MIRA INFORM REPORT
|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
VARROC POLYMERS PRIVATE LIMITED (w.e.f. 18.04.2007) |
|
|
|
|
Formerly Known
As : |
MOULDCRAFT (HINDUSTAN) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gut No.99, Village Pharola, Taluka Paithan, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.06.1995 |
|
|
|
|
Com. Reg. No.: |
11-090037 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 32.635 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1995PTC090037 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABPM2508F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Automotive Parts and Accessories for Automobile Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “VARROC GROUP”. It is a well established and reputed company having a satisfactory
track record. The latest financials are not available. As per the previous year’s, the financial position seems to be strong.
Performance capability is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: A+ |
|
Rating Explanation |
Adequate degree at safety low credit risk. |
|
Date |
20.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1 |
|
Rating Explanation |
Very strong degree at safety and lowest
credit risk. |
|
Date |
20.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
Gut No.99, Village Pharola, Taluka Paithan, |
|
Tel. No.: |
91-240-2556227 |
|
Mobile No.: |
91-9673001160 (Mr. Anil Ghatiya) |
|
Fax No.: |
91-240-2564540/ |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate Office : |
E – 4, MIDC Industrial Area, Waluj, |
|
Tel. No.: |
91-240-2556227 |
|
Fax No.: |
91-240-2564540 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
VPPL-I Gut No.390,Takve Budruk, Taluka Maval, District Pune - 412 106, |
|
Tel. No. : |
91-2114-244107 |
|
Fax No. : |
91-2114-244447 |
|
E-Mail : |
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|
|
|
|
Factory 2 : |
VPPL-II E-88, MIDC Ranjangaon, Taluka Shirur, District Pune - 412 220, |
|
Tel. No. : |
91-2138-232738 |
|
Fax No. : |
91-2138-232788 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
VPPL-III M-165-167, MIDC Industrial Area, Waluj, District |
|
Tel. No. : |
91-240-2551807 / 8 |
|
Fax No. : |
91-240-2551102 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
VPPL-GN Plot No.35A, Udyog Vihar,
Noida, District Gautam Budh Nagar - 201 306, |
|
Tel. No. : |
91-120-2230740 |
|
Fax No. : |
91-120-2230739 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
VPPL-BN 58th Milestone, Village Binola, District Gurgaon, |
|
Tel. No. : |
91-124-2279004 |
|
E-Mail : |
DIRECTORS
As on: 06.08.2012
|
Name : |
Mr. Naresh Adishwarlal Chandra |
|
Designation : |
Director |
|
Address : |
Bhagwati Bhavan, 31/B, M L Dahanukar Marg, Mumbai – 400 026, |
|
Date of Birth/Age : |
11.02.1935 |
|
Date of Appointment : |
28.06.1995 |
|
DIN No.: |
00027696 |
|
|
|
|
Name : |
Mr. Tarang Naresh Jain |
|
Designation : |
Managing Director |
|
Address : |
Gut No. 41 (P), Opposite Walmi, Kachanwadi, |
|
Date of Birth/Age : |
21.03.1962 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
00027505 |
|
|
|
|
Name : |
Mr. Gautam Premnath Khandelwal |
|
Designation : |
Director |
|
Address : |
B-2, Alaknanda, 16-A, |
|
Date of Birth/Age : |
01.04.1962 |
|
Date of Appointment : |
24.03.2011 |
|
DIN No.: |
00270717 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Ghatiya |
|
Designation : |
Company Secretary |
|
Address : |
At Floor, G-404, G – Building, Kasliwal Marvel Beed By Pass,
Aurangabad - 431 005, Maharashtra,
India |
|
Date of Birth/Age : |
09.03.1980 |
|
Date of Appointment : |
01.01.2005 |
|
PAN No.: |
AGDPG4089J |
MAJOR SHAREHOLDERS
As on: 06.08.2012
|
Names of Shareholders |
No. of Shares |
|
Naresh Chandra |
342101 |
|
Naresh Chandra Jointly held with Mrs. Suman Jain |
182601 |
|
Naresh Chandra |
4500 |
|
Suman Jain |
343000 |
|
Suman Jain Jointly held with Mr Naresh Chandra |
78400 |
|
Tarang Jain |
1901501 |
|
Tarang Jain Jointly held with Mrs. Roachana Jain |
406900 |
|
Tarang Jain HUF |
4500 |
|
Total |
3263503 |
Equity Share Break up (Percentage of Total Equity)
As on: 06.08.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Automotive Parts and Accessories for Automobile Industry. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
Own
Mfg. |
Job
Work |
|
Plastic Moulded Components |
MT |
35362 |
16445.48 |
789.21 |
|
Extrusion Sheets |
MT |
10800 |
4734.42 |
2.32 |
|
|
Nos. |
7264540 |
5182188 |
-- |
