1. Summary Information
|
|
|
Country |
India |
|
Company Name |
JBM MA
AUTOMOTIVE PRIVATE LIMITED |
Principal Name 1 |
Mr. Surendra Kumar Arya |
|
Status |
Moderate |
Principal Name 2 |
Mr. Nishant Arya |
|
|
|
Registration # |
55-171360 |
|
Street Address |
601, Hemkunt
Chambers, 89, Nehru Place, New Delhi-110019, India |
||
|
Established Date |
12.12.2007 |
SIC Code |
-- |
|
Telephone# |
91-11-26427104 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-26427100 |
Business Style 2 |
Seller |
|
Homepage |
Product Name 1 |
Automobiles Parts. |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 608,992,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings – 50% Bodies corporate – 50% |
Banking |
Kotak
Mahindra Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
6 Years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates : |
-- |
JBM Auto Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
960,162,000 |
Current Liabilities |
1,061,467,000 |
|
Inventories |
348,323,000 |
Long-term Liabilities |
1,406,212,000 |
|
Fixed Assets |
1,695,538,000 |
Other Liabilities |
16,489,000 |
|
Deferred Assets |
15,283,000 |
Total Liabilities |
2,484,168,000 |
|
Invest& other Assets |
52,590,000 |
Retained Earnings |
0,000 |
|
|
|
Net Worth |
587,728,000 |
|
Total Assets |
3,071,896,000 |
Total Liab. & Equity |
3,071,896,000 |
|
Total Assets (Previous Year) |
2,701,335,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
2,958,320,000 |
Net Profit |
23,400,000 |
|
Sales(Previous yr) |
1,880,890,000 |
Net Profit(Prev.yr) |
(31,480,000) |
MIRA
INFORM REPORT
|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
JBM MA AUTOMOTIVE PRIVATE LIMITED (w.e.f. 17.06.2008) |
|
|
|
|
Formerly Known
As : |
JBM MAGNETTO AUTOMOTIVE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
601, Hemkunt Chambers, 89, Nehru Place, New Delhi-110019 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.12.2007 |
|
|
|
|
Com. Reg. No.: |
55-171360 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.608.992 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29220DL2007PTC171360 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AALCS4205R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Automobiles Parts. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between JBM Auto Limited, India And
Magnetto Automotive S.P.A., It is a company having a moderate track record. It has achieved some
improvement in its performance during 2012. There appears some accumulated losses
recorded by the company. However trade relations are reported as 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 |
ICRA |
|
Rating |
Long Term Bank Facilities = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
February 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Bank Facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
February 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 : |
601, Hemkunt Chambers, 89, |
|
Tel. No.: |
91-11-26427104 |
|
Fax No.: |
91-11-26427100 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
C-1, MIDC, Chakan Industrial Area, Chakan, Distt. Pune – 410501, |
|
Tel. No.: |
91-213-5320093 |
|
Fax No.: |
91-213-5664031 |
DIRECTORS
As on 30.05.2012
|
Name : |
Mr. Surendra Kumar Arya |
|
Designation : |
Director |
|
Address : |
Neelanchal No. 7, Bandh Roadl, Chandanhulla, Mehrauli, New Delhi-110030,
|
|
Date of Birth/Age : |
10.11.1957 |
|
Date of Appointment : |
12.12.2007 |
|
DIN No.: |
00004626 |
|
|
|
|
Name : |
Mr. Nishant Arya |
|
Designation : |
Director |
|
Address : |
Neelanchal No. 7, Bandh Roadl, Chandanhulla, Mehrauli, New Delhi-110030,
|
|
Date of Birth/Age : |
01.11.1986 |
|
Date of Appointment : |
12.12.2007 |
|
DIN No.: |
00004954 |
|
|
|
|
Name : |
Mr. Anand Swaroop Khandelwal |
|
Designation : |
Director |
|
Address : |
C-5A/14, 2nd Floor Janak Puri, New Delhi-110058, |
|
Date of Birth/Age : |
07.10.1960 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00004816 |
|
|
|
|
Name : |
Mr. Alberto Prono |
|
Designation : |
Director |
|
Address : |
Vialb D Azeglio Massimo No. 20, San Giusto Cnavese-10090 |
|
Date of Birth/Age : |
03.002.1957 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
02061899 |
|
|
|
|
Name : |
Mr. Ezio Azzolini |
|
Designation : |
Director |
|
Address : |
Via Albssandro, Manzoni No. 2l, Sangano-10090 |
|
Date of Birth/Age : |
03.03.1948 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
02061867 |
|
|
|
|
Name : |
Mr. Maurtzio Raviola |
|
Designation : |
Director |
|
Address : |
Strada, Scaravglio 17, Rivoli-10098 |
|
Date of Birth/Age : |
18.02.1963 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
02061891 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.05.2012
|
Names of Shareholders |
|
No. of Shares |
|
JBM Auto Limited, |
|
30449600 |
|
MA SPA, |
