MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED (w.e.f. 12.04.1993) |
|
|
|
|
Formerly Known
As : |
TECHNOVA PLATE MAKING SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai-400011,
Maharashtra |
|
|
|
|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.08.1979 |
|
|
|
|
Com. Reg. No.: |
11-021599 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.119.637
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1979PTC021599 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT2165J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Imaging Products. |
|
|
|
|
No. of Employees
: |
1160 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having a moderate track record.
There appears drastic fall in the profitability during 2012. The external
borrowing appears to be huge. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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 |
CRISIL |
|
Rating |
Long term rating: BB- |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
January, 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 / Corporate office : |
Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai-400011,
Maharashtra, India |
|
Tel. No.: |
91-22-42200300/
27412463 / 27412464 (Extension - 480) / 27402589 |
|
Fax No.: |
91-22-24950322/
27410261 |
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E-Mail : |
|
|
Website : |
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|
|
|
|
Factory : |
Plot No. E1/2/3, MIDC, Taloja, Raigad-410208, Maharashtra, India |
|
Tel. No.: |
91-22-27412463 |
|
Fax No.: |
91-22-27410261 |
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|
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|
National Office : |
Located At : · Ahmedabad · Bangalore · Chennai · Delhi · Hyderabad · Kochi · Kolkata · Mumbai (Vidyavihar) · Indore · Lucknow |
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|
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|
International Office : |
Located At : · Dubai · South Africa · East Africa · United Kingdom and Europe · South America ·
North America |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Pranav Natvarlal Parikh |
|
Designation : |
Chairman and Managing Director |
|
Address : |
18 A, Manek, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
18.02.1943 |
|
Qualification : |
B.Com., MBA Havard |
|
Date of Appointment : |
29.08.1979 |
|
PAN No.: |
AADPP7768H |
|
DIN No.: |
00318726 |
|
|
|
|
Name : |
Mr. Jivanlal Gulabrai Bhatt |
|
Designation : |
Whole Time Director |
|
Address : |
556/ A, Shriketan, Adenwala Road, Matunga, Mumbai – 400 019, Maharashtra, India |
|
Date of Birth/Age : |
23.10.1952 |
|
Qualification : |
M.Sc. (North California State University, U.S.A.) |
|
Date of Appointment : |
01.01.1989 |
|
PAN No.: |
AAAPB8767D |
|
DIN No.: |
00435182 |
|
|
|
|
Name : |
Mr. Arvind Natvarlal Parikh |
|
Designation : |
Director |
|
Address : |
8, Palmera, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
19.10.1927 |
|
Date of Appointment : |
29.08.1979 |
|
PAN No.: |
AABPP7241B |
|
DIN No.: |
00319473 |
|
|
|
|
Name : |
Mr. Mangesh Shripad Kulkarni |
|
Designation : |
Director |
|
Address : |
201, Moti Mahal, 28 Senapari Bapat Marg, Mahim, Mumbai - 400016, Maharashtra India |
|
Date of Birth/Age : |
05.06.1942 |
|
Date of Appointment : |
18.04.2001 |
|
PAN No.: |
AACPK7623H |
|
DIN No.: |
00347908 |
|
|
|
|
Name : |
Mrs. Snehal Arvind Parikh |
|
Designation : |
Director |
|
Address : |
5, Rushila Building, Carmichal Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
01.02.1955 |
|
Date of Appointment : |
26.12.1988 |
|
DIN No.: |
