MIRA
INFORM REPORT
|
Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
VEEKAYEM TEXTILE MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1/57, 5th Cavel / Cross Lane, Dr Vaighas Street, Mumbai –
400002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.09.1985 |
|
|
|
|
Com. Reg. No.: |
11-037516 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.40.417 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH1985PTC037516 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Suiting / Shirting and Garments. |
|
|
|
|
No. of Employees
: |
700 (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 780000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
profitability of the company seems to be low. 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 |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 |
September 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.
INFORMATION PARTED BY
|
Name : |
Mr. Krishnakant Gupta |
|
Designation : |
Director |
|
Contact No.: |
91-9820065824 |
|
Date : |
17.09.2013 |
LOCATIONS
|
Registered Office : |
1/57, 5th Cavel / Cross Lane, Dr Vaighas Street, Mumbai –
400002, Maharashtra, India |
|
Tel. No.: |
91-22-22080276 |
|
Mobile No.: |
91-9820065824 (Mr. Krishnakant Gupta) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Administrative Office : |
Gala No 113/114, Udyog Bhawan, 1st Floor, Sharma Estate,
Goregaon East, Mumbai 400 063 |
|
Tel. No.: |
91-22-40351410/26851263/26851481/30923540 |
|
Fax No.: |
91-22-26851483 |
|
E-Mail : |
|
|
|
|
|
Factory: |
C-1/2305, 2306 and 2307, GIDC Industrial Estate, District – Valsad,
Gujarat, India |
|
Tel. No.: |
91-260-2562992/3290761/3242798 |
|
Fax No.: |
91-260-2562992 |
|
E-Mail : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Krishankant Tarachand Gupta |
|
Designation : |
Director |
|
Address : |
101 Shree Niketan Flat No. 18, Saibaba Park Linking Road, Mumbai - 400064, Maharashtra, India |
|
Date of Birth/Age : |
22.04.1958 |
|
Date of Appointment : |
03.04. 2004 |
|
DIN No.: |
01741133 |
|
|
|
|
Name : |
Mr. Vijaykumar Jawaharlal Gupta |
|
Designation : |
Director |
|
Address : |
329/16, Jawahar Nagar, Goregaon West, Mumbai – 400062, Maharashtra,
India |
|
Date of Birth/Age : |
13.06.1954 |
|
Date of Appointment : |
03.04. 2004 |
|
DIN No.: |
01781934 |
|
|
|
|
Name : |
Mr. Madanlal Hiralal Gupta |
|
Designation : |
Director |
|
Address : |
Flat No.302, Shree Niketan, Saibaba Park,, Evershine Nagar, Malad West,
Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1960 |
|
Date of Appointment : |
03.04. 2004 |
|
DIN No.: |
01782815 |
|
|
|
|
Name : |
Mr. Shyamsunder Shivlal Gupta |
|
Designation : |
Director |
|
Address : |
329/16, Jawahar Nagar, Goregaon West, Mumbai – 400062, Maharashtra,
India |
|
Date of Birth/Age : |
08.07.1963 |
|
Date of Appointment : |
10.05.1989 |
|
DIN No.: |
01782843 |
|
|
|
|
Name : |
Mr. Satish Kumar Gupta |
|
Designation : |
Director |
|
Address : |
II-201,Shri Niketan, Riliph Road, Malad (West), Mumbai – 400064,
Maharashtra, India |
|
Date of Birth/Age : |
01.01.1954 |
|
Date of Appointment : |
21.03.1986 |
|
DIN No.: |
02359963 |
|
|
|
|
Name : |
Mr. Ajay Kumar Gupta |
|
Designation : |
Director |
|
Address : |
Plot No. 18/19 Shri Niketan - 501,Sai Baba Park, Ashirwad Co-Operative
Housing Society, Evershine Nagar, Malad (West), Mumbai – 400064, Maharashtra,
India |
|
Date of Birth/Age : |
24.06.1975 |
|
Date of Appointment : |
03.04.2004 |
|
DIN No.: |
03181399 |
|
|
|
|
Name : |
Mr. Mahesh Kant Gupta |
|
Designation : |
Director |
|
Address : |
101, Shri Niketan, Plot No. 18/14,, Sai Baba Park, Linking Road, Malad
(West), Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1969 |
|
Date of Appointment : |
03.04.2004 |
|
DIN No.: |
03181405 |
|
|
|
|
Name : |
Mr. Surendra Gupta |
|
Designation : |
Director |
|
Address : |
10/19/102, Sai Baba Park,, Shri Niketan, Evershine Nagar, Malad (West), Mumbai, 400064, Maharashtra, India |
|
Date of Birth/Age : |
02.02.1960 |
|
Date of Appointment : |
10.05.1989 |
|
DIN No.: |
03181411 |
|
|
|
|
Name : |
Mr. Radheshyam Hiralal Gupta |
|
Designation : |
Director |
|
Address : |
Sant Sena Bhavan, 2nd Kumbhar Wada, 2nd Floor, Room No. 5, Sant
Sena Bhavan Marg, Null Bazar,, Mumbai – 400004, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1952 |
|
Date of Appointment : |
10.05.1989 |
|
DIN No.: |
03185234 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
SHAREHOLDING DETAIL FILE ATTACHED
As on 15.02.2013
|
Names of Allottees |
|
No. of Shares |
|
|
|
|
|
Sharadha Staan Trading Private Limited, India |
|
225000 |
