MIRA
INFORM REPORT
|
Report Date : |
29.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TESSITURA MONTI INDIA PRIVATE LIMITED |
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Registered
Office : |
401, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
15.01.2001 |
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Com. Reg. No.: |
11-130465 |
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Capital
Investment / Paid-up Capital : |
Rs. 350.000 Millions |
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CIN No.: [Company Identification
No.] |
U17111MH2001PTC130465 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPT01579E / KLPT01925A / MUMT07261C |
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PAN No.: [Permanent Account No.] |
AABCT3524E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in weaving, processing, dyeing, importing,
exporting, trading of dyed yarn cotton shirting fabrics. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3400000 |
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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 record. Company has performed well . Overall financial position of the company
is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
19 December 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
Srong degree of safety and low credit risk |
|
Date |
19 December 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 DENIED BY
|
Name : |
Mr. Viraj |
|
Designation : |
Office Executive |
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Contact No.: |
91-22-26846961 |
|
Date : |
19.07.2014 |
LOCATIONS
|
Registered
Office/ Marketing office : |
401, Trade Avenue, suren Road, Andheri (East), Mumbai – 400093,
Maharshtra, India |
|
Tel. No.: |
91-22-26846961 |
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Mobile No.: |
Not Available |
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Fax No.: |
91-22-26846960 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 10.09.2013
|
Name : |
Mr. Manuel Ruggero Monti |
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Designation : |
Director |
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Address : |
Cortina D A Mpezzo, Via Pezie N, Pezie, 116, Italy |
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Date of Birth/Age : |
02.09.1950 |
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Date of Appointment : |
15.01.2001 |
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DIN No.: |
01349686 |
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Other Directorship:
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Name : |
Mr. Massimo Giorgio Monti |
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Designation : |
Director |
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Address : |
Treviso, Via Maffettip, Coniugato 12, Italy |
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Date of Birth/Age : |
05.03.1964 |
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Date of Appointment : |
15.01.2001 |
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DIN No.: |
01424761 |
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Name : |
Mr. Paolo Ramiro Monti |
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Designation : |
Director |
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Address : |
Maserada Sul Pivae TV, Via Trevisana, Coniugato, 7, Itsly |
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Date of Birth/Age : |
28.06.1953 |
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Date of Appointment : |
15.01.2001 |
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DIN No.: |
01424827 |
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Other Directorship:
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Name : |
Mr. Shrikrishna Yeshwant Kelkar |
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Designation : |
Whole-time direcotr |
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Address : |
C. O. MR. K.M. Salvi, 1182/108 Swapna Mali Colony Takala, Kolhapur –
416008, Maharashtra, India |
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Date of Birth/Age : |
11.07.1956 |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
01451026 |
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Other Directorship:
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Name : |
Mr. Bruno Sergio Monti |
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Designation : |
Director |
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Address : |
Maserada Sul Piave TV, Via Saltore 1, Coniugato, 1, Italy |
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Date of Birth/Age : |
31.01.1957 |
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Date of Appointment : |
15.01.2001 |
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DIN No.: |
01639989 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Madhukar Mayyala Kamath |
|
Designation : |
Secretary |
|
Address : |
602, Sunflower, Royal Complex, Eksar Road, Borivali (West), Mumbai –
400093, Maharashtra, India |
|
Date of Birth/Age : |
27.11.1959 |
|
Date of Appointment : |
01.11.2002 |
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DIN No.: |
AAEPK0938M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Gruppo Tessile Monti Spa, Italy |
|
33652500 |
|
Gruppo Monti Spa, Italy |
|
1347500 |
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Total
|
|
35000000 |
AS ON 10.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in weaving, processing, dyeing, importing,
exporting, trading of dyed yarn cotton shirting fabrics. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Canara Bank, Maker Tower 'F', 20th Floor, 85, Cuffe
Parade, Mumbai - 400005, Maharashtra, India ·
