MIRA
INFORM REPORT
|
Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SURYA GLOBAL STEEL TUBES LIMITED |
|
|
|
|
Registered
Office : |
302, 3rd Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
09.05.2008 |
|
|
|
|
Com. Reg. No.: |
55-177870 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1455.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28999DL2008PLC177870 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS36567G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAMCS1258B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Suppliers of Steel Pipes, Steel Tubes,
Lighting Products, Bulb and Cold Rolled Steel. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Surya Roshni Limited”. It is a well established company having a satisfactory track record.
Financially company seems to be strong. The subject gets strong support from its holding company. Trade relations are reported to be fair. Business is active. Payment
are reported to be usually correct and as per commitments. The company can be considered 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A- |
|
Rating Explanation |
Having adequate degree of safety regarding timely
servicing of financial obligation, it carry low credit risk. |
|
Date |
March, 2013 |
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 : |
302, 3rd Floor, |
|
Tel. No.: |
91-11-47108000/ 25810093 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Survey No.188, Anjar Mundra Highway Village-Bhuvad, Taluka Anjar,
District Kutch – 370 130, |
|
Tel. No.: |
91-2836-289222/ 289506/ 289508/ 289507 |
|
Fax No.: |
91-2836-289444 |
DIRECTORS
(AS ON 15.02.2013)
|
Name : |
Mr. Jai Prakash Agarwal |
|
Designation : |
Managing Director |
|
Address : |
36/78, West Punkabi Bagh, New Delhi – 110026, India |
|
Date of Birth/Age : |
10.07.1951 |
|
Date of Appointment : |
09.05.2008 |
|
DIN No.: |
00041119 |
|
|
|
|
Name : |
Mr. Raju Bista |
|
Designation : |
Director |
|
Address : |
18/75, Road No.75, Punjabi West, |
|
Date of Birth/Age : |
03.01.1986 |
|
Date of Appointment : |
29.08.2008 |
|
DIN No.: |
01299297 |
|
|
|
|
Name : |
Mr. Krishan Kumar Narula |
|
Designation : |
Director |
|
Address : |
A-25, Preet Vihar, New Delhi – 110 092, India |
|
Date of Birth/Age : |
01.04.1939 |
|
Date of Appointment : |
29.08.2008 |
|
DIN No.: |
00098124 |
|
|
|
|
Name : |
Mr. Ravinder Kumar Narang |
|
Designation : |
Director |
|
Address : |
14/81, West Punjabi Bagh, |
|
Date of Birth/Age : |
20.01.1939 |
|
Date of Appointment : |
29.08.2008 |
|
DIN No.: |
02318041 |
|
|
|
|
Name : |
Mr. Mukesh Tripathi |
|
Designation : |
Whole-Time Director |
|
Address : |
D-11, Bhagaya Vihar, Madan Pur, Dabas Extension, |
|
Date of Birth/Age : |
26.04.1977 |
|
Date of Appointment : |
14.02.2011 |
|
DIN No.: |
01951272 |
KEY EXECUTIVES
|
Name : |
Mr. Gajender Mahavir Gupta |
|
Designation : |
Company Secretary |
|
Address : |
B-28, Pink Apartment, Paschim Vihar, New Delhi – 1100063, India |
|
Date of Birth/Age : |
01.04.1983 |
|
Date of Appointment : |
01.03.2013 |
|
PAN No.: |
AONPG8534N |
|
Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 15.02.2013)
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
|
|
|
|
Jai Prakash Agarwal |
|
25000 |
|
Satya Narain Bansal |
|
5000 |
|
Surya Roshni Limited, |
|
50000000 |
|
Arvind Bansal |
|
5000 |
|
Anil Kumar Bansal |
|
5000 |
|
Pramod Kumar Jain |
|
5000 |
|
Dicord Commodeal Private Limited, |
|
29010000 |
|
Sahej Tieup Private Limited, |
|
14000000 |
|
|
|
|
|
Total |
|
93055000 |
|
|
||
|
Names of Shareholders (Preferences Shares) |
|
No. of Shares |
|
|
|
|
|
Zatco Vyapar Private Limited, |
|
1798500 |
|
Sadabahar Tradecomm Private Limited, |
|
1599000 |
|
Diwakar Marketing Private Limited, |
|
900000 |
|
Jai Prakash Agarwal |
|
500000 |
|
Clitoria Vanijya Private Limited, India |
|
115000 |
|
Punarvasu Tie Up Private Limited |
|
100000 |
|
Sagnik Vyapaar Private Limited |
|
135000 |
|
Sahej Tie Up Private Limited |
|
98000 |
|
|
|
|
|
Total |
|
5245500 |
(AS ON 28.02.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies
corporate |
|
99.95 |
|
Directors
or relatives of directors |
|
0.03 |
|
Other
top fifty shareholders |
|
0.02 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Suppliers of Steel Pipes, Steel Tubes,