00467965 |
|
|
|
|
Name : |
Mrs. Maya Pranav Parikh |
|
Designation : |
Whole Time-Director |
|
Address : |
18 A, Manek, L D Ruparel Marg, Malabar Hill Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1978 |
|
Date of Appointment : |
14.12.2001 |
|
PAN No.: |
AFSPP0124P |
|
DIN No.: |
00468051 |
|
|
|
|
Name : |
Ms. Shelina P. Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
18 A, Manek, L. D. Ruparel Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1968 |
|
Qualification : |
MBA-Harvard |
|
Date of Appointment : |
08.07.1994 |
|
PAN No.: |
AFVPP8218F |
|
DIN No.: |
00468199 |
|
|
|
|
Name : |
Mr. Jagdish Natvarlal Parikh |
|
Designation : |
Director |
|
Address : |
6B, Brighton, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
07.02.1930 |
|
Date of Appointment : |
29.08.1979 |
|
DIN No.: |
00348650 |
|
|
|
|
Name : |
Mr. Ramkrishnan Gayathri |
|
Designation : |
Director |
|
Address : |
B1402, Anmol, 14th Floor, Opposite Patel Auto, Off S.V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1963 |
|
Date of Appointment : |
14.03.2007 |
|
DIN No.: |
01733464 |
KEY EXECUTIVES
|
Name : |
CG Ramakrishnan |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Melville Nornonha |
|
Designation : |
Business Unit Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Equity Shareholders |
No. of Shares |
Percentage of
Holding |
|
Arvind N Parikh |
127600 |
6.50 |
|
Arvind N Parikh (HUF) |
3600 |
0.18 |
|
Anuradha Benegal |
105500 |
5.37 |
|
Jagdish N Parikh (HUF) |
600 |
0.03 |
|
Maya P Parikh and Pranav N Parikh |
100200 |
5.10 |
|
Natverlal Parikh (HUF) |
4500 |
0.23 |
|
Poorvi A Parikh & Arvind N Parikh |
3600 |
0.18 |
|
Pranav N Parikh & Salome Pranav Parikh |
850925 |
43.33 |
|
Pranav N Parikh (HUF) |
408600 |
20.81 |
|
Salome P Parikh & Pranav N Parikh |
71400 |
3.64 |
|
Savita S Parikh & Snehal A Parikh |
3600 |
0.18 |
|
Shelina P Parikh & Pranav N Parikh |
109800 |
5.59 |
|
Snehal A Parikh & Savita S Parikh |
64800 |
3.30 |
|
Sophie Hyams & Pranav N Parikh |
1800 |
0.09 |
|
Jivan G Bhatt & Nilakshi Bhatt |
1075 |
0.05 |
|
Prashant J Parikh (Trustee of PAN Family Trust) |
41300 |
2.10 |
|
Prashant J Parikh |
64800 |
3.30 |
|
TOTAL |
1963700 |
99.98 |
|
Names of Preference Shareholders |
No. of Shares |
Percentage of
Holding |
|
Pranav N. Parikh |
1000000 |
100 |
|
TOTAL |
1000000 |
100 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Imaging Products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
1160 (Approximately) |
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Bankers : |
· Corporation Bank, Corporate Financial Branch, 104, Bharat House, Ground Floor, Mumbai Samachar Marg, Mumbai – 400023, Maharashtra, India · Saraswat Co-Operative Bank |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
N.A. Shah and Associates Chartered Accountants |
|
Address : |
B 41 - 45 , Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AAAFN5380N |
|
|
|
|
Associate Company : |
Lastra Niraj Private Limited, India CIN No.: U72900MH1980PTC022514 |
|
|
|
|
Subsidiary : |
TechNova Imaging Systems Inc* |
|
|
|
|
Enterprises, where key management
personnel and relatives exercise significant influence : |
· TechNova Parikh Enterprises · Lee and Muirhead Private Limited · DHL Lemuir Logistics Private Limited · A L Movers Private Limited CIN No.: U63000MH1999PTC121101 · TechNova Graphics Private Limited ** CIN No.: U24110MH1952PTC008855 · DHL DANZAS LEMUIR PRIVATE LIMITED CIN No.: U63090MH2002PTC135399 · TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED CIN No.: U74900DL2007PTC168260 |
Note:
* Ceased to be a Subsidiary w.e.f. 03.08.2011.
