MIRA INFORM REPORT

 

 

Report Date :

03.12.2014

 

IDENTIFICATION DETAILS

 

Name :

CAPARO ENGINEERING INDIA LIMITED (w. e. f. 10.10.2011)

 

 

Formerly Known as :

CAPARO ENGINEERING INDIA PRIVATE LIMITED

 

 

Registered Office :

101-104, 1st Floor, Naurang House, 21, Kasturba Gandhi Marg, New Delhi - 110001

 

 

Country :

India

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

09.05.2000

 

 

Com. Reg. No.:

55-105609

 

 

Capital Investment / Paid-up Capital :

Rs.7305.721 Millions

 

 

CIN No.:

[Company Identification No.]

U74101DL2000PLC105609

 

 

TIN No.:

09966301205 (Noida)

07190318576 (Delhi)

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of automotive components.

 

 

No. of Employees :

More than 900 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 11000000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track.

 

Management has filed form 20B, depiciting annual return for 2014, whereas failed to file any financials with the statutory authorities.

 

As per available of December 2012 the company possesses a moderate financial profile marked by continued losses leading to accumulation of the same, which are further slightly mitigated by the infusion of funds by the promoters.

 

Moreover, the ratings also take into consideration, the adequate amount of revenue reported amid serving all major auto manufactures in India, along with high working capital requirements and cyclicality associated with the auto industry.

 

However, trade relations seem to be fair. Business is active. Payment terms are reported as slow.

 

In view of experienced and resourceful promoters, albeit lack of requisite financial information, the company can be considered for business dealings with great 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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

N E W S

 

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

 

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

 

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

 

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

 

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

 

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

 

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

 

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities: B

Rating Explanation

High risk of default regarding timely servicing of financial obligations.

Date

23.08.2013

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities: A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

23.08.2013

 

 

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 31-03-2014.

 

INFORMATION DECLINED 

 

MANAGEMENT NON – COOPERATIVE (91-44-27167503)

 

LOCATIONS

 

Registered Office/ Factory :

101-104, 1st Floor, Naurang House, 21, Kasturba Gandhi Marg, New Delhi – 110001, India

Tel No.:

Not Available

Fax No.:

Not Available

E-Mail :

info@caparo.co.in

caparo@satyam.net.in

Website :

http://www.caparo.co.in

Location :

Owned

 

 

Factory 1 :

Plot No. -7, Maruti JV Complex, Delhi –Gurgaon Road, Gurgaon – 122015, Haryana, India

Tel. No.:

91-124-4318000

Fax No.:

91-124-4318000

E-Mail :

info@caparo.co.in

 

 

Factory 2 :

Chopanki Industrial Area, Near Bhiwadi, Plot No. A-7, Bhiwadi – 301707, Rajasthan, India

 

 

DIRECTORS

 

As on 25.09.2014

 

Name :

Mr. Rajesh Prasad

Designation :

Managing Director

Address :

J-1196, Palam Vihar, Gurgaon – 122017, Haryana, India

Date of Birth/Age :

22.07.1958

Date of Appointment :

02.08.2008

DIN No.:

02341590

 

 

Name :

Mr. Angad Paul

Designation :

Director

Address :

Penthhouse, Ambika House, 9a, Portland Place, London, W1b1PR, United Kingdom

Date of Birth/Age :

04.08.1970

Date of Appointment :

19.05.2000

DIN No.:

01475142

 

 

Name :

Mr. Biswajit Ghosh

Designation :

Director

Address :

Flat No. 1148, Sector – D, Pcket – 1, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

11.09.1958

Date of Appointment :

18.02.2012

DIN No.:

02475618

 

 

KEY EXECUTIVES

 

Name :

Mr. Kapil Dev Taneja

Designation :

Secretary

Address :

S6C, BB Block, JAnakpuri, New Delhi – 110058, India

Date of Birth/Age :

08.07.1964

Date of Appointment :

09.11.2012

PAN No.:

AACPT7274R

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 25.09.2014

 

Names of Shareholders

 

No. of Shares

Caparo India Private Limited, India

 

16

Caparo India Limited, UK

 

126229687

Blue Elephant Finance Limited, Mauritius

 

604342423

Rajesh Prasad

 

1

Kapil Dev Taneja

 

1

Biswajit Ghosh

 

1

Ashok Kumar

 

1

Total

 

730572130

 

Equity Share Break up (Percentage of Total Equity)

 

As on 25.09.2014

 

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

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of automotive components.