Lighting Products, Bulb and Cold rolled Steel. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 30.09.2012)
|
Particulars |
Unit |
Actual Production |
|
ERW Pipes / Spiral Pipes |
MT |
102 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
v State Bank of
Patiala Commercial
Branch, SCO 103-106, Sector - 17B, Chandigarh – 160017, Chandigarh, India v
Bank of Baroda Community Centre, Club Road, Punjabi Bagh, Delhi – 110026, India v
Punjab National Bank (Lead Bank), BO: ECE House, 28-A, Kasturba Gandhi Marg, New Delhi – 110 001, India v
Axis Bank Limited, Punjabi Bagh, New Delhi, India v
IDBI Bank Limited Indian Red Cross Society Building, 1, Red Cross Road, New Delhi – 110
001, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Kumar Goyal and Company Chartered Accountants |
|
Address : |
S.C.F. 104, Green Square Market, Hisar – 125001, Haryana, India |
|
PAN No.: |
AABFA7551P |
|
|
|
|
Holding Company : |
Surya Roshni
Limited, CIN No.: L31501HR1973PLC007543 |
|
|
|
|
Associate
Company : |
Surya Global
Infrastructure Limited, CIN No.: U45200DL2008PLC183087 |
CAPITAL STRUCTURE
(AS ON 15.02.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
5250000 |
Preference Shares |
Rs.100/- each |
Rs.525.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1775.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93055000 |
Equity Shares |
Rs.10/- each |
Rs.930.550
Millions |
|
5245500 |
Preference Shares |
Rs.100/- each |
Rs.524.550
Millions |
|
|
Total |
|
Rs.1455.100 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 |
30.09.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1455.100 |
930.550 |
|
(b) Reserves & Surplus |
|
91.867 |
13.453 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
439.550 |
|
Total
Shareholders’ Funds (1)+(2) |
|
1546.967 |
1383.553 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2035.471 |
2311.421 |
|
(b) Deferred tax liabilities (Net) |
|
25.725 |
5.162 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
8.092 |
3.963 |
|
Total Non-current
Liabilities (3) |
|
2069.288 |
2320.546 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
888.401 |
889.179 |
|
(b)
Trade payables |
|
226.643 |
471.386 |
|
(c)
Other current liabilities |
|
555.006 |
439.712 |
|
(d) Short-term
provisions |
|
15.649 |
1.874 |
|
Total Current
Liabilities (4) |
|
1685.699 |
1802.151 |
|
|
|
|
|
|
TOTAL |
|
5301.954 |
5506.250 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3424.553 |
3387.065 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
4.893 |
4.089 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.245 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1.754 |
5.734 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
3431.200 |
3397.133 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1155.211 |
1756.729 |
|
(c)
Trade receivables |
|
399.813 |
76.789 |
|
(d) Cash
and cash equivalents |
|
1.629 |
59.650 |
|
(e)
Short-term loans and advances |
|
314.101 |
215.949 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
1870.754 |
2109.117 |
|
|
|
|
|
|
TOTAL |
|
5301.954 |
5506.250 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
930.550 |
|
|
2] Share Application Money |
|
|
293.450 |
|
|
3] Reserves & Surplus |
|
|
7.352 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1231.352 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2296.777 |
|
|
2] Unsecured Loans |
|
|
260.000 |
|
|
TOTAL BORROWING |
|
|
2556.777 |
|
|
DEFERRED TAX LIABILITIES |
|
|
4.707 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3792.836 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1517.883 |
|
|
Capital work-in-progress |
|
|
1046.682 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.400 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
733.803
|
|
|
Sundry Debtors |
|
|
293.008
|
|
|
Cash & Bank Balances |
|
|
89.696
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
280.286
|
|
Total
Current Assets |
|
|
1396.793 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
133.570
|
|
|
Other Current Liabilities |
|
|
30.532
|
|
|
Provisions |
|
|
4.820
|
|
Total
Current Liabilities |
|
|
168.922 |
|
|
Net Current Assets |
|
|
1227.871
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3792.836 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6103.142 |
5024.686 |
968.406 |
|
|
|
Other Income |
0.015 |