** Ceased to be an Associate Company w.e.f. 28.03.2011.
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1980000 |
Equity Shares |
Rs.10/- each |
Rs.19.800
Millions |
|
1000000 |
Preferences
Shares |
Rs.100 /- each |
Rs.100.000
Millions |
|
(A)20000 |
Unclassified
Shares |
Rs.10/- each |
Rs.0.200 Million |
|
|
Total |
|
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1963700 |
Equity Shares |
Rs.10/- each |
Rs.19.637
Millions |
|
1000000 |
Preferences
Shares |
Rs.100 /- each |
Rs.100.000
Millions |
|
|
Total |
|
Rs.119.637 Millions |
Note:
(A) Break up are as under 1,980,000 Equity shares of Rs. 10/- each and
20,000 Unclassified Shares of Rs. 10/- each
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 |
|
119.637 |
119.637 |
|
(b) Reserves & Surplus |
|
290.076 |
272.722 |
|
(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) |
|
409.713 |
392.359 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1635.155 |
1908.863 |
|
(b) Deferred tax liabilities (Net) |
|
31.790 |
31.984 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
85.516 |
114.095 |
|
Total Non-current
Liabilities (3) |
|
1752.461 |
2054.942 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1600.632 |
1412.925 |
|
(b) Trade
payables |
|
548.055 |
459.212 |
|
(c) Other
current liabilities |
|
1279.955 |
1307.644 |
|
(d) Short-term
provisions |
|
62.971 |
61.815 |
|
Total Current
Liabilities (4) |
|
3491.613 |
3241.596 |
|
|
|
|
|
|
TOTAL |
|
5653.787 |
5688.897 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1789.197 |
2005.270 |
|
(ii)
Intangible Assets |
|
8.218 |
16.068 |
|
(iii)
Capital work-in-progress |
|
52.024 |
1.555 |
|
(iv)
Intangible assets under development |
|
9.649 |
8.666 |
|
(b) Non-current Investments |
|
51.120 |
51.120 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
182.508 |
149.406 |
|
(e) Other
Non-current assets |
|
8.485 |
8.455 |
|
Total Non-Current
Assets |
|
2101.201 |
2240.540 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1974.329 |
2112.541 |
|
(c) Trade
receivables |
|
1056.153 |
820.743 |
|
(d) Cash
and cash equivalents |
|
88.750 |
24.829 |
|
(e) Short-term
loans and advances |
|
369.222 |
463.137 |
|
(f) Other
current assets |
|
64.132 |
27.107 |
|
Total
Current Assets |
|
3552.586 |
3448.357 |
|
|
|
|
|
|
TOTAL |
|
5653.787 |
5688.897 |
|
SOURCES OF
FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
119.637 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
73.065 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
192.702 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2943.993 |
|
|
2] Unsecured Loans |
|
|
832.310 |
|
|
TOTAL BORROWING |
|
|
3776.303 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3969.005 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2201.803 |
|
|
Capital work-in-progress |
|
|
4.824 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
75.230 |
|
|
DEFERREX TAX ASSETS |
|
|
67.968 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1525.365
|
|
|
Sundry Debtors |
|
|
765.270
|
|
|
Cash & Bank Balances |
|
|
167.651
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
561.600
|
|
Total
Current Assets |
|
|
3019.886
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
976.737
|
|
|
Other Current Liabilities |
|
|
286.839
|
|
|
Provisions |
|
|
136.441
|
|
Total
Current Liabilities |
|
|
1400.017
|
|
|
Net Current Assets |
|
|
1619.180
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3969.005 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
17.354 |
199.652 |
(14.501) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.51 |
96.34 |
(14.501) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
7.90
|
8.47 |
19.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.06 |
2.16 |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
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 |
FINANCIAL
HIGHLIGHTS
The Company continued to experience tremendous challenges in the market place under overall economic climate including dumping of products from specific countries which lead to a severe pressure on the margins. The Company has taken appropriate steps in this regard to improve the performance in future.