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

More than 900 (Approximately)

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.12.2012

(Rs. in Millions)

31.12.2011

(Rs. in Millions)

Long-term Borrowings

 

 

Rupee term loans from banks

1937.636

2857.220

Term loans from others

3.040

3.609

Short-term borrowings

 

 

Rupee term loans from others

70.000

0.000

Loans repayable on demand from banks

1600.701

1440.030

Total

3611.377

4300.859

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Lodha and Company

Chartered Accountants

Address :

12 Bhagat Singh, Marg, New Delhi – 110001, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFL1894Q

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate Holding Company:
  • Zatalo Finance BVI Hold Company (Switzerland)

 

Subsidiaries of Zatalo Finance BVI Hold Company (Switzerland):

 

  • White Tiger Finance Limited (Mauritius)

 

 

Holding Company:
  • Blue Elephant Finance Limited (Mauritius)

 

Subsidiary of White Tiger Finance Limited (Mauritius):

 

  • Caparo Financial Solution Limited (India)

 

 

Fellow Subsidiary Company:
  • Caparo India Limited (India) [U45202DL1998PLC095074]
  • Caparo Associates Limited (India)
  • Caparo Fasteners Limited (India)
  • Caparo Tubes Limited (India)
  • Caparo Foundry and Engineering Limited (India)

 

 

Subsidiary Companies:-
  • Caparo Vehicle Products India Limited (India) [U34200DL2007PLC161380]
  • Caparo MI Steel Processing Private Limited (India) (CMISIL) (a joint venture) [U34300DL2007PTC158139]

 

Subsidiary of Caparo Vehicle Products India Limited (India)

 

  • Caparo Power Limited (India) (CPL) [U40101DL2008PLC219872]
  • Caparo Engineering and Construction Limited (India)
  • Caparo Power (Bawal) Limited (India) [U40300DL2011PLC224213]
  • Caparo Spinks Wade International Limited (India)

 

Subsidiary of Caparo India Limited (India)

 

  • Caparo Facility Management Services Private Limited (India)

 

Common Ownership Interest:

 

  • Caparo Group Limited, UK

 

Subsidiaries of Caparo Group Limited - Caparo PLC

 

Subsidiaries of Caparo plc:-

 

  • Caparo Hotels Limited
  • Caparo Ventures Limited
  • Caparoespana SL (Spain)
  • Caparo Medical Products Limited
  • Caparo Industries plc (UK)

 

Subsidiary of Caparoespana SL (Spain):-

 

  • Caparo Atlas Espana SA (Spain)

 

Subsidiaries of Caparo Industries plc (UK):-

 

  • Caparo Engineering Limited (Includes Clydesdale Jones as a division)
  • Caparo Steel Products Limited
  • Caparo Vehicle Products Limited
  • Caparo Merchant Bar Plc
  • Caparo Precision Tubes Limited
  • Caparo Precision Strip Limited
  • Caparo Precision Strip Inc. (U.S)
  • Caparo Modular Systems Limited(U.K.).(CMS)
  • Material Measurements Limited
  • Caparo Aluminium Technologies Limited
  • Bridge Aluminium Limited
  • Zuo Bomet SA (Poland)
  • Caparo AP Braking Limited
  • Caparo Atlas Fastening Limited
  • Caparo Forging Europe
  • Caparo Vehicles Technologies Limited
  • Caparo Tube Components Limited
  • Caparo Tube Components 2 Limited
  • Caparo Accles and Pollock Limited
  • T1 Car Limited
  • Gweda Palou Limited
  • Caparo India Limited

 

Subsidiary of Caparo India Limited, UK:-

 

  • Caparo Maruti Limited (India)

 

Others:

  • Bull Moose Tube Company (USA)
  • Bull Moose Tube ULC (Canada)
  • Caparo Vehicles Components Inc (USA)
  • Vehicles Components Caparo De Maxico S de RL de CV (Maxico)
  • Caparo SA (trading as Caparo (GCC) and Caparo Testing Technologies (Middle East) (Switzerland)

 

 

CAPITAL STRUCTURE

 

As on 31.12.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

750000000

Equity Shares

Rs.10/- each

Rs. 7500.000 Millions

250000000

Preference  Shares

Rs.10/- each

Rs. 2500.000 Millions

 

 

 

 

 

Total

 

Rs. 10000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

730572130

Equity Shares

Rs.10/- each

Rs. 7305.721 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2012

31.12.2011

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

7305.721

5509.308

(b) Reserves & Surplus

 

(3441.369)

(1525.273)

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

3864.352

3984.035

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

2285.043

2860.830

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

8.778

10.445

(d) long-term provisions

 

56.500

54.997

Total Non-current Liabilities (3)

 

2350.321

2926.272

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

2077.123

1706.586

(b) Trade payables

 

1504.768

1954.622

(c) Other current liabilities

 

2025.776

2061.605

(d) Short-term provisions

 

13.017

7.291

Total Current Liabilities (4)

 