0.015 |
0.026 |
|
|
|
TOTAL (A) |
6103.157 |
5024.701 |
968.432 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4799.695 |
2823.269 |
|
|
|
|
Purchases of stock-in-trade |
15.180 |
1868.042 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
79.488 |
(366.068) |
856.021 |
|
|
|
Employee benefit expense |
195.874 |
131.002 |
|
|
|
|
Other expenses |
282.392 |
219.185 |
|
|
|
|
TOTAL (B) |
5372.629 |
4675.430 |
856.021 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
730.528 |
349.271 |
112.411 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
350.521 |
217.252 |
65.826 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
380.007 |
132.019 |
46.585 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
281.029 |
125.463 |
34.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
98.978 |
6.556 |
12.059 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.563 |
0.455 |
4.707 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
78.415 |
6.101 |
7.352 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.453 |
7.352 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
91.868 |
13.453 |
7.352 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B value of Exports |
760.659 |
656.613 |
362.274 |
|
|
TOTAL EARNINGS |
760.659 |
656.613 |
362.274 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
5.844 |
16.993 |
2.307 |
|
|
|
Raw Materials |
916.114 |
1031.717 |
651.722 |
|
|
|
Capital Items |
0.000 |
257.865 |
749.973 |
|
|
TOTAL IMPORTS |
921.958 |
1306.575 |
1404.002 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.84 |
0.07 |
0.10 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
PAT / Total Income |
(%) |
1.28
|
0.12 |
0.76
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.62
|
0.13 |
1.25
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.87
|
0.12 |
0.41
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.00 |
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.89
|
2.31 |
2.08
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.17 |
8.27
|
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 |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
30.09.2012 |
30.09.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from others |
500.000 |
360.000 |
|
|
|
|
|
Total |
500.000 |
360.000 |
OPERATIONAL REVIEW
In the fiscal year,
the Sales of the Company increased to Rs. 6103.100 Millions from Rs.5024.700
Millions last year, registering an increase of 21.46%. Profit after tax is increased to Rs.78.415 Millions as compared to Rs. 6.101 Millions last year
registering a phenomenal increase of 1185.28%.
STATUS OF PROJECTS
UNDER IMPLEMENTATION
All the three
Projects i.e. Spiral, ERW and ERW API have been already installed and
Commissioned.
Further Company is
in process of renovation and technology upgradation of ERW? API Plant. After up
gradation of the technology Company will be able to supply the API grade pipes
to Oil and Gas sector customers. The GI Pipes demand is increasing day by day
in domestic as well as international market. To meet enhanced demand of GI
Pipes, Company has installed two new GI Plant at the existing production
set-up. It will help to meet the demand of GI Pipes and Company will be able to
improve its margin, because GI Pipes have better margin.
FUTURE PROSPECTS
In view of thrust of
the Government of India on Water, Gas, Petroleum Infrastructure and Export
Sectors, there is a tremendous scope for growth in Spiral Pipes as well as ERW
pipes and export to USA and other European Countries and Company has taken
steps for exploring the international market to get maximum export orders.
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10223723 |
|
Corporate
identity number of the company |
U28999DL2008PLC177870 |
|
Name of the company
|
Surya Global
Steel Tubes Limited |
|
Address of the
registered office or of the principal place of business in |
302, 3rd Floor,
Padma Tower - I, Rajendra Place New Delhi –
110008, India |
|
Type of charge |
Immovable property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Punjab National
Bank (Lead Bank) Bo : ECE House,
28 - A, Kasturba Gandhi Marg, New Delhi – 110001, India |
|
Nature of
description of the instrument creating or modifying the charge |
1. Working
Capital Consortium Agreement. 2. Joint Deed of
Hypothecation 3.
