MIRA
INFORM REPORT
|
Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ABG CEMENT LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Bhupati Chambers, 13, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2013 |
|
|
|
|
Date of
Incorporation : |
26.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-185707 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 12584.924 Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U36941MH1996PLC185707 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA10463F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA2316E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Cement Concrete. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and continuous accumulated losses incurred by the company over a
year. However, trade relations are fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealing 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.
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- (Suspended) |
|
Rating Explanation |
Risk prone credit quality and very high credit risk. |
|
Date |
27.05.2013 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Nilesh Pandere |
|
Designation : |
Account Officer |
|
Contact No.: |
91-22-61489500 |
|
Date : |
16.09.2014 |
LOCATIONS
|
Registered Office : |
5th Floor, Bhupati Chambers, 13, Mathew Road, Opera House,
Mumbai-400004, Maharashtra, India |
|
Tel. No.: |
91-22-61489500 / 61489527 / 66223122 |
|
Mobile No.: |
91-9819440904 (Ms. Pranali) 91-9687689487 (Ms. Apoorva Joshi) 91-9687689407 (Mr. Anup Desai) |
|
Fax No.: |
91-22-66223050 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
2nd Floor, Bhupati Chambers, 13, Mathew Road, Opera House,
Mumbai-400004, Maharashtra, India |
|
Tel. No.: |
91-22-61489500 |
|
Fax No.: |
91-22-61489522 / 23695257 |
|
|
|
|
Factory : |
Tahumbadi, Naliya Near Air Force Station, Kutch – 370485, Gujarat,
India |
DIRECTORS
As on 20.03.2014
|
Name : |
Mr. Vijay Prakash Sharma |
|
Designation : |
Managing Director |
|
Address : |
B-23, Law Apartments,
Karkardooma, Newdelhi, Delhi – 110092, India
|
|
Date of Birth/Age : |
05.03.1953 |
|
Date of Appointment : |
16.09.2013 |
|
PAN No.: |
AQGPS5687K |
|
DIN No.: |
02577738 |
|
|
|
|
Name : |
Mr. Dhananjay Laxman Datar |
|
Designation : |
Director |
|
Address : |
B1-61, 6th
Floor, Gagan Apartments, Gokuldham, Goregaon (East), Mumbai-400063,
Maharashtra, India |
|
Date of Birth/Age : |
22.12.1962 |
|
Date of Appointment : |
15.04.2008 |
|
DIN No.: |
01685012 |
|
|
|
|
Name : |
Mr. Rishi Kamlesh Agarwal |
|
Designation : |
Director |
|
Address : |
4C, Somerset
Place, 61-D, Bhulbhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
03.09.1966 |
|
Date of Appointment : |
31.03.2012 |
|
DIN No.: |
00162615 |
|
|
|
|
Name : |
Mr. Atul Zade |
|
Designation : |
Nominee Director |
|
Address : |
A-112, Aradhana CHS, G.D. Ambekar Marg, Naigaon Dadar (East), Near.
Wadala Tel Exchange, Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1984 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
06401708 |
KEY EXECUTIVES
|
Name : |
Mr. Imtiaz Iqbal Khan |
|
Designation : |
Secretary |
|
Address : |
Flat No.8, 1st Floor, Plot no.71, Sargam Apartment, 30th
Road, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1959 |
|
Date of Appointment : |
17.11.2008 |
|
Pan No.: |
AAEPK7228A |
|
|
|
|
Name : |
Mr. Nilesh Pandere |
|
Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.03.2014
|
Names of Shareholders |
|
No. of Shares |
|
ABG Cement Holdco Private Limited, India |
|
1194575564 |
|
Arvind Ingavale (Nominee on behalf of ABG Cement Holdco Private
Limited, India) |
|
1 |
|
Nilesh Pandere (Nominee on behalf of ABG Cement Holdco Private
Limited, India) |
|
2 |
|
Arvind Ingavale (Nominee on behalf of ABG Cement Holdco Private
Limited, India) |
|
1 |
|
Jagdish Prashadmot (Nominee on behalf of ABG Cement Holdco Private Limited,
India) |
|
1 |
|
Wari Mangal (Nominee on behalf of ABG Cement Holdco Private Limited,
India) |
|
1 |
|
IFCI Limited, India |
|
63916797 |
|
Total |
|
1258492367 |
As on 20.03.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Public financial companies |
5.08 |
|
Bodies corporate |
94.92 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Cement Concrete. |
|
|
|
|
Exports : |
|
|
Products : |
Cement |
|
Countries : |
Gulf Countries |
|
|
|
|
Imports : |
|
|
Products : |
Coal |
|
Countries : |
Indonesia |
|
|
|
|
Terms : |
|
|
Selling : |
LC |
|
|
|
|
Purchasing : |
LC |
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Punjab National Bank, PNB House Branch, Sir P. M. Road, Fort,
Mumbai-400001, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Nisar and Kumar Chartered Accountant |
|
Address : |
A/17, Everest Building, Tardeo Road, Tardeo, Mumbai-400034,
Maharashtra, India |
|
PAN No.: |
AACFN8765B |
|
|
|
|
Holding Company : |
ABG Cement Holdco Private Limited |