|
Air Filter Assembly |
Nos. |
4000000 |
2740975 |
-- |
|
Mirror Assembly |
Nos. |
9650000 |
7966731 |
-- |
|
Tools (Moulds) |
Nos. |
450 |
52 |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Bankers : |
·
IDBI Bank Limited, ·
Corporation Bank, Industrial Finance Branch, 14, ·
Saraswat Co-Operative Bank Limited, Kanchan
Chambers, Kranti Chowk, |
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|
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Facilities : |
(Rs. In Millions)
Notes (A)
(B) Includes buyers credit [Repayable within
one year Rs. 171.020 Millions (Previous year Rs. 190.778 Millions)] and Cash
Credit. |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
|
|
PAN No.: |
AAHFP0187A |
|
|
|
|
Subsidiaries : |
(CIN
No.: U29190MH2005PTC157474) |
|
|
|
|
Other Related Companies : |
|
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3263503 |
Equity Shares |
Rs. 10/- each |
Rs. 32.635 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
32.635 |
29.320 |
29.320 |
|
|
2] Share Application Money |
0.000 |
3.315 |
0.000 |
|
|
3] Reserves & Surplus |
1927.288 |
1548.591 |
1126.793 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1959.923 |
1581.226 |
1156.113 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
555.536 |
635.860 |
596.642 |
|
|
2] Unsecured Loans |
190.191 |
192.258 |
170.712 |
|
|
TOTAL BORROWING |
745.727 |
828.118 |
767.354 |
|
|
DEFERRED TAX LIABILITIES |
112.723 |
108.242 |
95.064 |
|
|
|
|
|
|
|
|
TOTAL |
2818.373 |
2517.586 |
2018.531 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1720.455 |
1610.971 |
1267.697 |
|
|
Capital work-in-progress |
167.603 |
42.358 |
16.411 |
|
|
|
|
|
|
|
|
INVESTMENT |
539.405 |
496.255 |
380.455 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
352.905
|
307.366
|
205.312
|
|
|
Sundry Debtors |
1137.791
|
1012.975
|
744.570
|
|
|
Cash & Bank Balances |
174.218
|
126.554
|
78.592
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
99.575
|
85.240
|
154.626
|
|
Total
Current Assets |
1764.489
|
1532.135 |
1183.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1278.717
|
973.395
|
756.237
|
|
|
Other Current Liabilities |
52.454
|
126.441
|
33.677
|
|
|
Provisions |
42.408
|
64.297
|
39.218
|
|
Total
Current Liabilities |
1373.579
|
1164.133 |
829.132 |
|
|
Net Current Assets |
390.910
|
368.002
|
353.968
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2818.373 |
2517.586 |
2018.531 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
7828.599 |
6060.429 |
4706.661 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
6977.765 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
6977.765 |
5343.086 |
4236.966 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
850.834 |
717.343 |
469.695 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
63.936 |
72.020 |
80.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
786.898 |
645.323 |
389.393 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
211.635 |
182.772 |
145.436 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
575.263 |
462.551 |
243.957 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
178.245 |
160.702 |
85.769 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
397.018 |
301.849 |
158.188 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
444.929 |
192.283 |
67.066 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
39.701 |
30.175 |
15.820 |
|
|
|
Proposed Dividend |
16.318 |
16.318 |
14.660 |
|
|
|
Tax on Dividend |
2.000 |
2.710 |
2.491 |
|
|
BALANCE CARRIED
TO THE B/S |
783.928 |
444.929 |
192.283 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
30.070 |
5.449 |
0.357 |
|
|
TOTAL EARNINGS |
30.070 |
5.449 |
0.357 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
101.599 |
80.130 |
93.093 |
|
|
|
Stores & Spares |
5.824 |
1.539 |
1.354 |
|
|
|
Capital Goods |
88.716 |
46.377 |
87.596 |
|
|
TOTAL IMPORTS |
196.139 |
128.046 |
182.043 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
124.74 |
102.95 |
59.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.07
|
4.98 |
3.36
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.51
|
14.72 |
9.95
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.29 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.38
|
0.52 |
0.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.32 |
1.43
|
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 |
No |
|
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 LOAN:
(Rs.