5620.684

5730.104

 

 

 

 

TOTAL

 

11835.357

12640.411

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

5452.825

5647.615

(ii) Intangible Assets

 

53.231

75.160

(iii) Capital work-in-progress

 

298.773

604.131

(iv) Intangible assets under development

 

142.054

88.273

(b) Non-current Investments

 

669.130

669.130

(c) Deferred tax assets (net)

 

114.414

114.414

(d)  Long-term Loan and Advances

 

145.630

204.096

(e) Other Non-current assets

 

40.498

37.598

Total Non-Current Assets

 

6916.555

7440.417

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.033

0.086

(b) Inventories

 

1283.060

1316.124

(c) Trade receivables

 

1624.324

1934.862

(d) Cash and cash equivalents

 

113.766

206.560

(e) Short-term loans and advances

 

1353.739

1439.460

(f) Other current assets

 

543.880

302.902

Total Current Assets

 

4918.802

5199.994

 

 

 

 

TOTAL

 

11835.357

12640.411

 

 

SOURCES OF FUNDS

 

 

 

31.12.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

5509.308

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

1545.945

4] (Accumulated Losses)

 

 

(2702.731)

NETWORTH

 

 

4352.522

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

5582.169

2] Unsecured Loans

 

 

329.500

TOTAL BORROWING

 

 

5911.669

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

10264.191

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

6006.157

Capital work-in-progress

 

 

819.225

 

 

 

 

INVESTMENT

 

 

489.212

DEFERREX TAX ASSETS

 

 

114.414

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 
1425.263

 

Sundry Debtors
 
 
1863.332

 

Cash & Bank Balances
 
 
219.679

 

Other Current Assets
 
 
0.000

 

Loans & Advances
 
 
1910.909

Total Current Assets
 
 
5419.183

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Sundry Creditors
 
 
1199.626

 

Other Current Liabilities
 
 
1331.463

 

Provisions
 
 
52.911

Total Current Liabilities
 
 
2584.000

Net Current Assets
 
 
2835.183

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

10264.191

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2012

31.12.2011

31.12.2010

 

SALES

 

 

 

 

Income

8965.729

11116.217

8655.069

 

Other Income

41.217

47.575

283.217

 

TOTAL (A)

9006.946

11163.792

8938.286

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

5046.988

6174.617

 

 

Purchases of Stock-in-Trade

170.149

624.511

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(68.700)

86.129

8235.903

 

Employees benefits expense

740.742

771.746

 

 

Other expenses

1937.537

2310.263

 

 

TOTAL (B)

7826.716

9967.266

8235.903

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

1180.230

1196.526

702.383

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

886.714

914.985

666.914

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

293.516

281.541

35.469

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

663.744

650.028

514.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

(370.228)

(368.487)

(478.831)

 

 

 

 

 

Less

TAX (I)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

(370.228)

(368.487)

(478.831)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(3071.218)

(2702.731)

(2223.900)

 

 

 

 

 

 

Balance Carried to the B/S

(3441.446)

(3071.218)

(2702.731)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

622.923

1239.919

NA

 

TOTAL EARNINGS

622.923

1239.919

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

133.111

289.348

NA

 

Components and Stores parts

9.715

395.205

NA

 

Capital Goods

3.682

12.345

NA

 

TOTAL IMPORTS

146.508

696.898

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(0.52)

(0.67)

(1.13)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2012

31.12.2011

31.12.2010

Net Profit Margin

(PAT / Sales)

(%)

(4.13)

(3.31)

(5.53)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

13.16

10.76

8.12

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(3.49)

(3.30)

4.19

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.10)

(0.09)

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.13

1.15

1.36

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.88

0.91

2.10

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.12.2011

31.12.2012

 

(Rs. In Millions)

(Rs. In Millions)

Share Capital

5509.308

7305.721

Reserves & Surplus

(1525.273)

(3441.369)

Net worth

3984.035

3864.352

 

 

 

long-term borrowings

2860.830

2285.043

Short term borrowings

1706.586

2077.123

Total borrowings

4567.416

4362.166

Debt/Equity ratio

1.146

1.129

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2010

31.12.2011

31.12.2012

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

8655.069

11116.217

8965.729

 

 

28.436

(19.346)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2010

31.12.2011

31.12.2012

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

8655.069

11116.217

8965.729

Profit

(478.831)

(368.487)

(370.228)

 

(5.53%)

(3.31%)

(4.13%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

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

 

NOTE: Registered office of the company has been shifted from 5th Floor, Rajendra Bhawan, 2010, Deen Dayal Upadhya Marg, New Delhi - 110002, India to the present address w.e.f. 07.01.2011

 

OVERALL PERFORMANCE

 

The automotive sector of the country has been substantially impacted by the slowdown in the economy. Despite the perseverance in efforts, the sales turnover of the Company reduced to Rs. 9010.000 Millions (Rs. 11160.000 Millions).

