MIRA
INFORM REPORT
|
Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
INOX INDIA LIMITED (w.e.f. 19.03.1987) |
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Formerly Known
As : |
BARODA OXYGEN LIMITED |
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Registered Office
: |
ABS Tower, 4th Floor, Old Padra Road, Vadodara – 390007,
Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.12.1976 |
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Com. Reg. No.: |
04-018945 |
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Capital Investment
/ Paid-up Capital : |
Rs.90.764 Millions |
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CIN No.: [Company Identification
No.] |
U99999GJ1976PLC018945 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDI00238A BRDI00194F |
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PAN No.: [Permanent Account No.] |
AAACI4416P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Cryogenic Tanks, Cold
Converter Systems, Disposable Gas Cylinders, etc. |
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No. of Employees
: |
550 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 7500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track record. There appears some dip in the profit margin during 2012. However, financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments.
The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating =A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
24.12.2012 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating =A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
24.12.2012 |
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 (GENERAL DETAILS)
|
Name : |
Mr. Pillai |
|
Designation : |
Admin Assistant Manager |
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Contact No.: |
91-265-3056131 |
|
Date : |
11.07.2013 |
LOCATIONS
|
Registered Office : |
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Tel. No.: |
91-265-2343125/ 2343226/ 3056100/ 2343123/ 2343124 |
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Fax No.: |
91-265-2333398/ 2341449/ 2333398 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft |
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Location : |
Owned |
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Factory 1 : |
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Location : |
Owned |
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Factory 2 : |
Survey No. 142/1 Part, Rakholi Madhuban Dam Road, Opposite Government Polytechnic, Village Karad, Silvassa - -396 240, UT of Dadra and Nagar Haveli, India |
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Factory 3 : |
Plot No. 439 and 440, Sector IV, Kandia Special Economic Zone, Gandhidham - 370230, District Bhuj (Kutch), Gujarat, India |
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Factory 4 : |
Survey No. 868-P, Surajbari Site, Shikarpur, Taluka Bhachau, District Bhuj (Kutch) - 370 230, Gujarat, India |
DIRECTORS
As on 08.08.2012
|
Name : |
Mr. Devndrakumar Sidhhomal Jain |
|
Designation : |
Director |
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Address: |
47, Golf, Links, New Delhi – 110 003, India |
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Date of Birth: |
02.03.1929 |
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Date of Appointment : |
16.04.1979 |
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DIN No.: |
00029782 |
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PAN No. : |
AAAPJ4761D |
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Name : |
Mr. Pavankumar Devendra Jain |
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Designation : |
Director |
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Address: |
31, Benzer Terrace, A G Khan Road, Worli Mumbai – 400 018, Maharashtra, India |
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Date of Birth: |
17.05.1951 |
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Date of Appointment : |
16.04.1979 |
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DIN No.: |
00030098 |
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PAN No. : |
AAJPJ5851D |
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Name : |
Mr. Vivekkumar Devenkumar Jain |
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Designation : |
Director |
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Address: |
47, Golf, Links, New Delhi – 110 003, India |
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Date of Birth: |
30.08.1955 |
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Date of Appointment : |
14.06.2007 |
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DIN No.: |
00029968 |
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PAN No. : |
AAAPJ4588L |
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Name : |
Mr. Siddharth Pavankumar Jain |
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Designation : |
Director |
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Address: |
Benzer Terrace, 94, Sea Face, Worli, Mumbai – 400018, Maharashtra, India |
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Date of Birth: |
21.09.1978 |
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Date of Appointment : |
17.03.2004 |
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DIN No.: |
00030202 |
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PAN No. : |
ACYPJ7083L |
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Name : |
Mr. Parag Padmakar Kulkarni |
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Designation : |
Director |
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Address: |
C -404 Samrajya Flat opposite Sabri Vidyalaya, off Vasna Road, Vadodara – 390 007, Gujarat, India |
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Date of Birth: |
07.09.1950 |
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Date of Appointment : |
25.09.1999 |
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DIN No.: |
00209184 |
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Name : |
Mr. Ronaldo Sullam |
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Designation : |