|
Vijay Kumar Gupta |
|
5000 |
|
Shyam Sunder Gupta |
|
2000 |
|
Jaiprakash Gupta |
|
2000 |
|
Mahesh Gupta |
|
2000 |
|
Tarachand Gupta HUF |
|
3000 |
|
Shkuntaladevi Gupta |
|
4000 |
|
Radheshyam Gupta |
|
3000 |
|
Ashadevi Gupta |
|
2000 |
|
Sarojadevi Gupta |
|
1500 |
|
Satish Gupta |
|
500 |
|
|
|
|
|
Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
27.90 |
|
Directors or relatives of directors |
|
49.84 |
|
Other top fifty shareholders |
|
22.26 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Suiting / Shirting and Garments. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Middle East Countries ·
Egypt ·
Iraq ·
Iran |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
·
Retailers ·
End Users |
|
|
|
|
No. of Employees : |
700 (Approximately) |
|
|
|
|
Bankers : |
·
State Bank of India, Industrial Finance Branch,
Snehal Chambers, Teli Gali, Andheri (East), Mumbai - 400069, Maharashtra,
India ·
State Bank of India, IFB, Natraj Building, 102, 1st
Floor, 194, Sir M V Road Western Express Highway, Andheri (East), Mumbai -
400069, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. M. Kathariya and Company Chartered Accountants |
|
Address : |
Room No. 6, Kermani Building, 4th Floor, 27 Sir P. M. Road, Fort,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66315662 |
|
Mobile No.: |
91- 9821034665 |
|
Fax No.: |
91-22-22856615 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAEPK4407B |
|
|
|
|
Company Having significant influence : |
Heera Textiles |
CAPITAL STRUCTURE
AFTER 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4291730 |
Equity Shares |
Rs.10/- each |
Rs. 42.917
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4041730 |
Equity Shares |
Rs.10/- each |
Rs. 40.417
Millions |
|
|
|
|
|
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 |
|
40.417 |
37.417 |
|
(b) Reserves & Surplus |
|
129.981 |
98.898 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
25.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
195.398 |
136.315 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
87.182 |
69.080 |
|
(b) Deferred tax liabilities (Net) |
|
7.767 |
8.150 |
|
(c) Other long term liabilities |
|
70.146 |
53.595 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
165.095 |
130.825 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
210.394 |
192.602 |
|
(b) Trade payables |
|
10.596 |
27.173 |
|
(c) Other current liabilities |
|
15.194 |
18.907 |
|
(d) Short-term provisions |
|
7.016 |
5.686 |
|
Total Current Liabilities (4) |
|
243.200 |
244.368 |
|
|
|
|
|
|
TOTAL |
|
603.693 |
511.508 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
239.738 |
179.565 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.030 |
2.932 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
240.768 |
182.497 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
160.660 |
154.182 |
|
(c) Trade receivables |
|
194.250 |
162.776 |
|
(d) Cash and cash equivalents |
|
0.539 |
0.588 |
|
(e) Short-term loans and
advances |
|
7.476 |
11.465 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
362.925 |
329.011 |
|
|
|
|
|
|
TOTAL |
|
603.693 |
511.508 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
101.505 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
29.244 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
130.749 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
272.195 |
|
|
2] Unsecured Loans |
|
|
12.828 |
|
|
TOTAL BORROWING |
|
|
285.023 |
|
|
DEFERRED TAX LIABILITIES |
|
|
7.929 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
423.701 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
190.555 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.932 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
105.385
|
|
|
Sundry Debtors |
|
|
185.287
|
|
|
Cash & Bank Balances |
|
|
0.407
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
45.612
|
|
Total
Current Assets |
|
|
336.691
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
106.477
|
|
|
Other Current Liabilities |
|
|
0.000
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
106.477
|
|
|
Net Current Assets |
|
|
230.214
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
423.701 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
958.559 |
883.642 |
|
|
|
Other Income |
|
9.549 |
31.771 |
|
|
|
TOTAL (A) |
930.637 |
968.108 |
915.413 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
935.380 |
833.701 |
|
|
|
Administrative Expenses |
|
24.175 |
20.134 |
|
|
|
Increase /(decrease) in stock |
|
(48.796) |
3.999 |
|
|
|
TOTAL (B) |
901.004 (Including