Export-import Bank of India, Centere one
Building, Floor 21, World Trade Centere Complex, Cuff Parade, Mumbai –
400005, Maharashtra, India ·
Bank of Baroda, 617, Murarji Khimji Building, 1st
Lane, Shahupuri, Kolhapur – 416003, Maharashtra, India ·
EXIM Bank Limited |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered accountant |
|
Address : |
Tower 3, 27th – 32th floor, Indiabulls Finance Centre,
Elphinstone Mill Cojmpound, Senapati Bapat Marg, Elphinstone (w), MMumbai –
400013, India |
|
PAN No.: |
AABFD7919A |
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|
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Holding company : |
·
Gruppo Tessile Monti Spa, Italy |
|
Fellow Subsidiary company : |
·
Tessitura Monti Spa ·
Tessitura Monti Cekia Sro ·
Schoch Reeds India Private Limited
[U29269MH2008PTC187568] |
|
Joint venture : |
·
Aurora Apparel Private Limited
[U17120MH2009PTC196209] ·
New Island Clothing Limited |
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their relatives
: |
·
Laguna Clothing Private Limited
[U17111KA2005PTC058647] ·
Gruppo Monti Spa |
CAPITAL STRUCTURE
AS ON 10.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs. 10/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs. 10/-
each |
Rs.350.000
Millions |
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
350.000 |
350.000 |
350.000 |
|
(b) Reserves &
Surplus |
505.636 |
470.406 |
464.509 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
855.636 |
820.406 |
814.509 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
563.020 |
696.399 |
832.843 |
|
(b) Deferred tax
liabilities (Net) |
69.004 |
82.860 |
98.300 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.637 |
6.543 |
5.594 |
|
Total Non-current
Liabilities (3) |
639.661 |
785.802 |
936.737 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
315.938 |
292.032 |
327.530 |
|
(b) Trade payables |
228.216 |
201.988 |
253.156 |
|
(c) Other current liabilities |
255.157 |
243.788 |
248.089 |
|
(d) Short-term provisions |
20.903 |
11.558 |
30.933 |
|
Total Current Liabilities
(4) |
820.214 |
749.366 |
859.708 |
|
|
|
|
|
|
TOTAL |
2315.511 |
2355.574 |
2610.954 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1116.776 |
1186.643 |
1369.250 |
|
(ii) Intangible Assets |
2.271 |
3.045 |
1.789 |
|
(iii) Capital
work-in-progress |
0.281 |
33.475 |
11.649 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
38.241 |
38.241 |
38.241 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
40.499 |
32.699 |
30.428 |
|
(e) Other Non-current
assets |
6.844 |
9.368 |
11.232 |
|
Total Non-Current Assets |
1204.912 |
1303.471 |
1462.589 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
632.028 |
643.097 |
644.051 |
|
(c) Trade receivables |
302.184 |
227.564 |
289.959 |
|
(d) Cash and cash
equivalents |
66.580 |
47.378 |
57.543 |
|
(e) Short-term loans and
advances |
104.040 |
124.554 |
147.026 |
|
(f) Other current assets |
5.767 |
9.510 |
9.786 |
|
Total Current Assets |
1110.599 |
1052.103 |
1148.365 |
|
|
|
|
|
|
TOTAL |
2315.511 |
2355.574 |
2610.954 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income (Gross) |
2346.674 |
2215.898 |
215.715 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Purchases of
Stock-in-Trade |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
|
|
|
Employees benefits
expense |
|
|
|
|
|
Other expenses |
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
393.385 |
389.776 |
42.241 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
144.814 |
174.645 |
14.459 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
248.571 |
215.131 |
27.782 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
191.197 |
202.798 |
19.362 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
57.374 |
12.333 |
8.420 |
|
|
|
|
|
|
|
Less |
TAX (H) |
22.144 |
6.436 |
2.479 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
35.230 |
5.897 |
5.941 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
440.406 |
434.509 |
37.510 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
475.636 |
440.406 |
43.451 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
TOTAL EARNINGS |
1133.823 |
1150.575 |
122.219 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.01 |
0.35 |
0.24 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.52 |
0.54 |
0.33 |
|
|
|
|
|
|
|
Return on Investment
(ROI) (PBT/Networth) |
|
0.07 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03 |
1.20 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.40 |
1.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
350.000 |
350.000 |
350.000 |
|
Reserves & Surplus |
464.509 |
470.406 |
505.636 |
|
Net worth |
814.509 |
820.406 |
855.636 |
|
|
|
|
|
|
long-term borrowings |
832.843 |
696.399 |
563.020 |
|
Short term borrowings |
327.530 |
292.032 |
315.938 |
|
Total borrowings |
1160.373 |
988.431 |
878.958 |
|
Debt/Equity ratio |
1.425 |
1.205 |
1.027 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales (Gross) |
215.715 |
2215.898 |
2346.674 |
|
|
|
927.234 |
5.902 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales (Gross) |
215.715 |
2215.898 |
2346.674 |
|
Profit |
5.941 |
5.897 |
35.230 |
|
|
2.75% |
0.27% |
1.50% |
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 |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
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 |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOANS:
|
Particular |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Long Term Borrowing |
|
|
|
Borrowings |
0.000 |
20.691 |
|
|
|
|
|
Short Term Borrowing |
|
|
|
Borrowing |
0.000 |
52.515 |
|
Total |
0.000 |
73.206 |
OPERATIONAL PERFORMANCE:
The turnover during the
year increased by 5.57% from Rs. 2215.898 Millions during the previous year to Rs.