Director |
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Address: |
8, Woodlands Road, Barnes, London |
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Date of Birth: |
09.03.1941 |
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Date of Appointment : |
11.03.2010 |
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DIN No.: |
00509312 |
KEY EXECUTIVES
|
Name : |
Mr. Pillai |
|
Designation : |
Admin Assistant Manager |
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|
|
|
Name : |
Mr. Pavankumar Logar |
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Designation : |
Company Secretary |
|
Address : |
102, Samrajya Flat opposite Rajesh Tower, Subhnapura, Vadodara
–
390 023, Gujarat, India |
|
Date of Birth/Age : |
10.06.1965 |
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Date of Appointment : |
13.12.1993 |
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PAN No. : |
AAKPL3184G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.08.2012
(Equity Share)
SHAREHOLDING DETAILS FILE ATTACHED
As on 22.08.2012
|
Names of Allottees (Preference Share) |
|
No. of Shares
Allotted |
|
Standard Chartered Private Equity (Mauritius) II Limited |
|
1676744 |
|
Total |
|
1676744 |
As on 08.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
0.04 |
|
Directors or relatives of Directors |
98.82 |
|
Others |
1.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cryogenic Tanks, Cold
Converter Systems, Disposable Gas Cylinders, etc. |
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Products : |
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Exports : |
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Products : |
Cryogenic Tanks, Cold Converter Systems, Disposable Gas
Cylinders |
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Countries : |
·
African Country ·
Europe |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
UK |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
End Users, OEM’S and Others |
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No. of Employees : |
550 (Approximately) |
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Bankers : |
·
IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe
Parade, Mumbai – 400005, Maharashtra, India · Bank of Bahrain and Kuwait B. S. C.,Jolly Maker Chamber – II, 225, Nariman Point, Mumbai – 400021, Maharashtra, India · Centurion Bank Limited, Productivity House, Productivity Road, Alkapuri, Baroda – 390007, Gujarat, India · IDBI Bank Limited, Concorde, R.C. Dutt Road, Alkapuri, Baroda – 390007, Gujarat, India · ABN Amro Bank N.V., Alkapuri, Baroda – 390007, Gujarat, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India ·
HDFC
Bank, Durga Niwasm G Road, Panaji, Goa – 403001, Goa, India ·
Standard
Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Road, Ahmedabad – 380006, Gujarat, India ·
HDFC
Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai
– 400013, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S. C. Bandi and Company Chartered Accountants |
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Address : |
812, Maker Chamber V, 221, Nariman Point, Mumbai - 400021,
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PAN No.: |
AACPB7792A |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
· Inox Wind Limited · Gujarat Fluorochemicals Limited · Inox Air Products Limited · Refron Valves Limited · Inox Leisure Limited |
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Subsidiaries : |
· INOXCVA Comercio E Industria De Equipmentos Criogenicos Ltda · Cryogenic Vessel Alternative Inc. |
CAPITAL STRUCTURE
After 08.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9076350 |
Equity Shares |
Rs.10/- each |
Rs.90.764 Millions |
|
1676744 |
Preference Share |
Rs.10/- each |
Rs.16.767
Millions |
|
|
Total |
|
Rs.107.531 Millions |
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9076350 |
Equity Shares |
Rs.10/- each |
Rs.90.764 Millions |
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Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Mr. Pavan Kumar Jain |
1903578 |
21.00% |
|
Mr. Devansh Jain |
1669696 |
18.00% |
|
Mrs. Nandita Jain |
1198422 |
13.00% |
|
Mr. Siddharth Jain |
1126560 |
12.00% |
|
Mrs. Nayantara Jain |
983794 |
11.00% |
|
Mr. Vivek Kumar Jain |
972264 |
11.00% |
|
Mr. Devendra Kumar Jain |
544335 |
6.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
90.764 |
90.764 |
|
(b) Reserves & Surplus |
|
1796.269 |
1650.932 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1887.033 |
1741.696 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
928.106 |
770.545 |
|
(b) Deferred tax liabilities (Net) |
|
83.233 |
83.462 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
5.165 |
3.365 |
|
Total Non-current Liabilities (3) |
|
1016.504 |
857.372 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
558.581 |
91.186 |
|
(b) Trade payables |
|
223.791 |
158.942 |
|
(c) Other current
liabilities |
|
696.820 |
516.878 |
|
(d) Short-term provisions |
|
78.465 |
24.416 |
|
Total Current Liabilities (4) |
|
1557.657 |
791.422 |
|
|
|
|
|
|
TOTAL |
|
4461.194 |
3390.490 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
812.902 |
628.137 |
|
(ii) Intangible Assets |
|
7.608 |
7.230 |
|
(iii) Capital
work-in-progress |
|
10.116 |
2.279 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1491.198 |
1197.010 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
154.463 |
146.404 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
2476.287 |
1981.060 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.040 |
0.478 |
|
(b) Inventories |
|
1109.006 |
630.468 |
|
(c) Trade receivables |
|
781.732 |
712.114 |
|
(d) Cash and cash
equivalents |
|
3.751 |
1.823 |
|
(e) Short-term loans and
advances |
|
90.378 |
64.353 |
|
(f) Other current assets |
|
0.000 |
0.194 |
|
Total Current Assets |
|
1984.907 |
1409.430 |
|
|
|
|
|
|
TOTAL |
|
4461.194 |
3390.490 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
90.764 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1281.162 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1371.926 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1189.709 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