In Millions)
|
|
31.03.2011 |
|
Deferred Sales Tax Liabilities (Due Within one year Rs. 3.515 Millions (Previous year Rs.2.371
Millions) |
190.191 |
|
Total |
190.191 |
PRESS RELEASE
VARROC GROUP
CONCLUDES THE ACQUISITION OF VISTEON TYC CORPORATION IN CHINA
Aurangabad, March 5, 2013: Varroc Group today announced their acquisition of the Visteon equity interest in its China-based lighting Joint venture, Visteon TYC Auto Lamps Company, Limited TYC Brothers Ltd of Taiwan will remain the 50% partner in the new entity, named Varroc TYC Auto Lamps Company, Limited
Mr. Tarang Jain, Managing Director, VARROC Group speaking about the new venture said, “I am pleased with the acquisition completion. The transaction completes an important step in our strategic plan to focus on our core businesses and expand our footprint into China, the world’s largest automotive market.”
Varroc Group’s China entity will be part of Varroc Lighting Systems which was recently formed after Varroc Group’s acquisition of Visteon’s global automotive lighting business. This purchase price for equity stake of VTYC, on a cash-and debt-free basis, was approx. US$20 million. The deal includes manufacturing and engineering facilities in Changzhou and Chongqing.
The sales revenue in 2012 for the China operations were USD $130 million, encompassing a wide range of exterior lighting products supplied to global vehicle manufacturers, including front and rear lighting systems. In total, about 1450 manufacturing, engineering and administrative employees are part of China operations.
PERFORMANCE:
The Restructuring Scheme mentioned in their previous report has been
implemented successfully. The relevant details are Consequent upon addition in
capacities of Air Filter Assembly Division and Mirror Assembly Division, Net
sales of these products during the year were higher by 40% and 16%
respectively. Owing to improved demand from customers, the sale of seat
assemblies also grew 37% as compared to last year. Exports were significantly
higher at Rs.30.100 Millions from Rs.5.400 Millions in view of higher off take
from the export customer.
Owing to the above and also as a result of increased off take by customers,
the Net Sales and Other Income was higher by 29% at Rs.7830.000 Millions
against Rs.6060.000 Millions last year. Interest cost was down from 1.2% to
0.8% of Net Sales on account of better financial management. The Selling and
Administration Expenses were marginally higher by around 1.2% of Net Sales
compared to last year. The cumulative effect was that PBT rose by
24% to Rs. 575.300 Millions, from Rs. 462.600 Millions in the last year.
PAT was significantly higher by 32% at Rs.397.000 Millions, against Rs.301.900
Millions last year. This significant improvement in the bottom line can be
attributed to various measures taken to control cost and improve efficiencies.
The working results were in line with the targets set.
FUTURE OUTLOOK:
The Company has decided to selectively opt out of the business of
manufacture of components of white goods in cases where the same are not
commercially feasible considering the thin margins and continuous pressure from
customers for cost reduction. The resultant free capacities will be utilized
either for manufacture of automotive components or white goods components with
higher margins.
According to Economists and experts, inflation is likely to remain high
in the current fiscal year; the impact of crude oil prices and commodity prices
is expected to put pressure on prices and there could be a period of double
digit inflation in the months ahead. The government’s proposed move to raise
diesel and LPG prices after announcing its sharpest ever increase in petrol
prices will impact inflation in the months ahead. Some economists say that
The rising cost of input materials had also seen companies increase in
prices of vehicles, which also hit their affordability. Margins are already
under pressure and it will be very difficult for the vehicle manufacturers to
absorb the higher manufacturing costs.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10259068 |
27/12/2010 |
420,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, 14, MUMBAI PUNE ROAD, |
B02180065 |
|
2 |
10255958 |
27/12/2010 * |
20,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B02266427 |
|
3 |
10133279 |
28/01/2013 * |
430,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B67841411 |
|
4 |
10131021 |
28/05/2012 * |
205,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, 14, PUNE - MUMBAI ROAD, WAKDEWADI, PUNE, Maharashtra - 411003, INDIA |
B40994899 |
|
5 |
10133281 |
20/11/2010 * |
230,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A99605156 |
|
6 |
10136277 |
14/11/2008 |
15,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
A54077185 |
|
7 |
10131096 |
14/11/2008 |
50,000,000.00 |
CITI BANK N.A. |
PARMAR HOUSE, 2413, EAST STREET, CAMP, PUNE, Maharashtra - 411004, INDIA |
A51392926 |
|
8 |
90158083 |
14/11/2008 * |
107,500,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
STATION ROAD, AURANGABAD, Maharashtra - 431001, INDIA |
A51349520 |
|
9 |
90155254 |
13/11/2001 * |
65,500,000.00 |
BHARAT OVERSEAS BANK LIMITED |
NIRALA BAZAR BR., AURANGABAD, Maharashtra, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
·
·
·
· Plant and Machinery
· Factory Equipments
· Electrical Installation
· Computers
· Mould and Dies
· Electrical Fittings
· Vehicles
· Furniture and Fixtures
· Office Equipments
· Software
· User right for expenses Feeder
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. 63.65 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.