|
30449600 |
|
Total |
|
60899200 |
As on 30.05.2012
Equity Share Break up (Percentage of Total Equity)
|
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 |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Automobiles Parts. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited, 15-16 Upper Ground Floor, Ambadeep Building, 14, Kasturba Gandhi Marg, New Delhi - 110001,India · Axis Bank Limited, Corporate Banking Branch,214/215,City Mall, Plot No.1,S.No.132,Ganeshkhind Road, Pune - 411007, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
MZSK and Associates Chartered Accountants |
|
Address : |
Level 3, Business Bay, Plot No. 84, Wellesley Road, Near
Rto, Pune - 411001, Maharashtra, India |
|
PAN.: |
AACFK3470E |
|
|
|
|
Associates : |
· JBM Auto Limited · MA SPA |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61000000 |
Equity Shares |
Rs.10/- each |
Rs.610.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60899200 |
Equity Shares |
Rs.10/- each |
Rs.608.992
Millions |
|
|
|
|
|
Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
JBM Auto Limited |
3,04,49,600 |
50.00% |
|
MA SPA |
3,04,49,600 |
50.00% |
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 |
608.992 |
608.992 |
608.992 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(21.264) |
(85.421) |
(53.945) |
|
|
NETWORTH |
587.728 |
523.571 |
555.047 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1101.513 |
1200.642 |
982.795 |
|
|
2] Unsecured Loans |
304.699 |
41.172 |
0.000 |
|
|
TOTAL BORROWING |
1406.212 |
1241.814 |
982.795 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
397.680 |
|
|
|
|
|
|
|
|
TOTAL |
1993.940 |
1765.385 |
1935.522 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1695.538 |
1706.797 |
1797.471 |
|
|
Capital work-in-progress |
52.590 |
130.736 |
28.027 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
15.283 |
37.050 |
22.997 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
348.323
|
219.442 |
132.944 |
|
|
Sundry Debtors |
662.111
|
271.849 |
124.460 |
|
|
Cash & Bank Balances |
6.521
|
32.042 |
82.411 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
291.530
|
303.419 |
428.797 |
|
Total
Current Assets |
1308.485
|
826.752 |
768.612 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
376.786
|
247.134 |
499.942 |
|
|
Other Current Liabilities |
684.681
|
685.821 |
181.643 |
|
|
Provisions |
16.489
|
2.995 |
0.000 |
|
Total
Current Liabilities |
1077.956
|
935.950 |
681.585 |
|
|
Net Current Assets |
230.529
|
(109.198) |
87.027 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1993.940 |
1765.385 |
1935.522 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
|
|
2958.320 |
1880.890 |
2224.728 |
|
|
|
Other Income |
|
|
7.514 |
|
|
|
TOTAL (A) |
2958.320 |
1880.890 |
2232.242 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
1135.526 |
|
|
|
Increase/(Decrease) in Stock |
|
|
(14.900) |
|
|
|
Purchases of Trading Goods |
|
|
745.790 |
|
|
|
Employees Remuneration and benefits |
|
|
51.444 |
|
|
|
Manufacturing, Administrative Expenses |
|
|
175.765 |
|
|
|
TOTAL (B) |
2913.150 (Including
Financial and Depreciation Expenses) |
1926.420 (Including
Financial and Depreciation Expenses) |
2093.625 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
138.617 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
|
|
93.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
45.549 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
|
|
118.857 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
45.170 |
(45.530) |
(73.308) |
|
|
|
|
|
|
|
|
|
|
TAX (I) |
21.760 |
(14.050) |
(22.500) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-I) (J) |
23.400 |
(31.480) |
(50.808) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(85.428) |
(53.948) |
(3.140) |
|
|
|
|
|
|
|
|
|
|
BALANCE / (LOSS)
CARRIED TO THE B/S |
(21.26) |
(85.428) |
(53.948) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
27.803 |
|
|
|
Capital Goods |
NA |
NA |
64.896 |
|
|
|
Others |
NA |
NA |
31.206 |
|
|
TOTAL IMPORTS |
NA |
NA |
123.905 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.38 |
(0.52) |
(0.97) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.79
|
(1.67) |
(2.27) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
(3.29) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.50
|
(1.80) |
(2.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.09 |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.39
|
2.37 |
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
0.88 |
1.12 |
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 |
BACKGROUND
Subject is a joint venture between the two groups JBM Auto Limited from India and Magnetto Automotive S.P.A. from Italy, an industry carrying on the business of manufacturing and selling of automobiles parts.