1189.709 |
|
|
DEFERRED TAX LIABILITIES |
|
|
78.436 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2640.071 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
573.928 |
|
|
Capital work-in-progress |
|
|
7.730 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1197.488 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
504.979
|
|
|
Sundry Debtors |
|
|
409.241
|
|
|
Cash & Bank Balances |
|
|
67.602
|
|
|
Other Current Assets |
|
|
3.533
|
|
|
Loans & Advances |
|
|
243.700
|
|
Total
Current Assets |
|
|
1229.055
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
190.915
|
|
|
Other Current Liabilities |
|
|
159.075
|
|
|
Provisions |
|
|
18.528
|
|
Total
Current Liabilities |
|
|
368.518
|
|
|
Net Current Assets |
|
|
860.537
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.388 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2640.071 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3011.727 |
2427.037 |
2433.147 |
|
|
|
Other Income |
30.573 |
25.460 |
49.871 |
|
|
|
TOTAL (A) |
3042.300 |
2452.497 |
2483.018 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1750.350 |
1168.380 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(261.959) |
(39.934) |
1802.569 |
|
|
|
Employee benefit expense |
210.192 |
166.449 |
|
|
|
|
Other expenses |
654.926 |
474.345 |
|
|
|
|
TOTAL (B) |
2353.509 |
1769.240 |
1802.569 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
688.791 |
683.257 |
680.449 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
189.800 |
40.820 |
32.882 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
498.991 |
842.437 |
647.567 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.186 |
46.108 |
37.943 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
443.805 |
596.329 |
609.624 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
120.070 |
154.290 |
150.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
323.735 |
442.039 |
458.874 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1337.365 |
998.246 |
642.466 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Dividend |
7.362 |
7.538 |
7.712 |
|
|
|
Tax on Dividend |
45.382 |
45.382 |
45.382 |
|
|
BALANCE CARRIED
TO THE B/S |
1558.356 |
1337.365 |
998.246 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports of Goods/ Services |
1296.625 |
808.207 |
848.678 |
|
|
|
Other recoveries on Exports |
58.088 |
34.022 |
39.875 |
|
|
TOTAL EARNINGS |
1354.713 |
842.229 |
888.553 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
872.405 |
491.395 |
375.793 |
|
|
|
Stores & Spares |
14.617 |
5.828 |
1.432 |
|
|
|
Capital Goods |
11.701 |
9.960 |
27.219 |
|
|
TOTAL IMPORTS |
898.723 |
507.183 |
404.444 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
35.67 |
48.68 |
50.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.64
|
18.02 |
18.48
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.74
|
24.57 |
25.06
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.99
|
27.21 |
33.81
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.34 |
0.44
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.79
|
0.49 |
0.87
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.78 |
3.33
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors |
223.791 |
158.942 |
190.915 |
|
Total
|
223.791 |
158.942 |
190.915 |
|
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 |
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) |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OVERALL PERFORMANCE
The Company has achieved Total Turnover of Rs.3042.300 Millions, achieving growth of 24.05% despite depressed global market and also seen increase in demand due to LNG demand worldwide.
CONTINGENT LIABILITIES
NOT PROVIDED FOR IN RESPECT OF:
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Guarantees given by Banks |
515.833 |
446.681 |
|
Disputed Excise Duty matters |
349.426 |
8.568 |
|
Disputed Income Tax Matters |
0.000 |
5.090 |
|
Disputed Service Tax Matters |
1.344 |
6.366 |
|
Disputed Custom Duty Matters |
2.175 |
1.905 |
|
Claims against the Company not acknowledged as debts |
|
|
|
i) In respect of labour matters |
Amount not ascertainable |
Amount not ascertainable |
|
ii) Others |
2.797 |
2.797 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U99999GJ1976PLC018945 |
|
Name of the
company |
INOX INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email : plogar@inoxindia.com
|
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
90103736 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
IDBI Bank Limited, Email : vijay.katdare@idbi.co.in
|
|
Nature of
instrument creating charge |
Hypothecation
deed on first pari-passu charge basis over entire current assets and second
pari-passu charge over movable fixed assets of the borrower |
|
Date of
instrument Creating the charge |
14.02.2012 |
|
Amount secured by
the charge |
Rs.831.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction letter
dated 19.09.2011 and 03.12.2011 Terms of Repayment As per sanction
letter dated 19.09.2011 and 03.12.2011 Margin As per sanction
letter dated 19.09.2011 and 03.12.2011 Extent and Operation of the charge As per sanction
letter dated 19.09.2011 and 03.12.2011 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First pari-passu
charge basis over entire current assets and second pari-passu charge over movable
fixed assets of the borrower |
|
Date of
instrument modifying the charge |
15.04.2009 |
|
Particulars of
the present modification |
By virtue of this
modification, hypothecation charge created in favour of IDBI bank has been
increased from Rs.400.000 Millions to Rs.831.000 Millions. |
FIXED ASSETS:
Tangible Assets:
· Land - Freehold
· Buildings
· Plant and Machinery
· Cylinders on Lease
· Wind Mill
· Electrical Installations
· Office equipments
· Air conditioners
· Furniture and Fixtures
· Vehicles
Intangible Assets:
· Technical Know – how
· Software
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.59.64 |
|
|
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.