Inter-Se-Agreement 4. Letter of
authority |
|
Date of
instrument Creating the charge |
24/02/2012 |
|
Amount secured by
the charge |
Rs.4000.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest PNB : Base Rate +
3% i.e. 13.75% p.a. SBI : Base Rate +
3.75% i.e. 13.75% p.a. or at such other
rate as may be prescribed by PNB/SBI from time to time. Terms of
Repayment Aggregate Working
Capital limit of Rs.2400.000 Millions are payable on demand. Margin Stocks - 25%,
Book Debts - 40% or as may be prescribed by each member bank of PNB
Consortium. Extent and
Operation of the charge - 1st pari passu
charge on stock, book debts and all other current assets of the Co. and 2nd
pari passu charge over entire fixed assets i.e. land, plant and machinery at
Village Bhuvad, Taluka Anjar, District Kutch, Gujarat to secure aggregate
working capital facilities upto Rs.1500.000 Millions sanctioned by PNB
Consortium. - 1st pari passu
charge on entire fixed assets to secure aggregate TLs of Rs. 1600.000
Millions sanctioned by PNB and SBI. Others - Punjab National
Bank is designated and recognized as the 'Lead Bank' of the PNB Consortium
(i.e. Punjab National Bank & State Bank of India). - Aggregate
Credit Limits of Rs.4000.000 Millions consist of the following : PNB SBI (Rs in Millions) FBWC 500.000 400.000 NFBWC 825.000 675.000 TL 900.000 700.000 LC/LG (500.000) (600.000) (within TL) Total 2225.000 1775.000 |
|
Short particulars
of the property charged |
Hypothecation by
way of 1st pari passu charge on entire current assets, namely stocks of raw
materials, semi finished and finished goods, spares and spares not relating to
plant and machinery (consumable Stores and Spares), bills receivable and book
debts and all other movables of the Company both present and future to secure
PNB Working Capital limit of Rs.1325.000 Millions and SBI Working Capital
limit of Rs. 1075.000 Millions 2nd charge on fixed block assets i.e. land,
buildings and machinery including capital work in progress on pari passu
basis for securing PNB and SBI working capital limit upto Rs. 1500.000
Millions i.e. immovable
properties situated at Village Bhuvad, Taluka and Sub Registrar District
Anjar, Revenue and Registation District Kutch, Gujarat. 1st mortgage and
charge on pari passu basis to secure the Term Loan(s) of Rs.1600.000 Millions
(PNB-Rs.900.000 Millions and SBI - Rs.700.000 Millions) sanctioned by PNB
consortium and 2nd mortgage and charge to be extended on pari passu basis to secure agg. Working
capital limit now enhanced to Rs.2400.000 Millions [PNB - Rs.500.000 Millions
(FB) and Rs.825.000 Millions (NFB) and SBI - Rs.400.000 millions (FB) and Rs.
675.000 Millions (NFB)] on IPs of the Company i.e. covered area of 91 acres and 33 guntha and comprising of 9 title
deed(s) and situated at Village Bhuvad, Taluka Anjar, District Kutch,
Gujarat, together with all bldgs. super structure, P and M, constructed/to be
constructed and installed or to be installed. |
|
Date of latest
modification prior to the present modification |
04/08/2011 |
|
Particulars of
the present modification |
1] Agg. WC limits
under consortium enhanced from Rs.1500.000 Millions to Rs.2400.000 Millions [
i.e. PNB - FB Rs.500.000 Millions and NFB Rs.825.000 Millions and SBI-FB
Rs.400.000 Millions and NFB Rs.675.000 Millions] and Overall charge enhanced
from Rs.3100.000 Millions to Rs.4000.000 Millions [WC-Rs.2400.000 Millions +
TL-Rs.1600.000 Millions] 2] Existing and
enhanced limits be secured by the securities. |
FIXED ASSETS:
·
Land
·
Building
·
Office Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
· Motor Vehicles
· Office Equipments
· Computer Equipments
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.59.73 |
|
|
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.