Financial Expenses) |
910.759 |
857.834 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
57.349 |
57.579 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
27.629 |
29.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.633 |
29.720 |
28.432 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.599 |
21.294 |
22.344 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.034 |
8.426 |
6.088 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.951 |
2.860 |
1.123 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.083 |
5.566 |
4.965 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.01 |
1.49 |
NA |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
1120.000 |
The above information has been parted by Mr. Krishnakant Gupta
(Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.44
|
0.57 |
0.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.88 |
0.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.84
|
1.66 |
1.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.52
|
1.92 |
2.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.35 |
3.16 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four 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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U17120MH1985PTC037516 |
|
Name of the
company |
VEEKAYEM TEXTILE
MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1/57, 5th Cavel / Cross Lanedr Vaighas Street, Mumbai –
400002, Maharashtra, India Email: vkmpl@eth.net |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
80002535 |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Plant and
Machinery, Furniture and Fixtures, Stocks |
|
Particular of
charge holder |
CIN:
U17120MH1985PTC037516 State Bank of India, IFB, Natraj Building, 102, 1st Floor, 194, Sir M
V Road Western Express Highway, Andheri (East), Mumbai - 400069, Maharashtra,
India Email: shilpa.raman.me@sbi.co.in
|
|
Nature of instrument
creating charge |
Letter regarding
the grant of individual limits within the overall limit - Form C.5 |
|
Date of
instrument Creating the charge |
10.12.2012 |
|
Amount secured by
the charge |
Rs.339.300
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 4.50% above base
Rate present effective rate 14.25% p.a. with monthly rests. Terms of
Repayment Term Loan
installments as per previous sanctioned letter. Margin Raw Materials - 25%,
Stocks in process - 33.33%, Finished Goods - 40%, Book Debts/receivables
(Cover period 90 days) - 40%. Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges and expenses etc.
Corporate Guarantee to M/s. Kanchanjunga Impex Private Limited. Others CC (Stocks) - Rs.
230.000 Millions, Sub Limit for BDs (Within CC) - (Rs. 140.00 Millions),
EPC/PCFC (Within CC) - (Rs. 20.000 Millions), EBD/PSC (Within EPC) - (Rs.
20.000 Millions), TL I O/s - Rs. 15.000 Millions, TL II O/s - Rs. 23.300
Millions, TL II O/s - Rs. 39.400 Millions, LC - Rs. 25.000 Millions, Forward
Contract (PFE) - Rs. 6.600 Millions, Total - Rs. 339.300 Millions. All other terms
and conditions as per sanctioned letter and loan agreement. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation
Charge of Company's entire present and future stocks of RM, SIP, FG Book
Debts and entire current assets. The borrower hereby
agrees and declare that the said goods and assets hypothecated and charged in
favour of the bank by and under the said agreement(s) shall stand charged in
favour of the bank as a continuing security by way of first charge for the
due repayment on demand ot the bank of all monies including the principal
sums, interest, cost, charges, expenses and other monies payable by the
borrower from time to time borrower up to the increased limit to Rs. 339.300
Millions. |
|
Date of
instrument modifying the charge |
05.09.2011 |
|
Particulars of
the present modification |
Now by this and
present modification by which the overall Limits is CC (Stocks) - Rs. 230.000
Millions, Sub Limit for BDs (Within CC) - (Rs. 140.000 Millions), EPC/PCFC
(Within CC) - (Rs. 20.000 Millions), EBD/PSC (Within EPC) - (Rs. 20.000
Millions), TL I O/s - Rs. 15.000 Millions, TL II O/s - Rs. 23.300 Millions,
TL II O/s - Rs. 39.400 Millions, LC - Rs. 25.000 Millions, Forward Contract
(PFE) - Rs. 6.600 Millions, Total - Rs. 339.300 Millions. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicle
·
Office Equipment
·
Mobile Phone
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.63.38 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
YES |
|
--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 |
|
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.