OPERATIONAL REVIEW:
The Company is a joint venture company, promoted by JBM Auto Limited, an Indian Company and MA S.p.a., an Italian Company for manufacturing and selling of pressed welded parts or sub system of four wheeler OEM's including skin panels, body and under body ,Benjo Beam , Cross Car Beam and Bumpers at Pune. The Company started commercial production from Jan 2009 with two customers – TATA MOTORS and FIAT India. The Company has also added Piaggio as its new customer during the year and presently the list of customers include- TATA MOTORS, FIAT India, Mahindra and Mahindra, Volkswagen, TVS and Piaggio.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Short-term
borrowings |
|
|
|
Working capital loans from banks |
304.699 |
41.172 |
|
Total |
304.699 |
41.172 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29220DL2007PTC171360 |
|
Name of the
company |
JBM MA AUTOMOTIVE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
601, Hemkunt Chambers, 89, Nehru Place, New Delhi-110019, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10110560 |
|
Type of charge |
· Immovable property · Book debts ·
Movable property (not being pledge) |
|
Particular of
charge holder |
Axis Bank Limited, Corporate Banking Branch, 214/215, City Mall, Plot No.1,S.No.132, Ganeshkhind Road, Pune - 411007, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Supplimentary cum link document for credit facility dated 30TH day of JULY,
2011 of Axis Bank. The LOU for Buyers Credit
limit has been increased from Rs
50.000 Millions to Rs.140.000 Millions (Sanctioned as a sublimit to existing
LC Limits of Rs.140.000 Millions) |
|
Date of
instrument Creating the charge |
30.07.2011 |
|
Amount secured by
the charge |
Rs.240.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit/ WCDL
- as per sanction letter dated 07.02.2011 Letter of Credit
/Bank Guarantee - as per sanction
letter dated 07.02.2011 Terms of Repayment Cash Credit/ WCDL
- as per sanction letter dated 07.02.2011 Letter of Credit
/Bank Guarantee - as per sanction
letter dated 07.02.2011 Margin 1. Cash Credit/
WCDL - as per sanction letter dated 07.02.2011 Letter of Credit
/Bank Guarantee - as per sanction
letter dated 07.02.2011 Extent and Operation of the charge First pari passu
charge on the current assets of the company and second pari passu charge on
plant and machinery and other movable
fixed assets of the company both present and future and Second Pari Passu charge
by way of Equitable Mortgage on Land adm 62,127.60 Sq. mtrs of Property
bearing Plot No. C-1/2 in MIDC Chakan Industrial Area situated at Village
Mahalunge, Taluka Khed, District Pune. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
AXIS BANK for its Working Capital facility of Rs. 240.000 Millions secured by: -First Pari Passu charge on the current assets of the company, both present and future. Second Pari Passu Charge on the Plant and Machinery (Both Present and Future) of the company. Second Pari Passu charge by way of Equitable Mortgage on Land adm 62,127.60 Sq. mtrs of Property bearing Plot No. C-1/2 in MIDC Chakan Industrial Area situated at Village Mahalunge, Taluka Khed, District Pune. |
|
Date of
instrument modifying the charge |
22.12.2010 |
|
Particulars of
the present modification |
LOU for Buyers
Credit limits (sanctioned as a sublimit to existing LC Limits of Rs. 140.000
Millions) have been increased from Rs 50.000 Millions to Rs. 140.000 Millions
and all other terms and conditions as per earlier agreements and sanction
letters will be remain applicable. |
FIXED ASSETS:
- Land
- Building
- Plant And Machinery
- Furniture and Fixtures
- Office Equipment
- Computers
- Pallets and Trolleys
- Electrical Installation
- Motor Vehicle
- Computer 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.54.29 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
|
28 |
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.