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Long Term
Borrowings |
|
|
|
Loans and advances from related parties |
807.100 |
807.637 |
|
Total |
807.100 |
807.637 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U74999MH1979PTC021599 |
|
Name of the
company |
TECHNOVA IMAGING
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Laxmi Mills Estate,
Sakti Mills L, Off. Dr. E. Moses Road, Mahalakshmi – 400011, Mumbai,
Maharashtra, India E-mail: rk@technovaindia.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90213299 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Corporation Bank,
Corporate Financial Branch, 104, Bharat House, Ground Floor, Mumbai Samachar
Marg, Mumbai – 400023, Maharashtra, India E-mail: csniteshjain@gmail.com |
|
Nature of
instrument creating charge |
a) Joint Supplemental
Deed of Hypothecation dated 12.07.2012, b) Joint
Supplemental working capital consortium Agreement dated 12.07.2012, c) Supplemental
Inter Se Agreement dated 12.07.2012 and d) Memorandum of
Entry and joint Mortgage by Deposit of title Deeds in respect of Immovable
Properties dated 12.07.2012 (Collectively constitute a single charge for
Rs.4093.700 millions) |
|
Date of
instrument Creating the charge |
12.07.2012 |
|
Amount secured by
the charge |
Rs. 4093.700
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As may be
stipulated by the bank from time to time. Terms of Repayment a) Working
capital facilities to be repayable on demand; and b) Term Loans granted
by Corporation Bank, Saraswat Cooperative Bank Ltd and Indian Bank shall be
repayable in accordance with the terms and conditions stipulated in
respective sanction letters of and/or
as stated in the relevant security documents as amended from time to time. Margin As may be
stipulated by the bank from time to time. Extent and Operation of the charge The Company accorded its consent to Corporation Bank and Corporation Bank acting for itself and as agent of Saraswat Co-Operative Bank, Indian Bank and Indian Overseas Bank to continue to hold and retain the title deeds (by way of constructive delivery) and further deposited certain supplemental title deeds in respect of its immovable properties as security, for repayment of credit facilities given in Annexure I & II, by the borrower to Corporation Bank Consortium. Others a) The Charge created herein by the Company shall be on second pari passu inter se the members of Corporation Bank consortium to secure the working capital facilities for all purposes and to all intents without any priority of one over the others; and b) The Charge created herein by the Company shall be on
first pari passu inter se Corporation Bank, Saraswat Co. Op. Bank and Indian
Bank to secure their Term Loans for all purposes and to all intents without
any priority of one over the others. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Current assets on pari passu first charge basis to secure Working Capital
Facilities of Corporation Bank Consortium Hypothecation of
Movable Fixed Assets by way of Pari Passu Second Charge basis to secure
Working Capital Facilities of Corporation Bank Consortium Hypothecation of
Movable Fixed Assets on first Pari Passu Charge basis to secure Term Loan
Facilities granted/to granted by Corporation Bank, Saraswat Co-Op Bank and
Indian Bank Hypothecation of
Current assets on Second pari passu charge basis to secure Term Loan
Facilities granted/to granted by Corporation Bank, Saraswat Co-Op Bank and
Indian Bank Company's
immovable properties lying and situated at Plot No. E-2/2, E-2/1, E-1, E-3,
C-2, 17/1 and T-4 in Taloja Industrial Area, with in the limits of Pendhar
Village, Taluka Panvel, Distt. Raigarh. |
|
Date of
instrument modifying the charge |
24.06.2011 |
|
Particulars of
the present modification |
The Consortium
shall now stands increased/modified/revised up to Rs.4093.700 millions in
favour of the Corporation Bank consortium (for their Term Loans facilities of
Rs.1343.700 millions and Working capital facilities of Rs.2750.000 millions)
against security of Company's immovable properties, movable properties and
Book Debts etc. being lying and situated in Taloja Industrial Area of MIDC. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
(i) Disputed tax liabilities are as under: |
|
|
|
a) Sales tax (refer note a) |
18.616 |
24.891 |
|
b) Income tax (refer note b) |
0.556 |
0.159 |
|
c) Central excise (refer note c) |
20.431 |
20.431 |
|
d) Service tax on royalty (refer note d) |
16.053 |
34.313 |
|
e) Disallowance of abatement on service tax in respect of goods transport agency |
1.446 |
1.446 |
|
Total |
57.102 |
81.240 |
Note :
a.