 

Despite adversity, the Company is making sincere efforts to sustain its market share in existing business and to increase its portfolio with addition of new sectors.

 

They are continuing with their efforts to reduce costs. Quality improvement has also been a priority. They believe that in the difficult times ahead the Company has to make greater efforts than ever before in these areas.

 

UNSECURED LOAN

 

PARTICULARS

31.12.2012

(Rs. in Millions)

31.12.2011

(Rs. in Millions)

Long-term Borrowings

 

 

Fully convertible debentures intercorporate

341.070

0.000

Rupee term loans from others

3.298

0.000

Short-term borrowings

 

 

Intercorporate borrowings

406.421

266.557

Total

750.789

266.557

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10508689

01/07/2014

216,020,000.00

BLUE ELEPHANT FINANCE LIMITED

DTOS LIMITED, 4TH FLOOR, IBL HOUSE, CAUDAN, PORT
LOUIS, - 000000, MAURITIUS

C10763498

2

10518196

26/06/2014

100,000,000.00

STATE BANK OF HYDERABAD

INDUSTRIAL FINANCE BRANCH, NO. 45, II LINE BEACH,
1ST FLOOR, CHENNAI, TAMIL NADU - 600001, INDIA

C18666875

3

10500377

21/04/2014

70,000,000.00

CAPARO FINANCIAL SOLUTIONS LIMITED

101-104, 1ST FLOOR, NAURANG HOUSE,, 21 KASTURBA G
ANDHI MARG,, NEW DELHI, DELHI - 110001, INDIA

C05738489

4

10441159

03/06/2014 *

315,221,539.00

ZATALO FINANCE S.A.

PASEA ESTATE, ROAD TOWN, TORTOLA BRITISH VIRGIN I
SLANDS, - VG1110, VIRGIN ISLANDS, BRITISH

C09418070

5

10440591

22/08/2013 *

761,194,875.00

ZATALO FINANCE S.A.

PASEA ESTATE, ROAD TOWN, TORTOLA BRITISH VIRGIN I
SLANDS, - VG1110, VIRGIN ISLANDS, BRITISH

B83652610

6

10218808

24/03/2010

318,300,000.00

CORPORATION BANK

NO. 213/ 214, CHANAPERUMAL NAGAR, SRIPERUMBUDUR,
CHENNAI, TAMIL NADU - 602105, INDIA

A85080182

7

10210234

24/07/2013 *

792,200,000.00

CENTRAL BANK OF INDIA

S.M. ROAD BRANCH, 101, ABHISHREE. OPP. STAR BAZAR
, SATELLITE, AHEMDABAD, GUJARAT - 380015, INDIA

B85071025

8

10126319

24/08/2010 *

130,000,000.00

STATE BANK OF INDORE

115, BROADWAY, CHENNAI, TAMIL NADU - 600108, INDIA

A94445715

9

10126320

24/08/2010 *

225,000,000.00

STATE BANK OF INDORE

115, BROADWAY, CHENNAI, TAMIL NADU - 600108, INDIA

A94447125

10

10119124

24/08/2010 *

180,000,000.00

STATE BANK OF INDORE

115, BROADWAY, CHENNAI, TAMIL NADU - 600108, INDIA

A94446507

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Rs. in millions)

PARTICULARS

31.12.2012

 

 

Custom duty saved -excluding interest and penalty {Guarantee given to customs authorities for import of capital goods under EPCG license to the extent export obligation are outstanding Rs. 484.030 Millions (Previous Year Rs. 484.030 Millions)}, pending fulfillment of export obligation

167.963

Outstanding Bank Guarantees

87.828

Bills Discounted with Banks

123.410

Income Tax Demand where company has preferred appeals

6.636

Excise Duty/ Service Tax Demand*

48.600

Sales Tax/ Entry Tax Demand

105.216

Claim against the company not acknowledged as debt**

27.241

* Includes Rs.15.130 Millions(Previous Year Rs. 17.046 Millions) for Excise Duty and Rs.6.383 Millions (Previous Year Rs.6.395 Millions for Service Tax as per show cause notice and excluding interest; interest on the same will be considered as and when levied/assessed (presently not fully ascertainable).

 

**does not include certain labour related claims, which are disputed by the company. Management does not

expect any material liability on this account as they feel that the claims raised on the company are not tenable in

law (presently not ascertainable).

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Leasehold improvements

 

Intangible assets

 

  • 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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records 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.61.93

UK Pound

1

Rs.97.39

Euro

1

Rs.77.21

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

29

 

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

 

--

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.