term loan (old) as per existing terms, TL
- III (new) repayable in 19 quarterly instalments to start from July - Sept -
2012 and last instalment in Janu - March – 2017 Margin Raw materials - 10%, SIP, FG - 25%, Receivables (cover period 90 days)
30%, EPC - 10%, L/C - 10%, L/C - stores and spares 25%, BG - 15%, TL-III
(new) and project L/C within TL III - 49.43% Extent and
Operation of the charge The various credit facilities are collaterally secured by way of
mortgage of immovable properties more particularly described in schedule I,
II, III and IV of the Supplemental Deed of Mortgage. Others Credit facilities - Cash Credit - Rs. 450.000 Millions + SLC - Rs.
40.000 Millions + TL- I (o/s) Rs. 47.200 Millions + TL- II (O/s) Rs.130.000
Millions + TL - III (new) Rs.160.000 Millions + L/C Rs.100.000 Millions + BG
Rs.10.000 Millions + credit exposure limit for forward contract Rs. 22.800
Millions aggregating to Rs.960.000 Millions |
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
Leasehold Immovable Property being plot no.3, GIDC Industrial Estate,
Waghodia District Vadodara lying upon land inter alia bearing R.S.No.787/p,
789/p, 1102/p adm. 4862.50 sq. mtrs. of Village Waghodia, District Baroda. Leasehold Immovable Property being plot no.4, 5, 6 GIDC Industrial
Estate, Waghodia District Vadodara lying upon land inter alia bearing
R.S.No.790/p, 790/2/p, 791/p, 792/p and779/p adm.14812.50 sq.mtrs. of Village
Waghodia Leasehold Immovable Property being plot no.1013, GIDC Industrial
Estate, Waghodia District Vadodara lying upon land inter alia bearing
R.S.No.1542/2/p and 1557/p adm. 1000 sq. mtrs. of Village Waghodia, District
Baroda Leasehold Immovable Property being plot no.1034, GIDC Industrial
Estate, Waghodia District Vadodara lying upon land inter alia bearing R.S.No.
1499/Part adm. 510 sq. mtrs. of Village Waghodia, District Baroda. Leasehold Immovable Property being plot no.1036 and 1037, GIDC
Industrial Estate, Waghodia District Vadodara lying upon land inter alia
bearing R.S.No.1549/P and 1550/P adm.1020 sq. mtrs. of Village Waghodia,
District Baroda. Leasehold Immovable Property being plot no.1035, GIDC Industrial
Estate, Waghodia District Vadodara lying upon land inter alia bearing
R.S.No.1499/p adm. 510 sq. mtrs. of Village Waghodia, District Baroda. Leasehold Immovable Property being plot no.2, GIDC Industrial Estate,
Waghodia District Vadodara lying upon land inter alia bearing R.S.No.787/p,
789/p and 1182/p adm.5806 sq. mtrs. of Village Waghodia, District. Baroda. Leasehold Immovable Property. being plot no.1038, GIDC Industrial
Estate, Waghodia District Vadodara lying upon land inter alia bearing
R.S.No.1551/p adm.1000 sq. mtrs. of Village Waghodia, District Baroda. Leasehold Immovable Property. being plot no.1415, GIDC Industrial
Estate, Waghodia District Vadodara consisting of R.S.No.39/paiki, 40/paiki,
40/1/paiki, 42/paiki, 43/paiki, 1954/paiki, 1955/paiki, 1956/paiki, 51/2/paiki, 51/paiiki and 49/paiki adm.18797.50 sq. mtrs. of Vill.
Waghodia, District Baroda and plot no.1416, Waghodia Industrial Estate,
Waghodia District Vadodara adm.22295.70 sq. mtrs Waghodia, District Baroda. |
|
Date of instrument modifying the charge |
07.06.2010 |
|
Particulars of the present modification |
By this execution the charge extended to cover revised credit
facilities from Rs. 796.300 Millions to Rs. 960.000 Millions Credit
facilities - Cash Credit - Rs. 450.000 Millions + SLC - Rs. 40.000 Millions +
TL- I (o/s) Rs. 47.200 Millions + TL- II (O/s) Rs.130.000 Millions + TL - III
(new) Rs.160.000 Millions + L/C Rs.100.000 Millions + BG Rs.100.000 Millions
+ credit exposure limit for forward contract Rs.22.800 Millions aggregating
to Rs.960.000 Millions |
(Rs in Millions)
|
Unsecured Loan |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Loans repayable on demand |
9.406 |
7.057 |
|
Total |
9.406 |
7.057 |
|
|
|
|
FIXED ASSETS:
·
·
Buildings
·
Office
Equipments
·
Plant
and Machinery
·
Office
and Other 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 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. 53.57 |
|
|
1 |
Rs. 84.37 |
|
Euro |
1 |
Rs. 72.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
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 |
|
52 |
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.