MIRA INFORM REPORT
|
Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MASTERCRAFT ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
New No. 380 [Old No. 395], Puliakulam Road, Coimbatore-641045,
Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
11.12.1991 |
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Com. Reg. No.: |
18-003548 |
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Capital
Investment / Paid-up Capital : |
Rs.8.500
Millions |
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CIN No.: [Company Identification
No.] |
U29199TZ1991PTC003548 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBM03346A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Design and Manufacturing of Plastic Injection Moulds. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 458000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealing 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB [Fund Based Limits] |
|
Rating Explanation |
Moderate risk of default. |
|
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.
INFORMATION DECLINED BY
Management non co-operative [91-44-28112985]
LOCATIONS
|
Registered Office : |
New No. 380 [Old No. 395], Puliakulam Road, Coimbatore-641045,
Tamilnadu, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Available |
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E-Mail : |
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Website : |
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Factory : |
Plot No.126 and 127, 4th Phase, Bommasandra Industrial
Area, Jigani Hobli, |
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Tel. No.: |
91-80-27832431/ 432/ 433 |
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Fax No.: |
91-80-27834691 |
DIRECTORS
AS ON 17.08.2012
|
Name : |
Mr. Sree Prakash Ramamirtham |
|
Designation : |
Managing Director |
|
Address : |
580, 1st Floor, 63rd Cross, Raj Aji Nagar, 5th
Block, |
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Date of Birth/Age : |
08.04.1965 |
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Date of Appointment : |
11.12.1991 |
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Din No.: |
01166322 |
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Name : |
Mr. Balakrishnan Srinivasan |
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Designation : |
Director |
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Address : |
164, 4 F Block, 3rd Stage, Basaveshwara Nagar, |
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Date of Birth/Age : |
08.02.1966 |
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Date of Appointment : |
01.10.2000 |
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Din No.: |
02472944 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Sree Prakash Ramamirtham |
|
34000 |
|
Srinivasan Ravi |
|
34000 |
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Balakrishnan Srinivasan |
|
17000 |
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TOTAL
|
|
85000 |
AS ON 17.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Design and Manufacturing of Plastic Injection Moulds. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Licensed Capacity |
600 MT |
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Installed Capacity |
600 MT |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Information denied by the management. |
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Bankers : |
State Bank of
India, Commercial Branch, Rajaji Nagar Industrial Estate, Rajaji Nagar,
Bangalore – 560044, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Karnataka State
Financial Corporation, No. 1/1, Thimmaiah Road, Bangalore-560052, Karnataka,
India |
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Auditors : |
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Name : |
PKF Sridhar and Santhanam Chartered Accountants |
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Address : |
38-1, Raghupathy Layout, Saibaba Colony, Coimbatore-641011, Tamilnadu,
India |
|
PAN No: |
AAOFS2783G |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
85000 |
Equity Shares |
Rs.100/-
each |
Rs.8.500
Millions |
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 |
8.500 |
8.500 |
8.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
106.131 |
44.217 |
36.345 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
114.631 |
52.717 |
44.845 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
48.853 |
74.249 |
70.333 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.111 |
|
|
TOTAL BORROWING |
48.853 |
74.249 |
70.444 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
10.121 |
8.780 |
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TOTAL |
163.484 |
137.087 |
124.069 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
135.282 |
139.813 |
109.956 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
25.719 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
48.467
|
64.009 |
49.068 |
|
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Sundry Debtors |
30.197
|
24.878 |
23.043 |
|
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Cash & Bank Balances |
1.410
|
1.805 |
1.732 |
|
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Other Current Assets |
0.045
|
0.063 |
0.000 |
|
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Loans & Advances |
12.145
|
8.004 |
11.813 |
|
Total
Current Assets |
92.264
|
98.759 |
85.656 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
67.015
|
78.640 |
26.967 |
|
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Other Current Liabilities |
14.523
|
18.876 |
43.302 |
|
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Provisions |
8.243
|
3.969 |
1.274 |
|
Total
Current Liabilities |
89.781
|
101.485 |
71.543 |
|
|
Net Current Assets |
2.483
|
(2.726) |
14.113 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
163.484 |
137.087 |
124.069 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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|
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Income |
291.961 |
218.561 |
172.895 |
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Other Income |
NA |
NA |
NA |
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TOTAL (A) |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
69.486 |
42.575 |
29.186 |
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|
Less |
FINANCIAL
EXPENSES (D) |
12.603 |
13.416 |
10.150 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
56.883 |
29.159 |
19.036 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.259 |
16.564 |
10.648 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
38.624 |
12.595 |
8.388 |
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|
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Less |
TAX (H) |
12.263 |
4.722 |
2.801 |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
26.361 |
7.873 |
5.587 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
44.217 |
36.345 |
30.758 |
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BALANCE CARRIED
TO THE B/S |
70.578 |
44.218 |
36.345 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
2.159 |
8.926 |
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IMPORTS |
|
|
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|
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|
Raw Materials, Stores & Consumables |
NA |
27.400 |
13.174 |
|
|
|
Capital Goods |
NA |
15.172 |
6.875 |
|
|
|
Travel & Other Expenses |
NA |
1.577 |
0.553 |
|
|
TOTAL IMPORTS |
NA |
44.149 |
20.602 |
|
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|
|
Earnings /
(Loss) Per Share (Rs.) |
310.13 |
92.62 |
65.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
13.23
|
5.76 |
4.85 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.97
|
5.27 |
4.29 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.23 |
0.19 |
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.43
|
1.41 |
1.57 |
|
|
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
0.97 |
1.20 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from 153, Tea Estates Compound, Race Course Road, Coimbatore-641307, Tamilnadu, India to the present address w.e.f. 27.02.2013.