The total amount consists of following items:
i) Demand for
differential tax, interest and penalty on account of non submission of forms
and improper tariff classification by the department. Against the demand of
Rs.18.616 Millions (Previous year Rs.6.792 Millions), a sum of Rs 1.441
Millions (Previous year Rs.1.441 Millions) has been deposited under protest.
ii) Demand of
Rs.Nil (Previous year Rs. 18.099 Millions) on account of non payment of entry
tax, interest and penalties thereon for the period from 2005-06 to 2009-10.
b. i) In respect
of Income Tax demand amounting to Rs 0.159 Million for AY 2008-2009, the
Company has paid the amount in full. In respect of Income Tax demand amounting
to Rs.0.396 Million for AY 2003-2004 and 2004-2005, the Company has not paid
the amount as on 31st March, 2012. The Company has preferred an appeal before
the CIT (A).
ii) Appeals for
Assessment years 1991-92 and 1992-93 are pending before the Honorable Bombay
High Court without any demand being raised by the department. Hence, contingent
tax liability is not quantified.
c. The total
amount consist of following items:
i) An order has
been passed by the Commissioner on the Show cause cum demand notice levying
penalty of Rs.47.799 Millions (Previous year Rs.47.799 Millions) in respect of
three financial years. The Company had already paid the excise duty and
interest in the year in which short payment / irregularities were noticed. As
per the Company’s contention, the penalty is not tenable in law. In view of the
expert’s advice and facts of the case the Company does not envisage any
liability. However, the Company has paid Rs.11.949 Millions in previous year
(Previous year Rs.11.949 Millions) representing 25% of the penalty demanded to
restrict the final penalty amount.
ii) Differential
tax and penalty of Rs.7.814 Millions (Previous year Rs. 7.814 Millions) on
account of suo moto adjustment by Company in provisional assessments of earlier
years. Against which Rs.1.000 Million (Previous year Rs.1.000 Million) have
been deposited under protest.
iii) Rs.0.667
Million (Previous year Rs. 0.667 Million) pertains to interest and penalty on
account of wrong availment of cenvat credit on capital goods.
d. i) Show cause
cum demand notices amounting to Rs.Nil # (Previous year Rs.15.836 Millions) on
account of service tax on royalty taxable under the head management
consultancy.
ii) Rs.Nil #
(Previous year Rs 2.424 Millions) on account of service tax on royalty taxable
under the head Intellectual Property Rights.
iii) Demand of
Rs.16.052 Millions (Previous year Rs 16.052 Millions) on account of penalties
for service tax on royalty taxable under the head Intellectual Property Rights.
Out of above demand, the Company has deposited Rs.2.468 Millions (Previous year
Rs. 2.468 Millions) under protest.
# In the opinion
of the management, liability is no longer payable in view of CBEC circular no.
276/8/2009-CX8A dated 26th September 2011. Therefore, no disclosure
as contingent liability as on 31st March 2012 is made. However,
department is yet to pass the final order.
In respect of (a)
to (d) above, interest claims may be payable as and when the outcome of the
related claim is determined. Future cash flow in respect of the above is
determinable only on disposal of assessments / appeal.
(ii) Guarantees
given by banks on behalf of the Company Rs.76.923 Millions (Previous year Rs.
89.801 Millions)
(iii) Letter of credits
opened remain unutilized Rs. 55.960 Millions (Previous year Rs. 85.898
Millions).
(iv) Guarantees given by the Company on behalf of Associates is Rs.Nil
(Previous year Rs.105.000 Millions).
(v) The export
obligation pending to be fulfilled is Rs Nil (Previous year Rs.2.286 Millions).
(vi) Total amount
of preference dividend on cumulative preference shares Rs 26.308 Millions
(Previous year Rs 15.900 Millions) (including dividend distribution Tax of Rs.
3.672 Millions (Previous year Rs. 2.264 Millions).
Note: Cumulative
dividend distribution tax which includes tax for earlier periods is based on
revised surcharge rate of 5%. Earnings per share is based on applicable yearly
surcharge rate.
FIXED ASSETS
â Tangible Assets
· Land
· Buildings
· Factory Building
· Plant and Equipment
· Other plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
â Intangible Assets
· Goodwill
· Computer software
· Copyrights, patents and other operating rights
· Patents
· Commercial contractual rights
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 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.59.70 |
|
|
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.