2346.674 Millions. Due to continuing recession in Europe, there was pressure on
orders from the customers but the Company is able to achieve better turnover as
compared to the last year. Cash profit during the year is better at Rs. 248.571
Millions as against the previous figures of Rs. 215.131 Millions. Similarly the
net profit before tax is at Rs 57.374 Millions against Rs 12.333 Millions
during the last year. In order to conserve resources, the board is not
recommending any dividend
.
The improvement in margin
was achieved mainly through a reduction in interest costs by a better
management of working capital. Cost increase continued during the year with
personnel costs increasing by 24% and fuel costs by 18%. The Company?s request
for shifting of additional requirement of electricity is still under process
with the MSEB authorities and we are waiting for their positive response. This
will reduce Power and Fuel cost substantially during the Current year.
The total number of people
employed at the end of the period were 830 and indirect employment was at 150
as compared to previous years figures of 818 and 122 respectively.
JOINT VENTURES
The Joint Venture company
in India and in Mauritius are making good progress. The Mauritian Joint Venture
Company?s name has been changed from M/s. NIC Limited Mauritus to M/s. Laguna
Clothing (Mauritius) Ltd effective from February, 2013.
ECONOMIC SCENARIO Indian
Economy continued to slow down during the year 2012-13 also. Against 6.2%
growth recorded during the previous year, the growth tapered down to 5%. For
the quarter ending 31st March 2013 it was at 4.8%. Effectively the growth has
halved from 9.3% achieved in the year 2010-11 The projections indicate similar
growth prospects for the ensuing year 2013-14. Inflation remained high at 7.55%
during the year and resultant tight monetary affected the flow of funds to the
industry . Exports were sluggish. This coupled with slowing FDI has resulted in
higher current account deficit. This in turn has put pressure on the Rupee
which continued to depreciate. Cotton prices fluctuated resulting in higher
yarn prices. This increase partly resulted in increase fabric prices.
REVIEW OF OPERATIONS
During the year under review,
The Company?s turnover has increased marginally as compared to the previous
year?s turnover. The margins are better due to a combination of different
marketing strategy and cost controls. The company has taken major steps to have
a larger share in the domestic market, to counter the slowing down of
traditional European markets. This has started yielding results in terms of
both domestic sales and capacity utilizations.
FORECAST
The effect of slowing world
economy will be seen the current year also. Depreciation of Rupee is expected
to help the export realization of companies products. We are taking further
steps to supplement production capacity by adding balancing equipments and with
marginal additional capital expenditure. The approval of Grid power will help
further reducing the cost of power. The reach in the domestic market is
expected to further improve during the year. The reach in the domestic market
is expected to further improve during the year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U17111MH2001PTC130465 |
|
Name of the
company |
TESSITURA MONTI
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
401, Trade Avenue, Suren Road, Andheri (East), Mumbai – 400093,
Maharashtra, India Email: indomont@vsnl.net |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10439730 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Export-Import Bank of India, Centre One Building, Floor 21, World
Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India Email: eximpro@eximbankindia.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Mortgage
of immoveable Properties dated 14.11.2013, executed by Tessitura Monti India Private
Limited (the “Borrower”) infavour of Export Import Bank of India (Exim Bank),
for its term loan of Rs. 225.000 Millions, a copy where of is attached hereto |
|
Date of
instrument Creating the charge |
14.11.2013 |
|
Amount secured by
the charge |
Rs. 225.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Exim Banks Long
Term Minimum Lending Rate (LTMPR) plus 220basis points, payable monthly on 20th
day of every month Terms of Repayment The Loan shall be
rapaid by the company in 20 stepped up quarterly installments, tentatively
commencing on February 2016. Final repayment schedule shall be communicated
to borrower at the time of last disbursement under the loan Margin 25.00% Extent and Operation of the charge The charge
created under the aforesaid Deed of Mortgage in favour of Exim Bank shall
operate as continuing security by way of pari passu first charge over
Borrowe’s immovable properties situste in Taluka Karvir, District Kolhapur,
Maharashtra, for the due repayment of the loan together with interest, and
all other monies payable by the Borrower to Exim Bank under the Rupee loan
agreement dated July 17, 2013. |
|
Short particulars
of the property orassets charged |
Immovable
properties situate in Taluka Karvir, District Kolhapur, Maharashtra Land and other
immovable properties more particularly described in Schedule l of the Deed of
Mortage |
|
Date of
Modification |
02.05.2012 |
|
Particulars of the
present modification |
The chage created
in favor of Export Bank of india under the Deed of Hypothecation dated July
17, 2013 is enlarged to include a charge by way of mortgage over the
Borrowers’ immovable properties under the Indenture of Mortgage dated
November 14, 2013 |
FIXED ASSETS:
·
Land
·
Buildings
·
Factory building
·
Plant and equipment
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Other equipments
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.10 |
|
|
1 |
Rs. 102.04 |
|
Euro |
1 |
Rs. 80.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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 |
|
47 |
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.