OPERATIONS:
The year’s operation
has registered a growth of 33.58% over previous year. The general economic
slowdown, high cost of borrowing, inflationary pressures were causes of
concern. With focus on the quality and timely delivery and constant interaction
with customers to gauge their needs and meet the expectations, the growth has
been achieved. The performance is indicative of the recovery of the general
economic outlook and in particular the inherent strength the company enjoys
with its customers in terms of technical capability and quality and timely
delivery. The talent pool created by the company together with judicious
investments of Rs.14.087 Millions in facilities has been the key to accelerate
the growth. The operations of the year have resulted in a net profit of Rs.38.624
Millions after providing for depreciation of Rs. 18.259 Millions. Current
Income tax provision is made for Rs.12.777 Millions. The growth in profits of
206.66% is due to sustained efforts in improving operational efficiency,
pruning the cost and higher value added products and services. The economic
outlook is being carefully watched and investment planned to further
consolidate the position of the company. Deferred tax asset in terms of
Accounting Standard 22 is Rs. (0.514) Million and the same has been
incorporated in the results.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90001939 |
|
Corporate
identity number of the company |
U29199TZ1991PTC003548 |
|
Name of the
company |
MASTERCRAFT
ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
153, Tea Estates
Compound, Race Course Road, Coimbatore-641307, Tamilnadu, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge Immovable
Property |
|
Particular of
charge holder |
State Bank of
India, Commercial Branch, Rajaji Nagar Industrial Estate, Rajaji Nagar,
Bangalore – 560044, Karnataka, India Email: sbi.04230@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of loan -cum -hypothecation -SME-4
executed 23-07-2012 TO secure an amount of Rs.135.800 Millions |
|
Date of
instrument Creating the charge |
23.07.2012 |
|
Amount secured by
the charge |
Rs.135.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital-13.00%p.a,
Term Loan I ,II and III - 14.65%,Term
Loan IV- 13.90% ,Term Loan V-13.10% ,Corporate Loan 13.75% Terms of Repayment WC-Repayable on
demand. TL- Existing TL
-as per last sanction Proposed TL V- Repayable in 60 months including a moratorium
of 9 months as under: First 12 x Rs.00.800 Millions =Rs.09.600 Millions Next 12 x Rs.00.900 Millions =Rs.10.800
Millions Next 12 x Rs.01.000 Millions =Rs.12.000 Millions Next 12 x Rs.01.100 Millions =Rs.13.200 Millions Next 02 x Rs.01.200 Millions =Rs.02.400 Millions Next 01 x Rs.00.500 Millions =Rs.00.500 Millions Total 51
months =Rs.48.500 Millions Corporate
Loan-Repayable in 36 months 24 x 00.200 Millions =04.800 Millions Next 12 x 00.100 Millions=Rs.01.200 Millions
Total 36=Rs.06.000 Millions Margin Cash Credit - 25% Term Loan - 25% Bank guarantee -
35% Extent and Operation of the charge Cash
Credit-Hypothecation of Stocks, Receivables and other current assets Term Loan I to IV
-Hypothecation Plant and Machineries purchased out of bank finance Term Loan (New)
-(i) Machinery to be purchased out of bank finance (ii) Factory Land
Measuring 87102 sq ft and Building constructed thereon measuring 39700 sq ft
bearing Plot No 126 (Part) and 127 (Part) 4th Phase, Bommasandra Industrial
Area Herandahalli Village, Jigani Hobli, Anekal Taluk, Bangalore District. |
|
Short particulars
of the property charged |
Cash
Credit-Hypothecation of Stocks, Receivables and other current assets Term Loan-Hypothecation
Plant and Machineries Purchased out of
bank finance EM of the factory
Land and Building bearing plot no 126 part and 127 part, 4th phase,
Bommasandra industrial area, Herandahalli village, Jigani Hobli, Anekal
Taluk, Bangalore District, Bangalore-560099 |
|
Particulars of
the present modification |
Modification to
record sanction of additional term loan of Rs.48.500 Millions, Corporate Loan
of Rs.06.000 Millions and to restate the existing loan limits at present
outstanding. |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Generator
·
Electrical Equipments
·
Furniture and Fixtures
·
Office Equipment
·
Computer
·
Vehicles
·
Capital Work in progress
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 records 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.54.92 |
|
|
1 |
Rs.84.44 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
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Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
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TOTAL |
|
49 |
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.