|
|
|
|
Ultimate Holding
Company : |
ABG International Private Limited |
|
|
|
|
Fellow Subsidiary
Company : |
· ABG Energy Limited · ABG Shipyard Limited ·
PFS Shipping (Inda) Limited |
|
|
|
|
Subsidiary company |
ABG Energy (Gujarat) Limited |
|
|
|
|
Others |
· ABG Resources Private Limited · Onaway Industries Limited ·
Aries Management Services Private Limited |
CAPITAL STRUCTURE
As on 20.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000,000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,258,492,367 |
Equity Shares |
Rs.10/- each |
Rs.12584.924
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2013 (12th Months) |
30.09.2012 (18th Months) |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
12584.924 |
8383.674 |
4215.374 |
|
(b) Reserves & Surplus |
(2861.000) |
(502.400) |
(89.463) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
621.550 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
9723.924 |
8502.824 |
4125.911 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16930.500 |
13606.100 |
9900.247 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
17.400 |
16.200 |
6.470 |
|
Total Non-current Liabilities (3) |
16947.900 |
13622.300 |
9906.717 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1105.400 |
850.000 |
0.000 |
|
(b) Trade payables |
1029.276 |
645.776 |
49.901 |
|
(c) Other current
liabilities |
5406.700 |
6066.600 |
2419.873 |
|
(d) Short-term provisions |
1.900 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
7543.276 |
7562.376 |
2469.774 |
|
|
|
|
|
|
TOTAL |
34215.100 |
29687.500 |
16502.402 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17778.800 |
16699.500 |
383.702 |
|
(ii) Intangible Assets |
10.700 |
12.800 |
1.484 |
|
(iii) Capital
work-in-progress |
11760.300 |
9301.400 |
11381.098 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1595.400 |
1121.200 |
187.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
207.700 |
1387.300 |
3737.080 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
31352.900 |
28522.200 |
15690.364 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1187.200 |
29.800 |
0.000 |
|
(c) Trade receivables |
127.200 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
249.700 |
132.000 |
806.226 |
|
(e) Short-term loans and
advances |
1291.600 |
994.200 |
2.515 |
|
(f) Other current assets |
6.500 |
9.300 |
3.297 |
|
Total Current Assets |
2862.200 |
1165.300 |
812.038 |
|
|
|
|
|
|
TOTAL |
34215.100 |
29687.500 |
16502.402 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
30.09.2013 (12th Months) |
30.09.2012 (18th Months) |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9104.400 |
2916.100 |
0.000 |
|
|
|
Other Income |
17.800 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
9122.200 |
2916.100 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
538.700 |
0.000 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
8845.300 |
2898.000 |
0.000 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(425.200) |
(29.800) |
0.000 |
|
|
|
Employees benefits expense |
204.700 |
1.500 |
1.226 |
|
|
|
Other expenses |
367.100 |
54.400 |
12.588 |
|
|
|
TOTAL (B) |
9530.600 |
2924.100 |
13.814 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(408.400) |
(8.000) |
(13.814) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1235.200 |
277.600 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1643.600) |
(285.600) |
(13.814) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
737.400 |
126.600 |
3.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(2381.000) |
(412.200) |
(17.299) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(2381.000) |
(412.200) |
(17.299) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(501.663) |
(89.463) |
(72.164) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2882.663) |
(501.663) |
(89.463) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.22) |
(0.73) |
(0.07) |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 (12th Months) |
30.09.2012 (18th Months) |
31.03.2011 |
|
PAT / Total Income |
(%) |
(26.10) |
(14.14) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(26.15) |
(14.14) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.41) |
(2.14) |
(0.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.24) |
(0.05) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.85 |
1.70 |
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.38 |
0.15 |
0.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
4215.374 |
8383.674 |
12584.924 |
|
Reserves & Surplus |
(89.463) |
(502.400) |
(2861.000) |
|
Share Application money pending
allotment |
0.000 |
621.550 |
0.000 |
|
Net worth |
4125.911 |
8502.824 |
9723.924 |
|
|
|
|
|
|
long-term borrowings |
9900.247 |
13606.100 |
16930.500 |
|
Short term borrowings |
0.000 |
850.000 |
1105.400 |
|
Total borrowings |
9900.247 |
14456.100 |
18035.900 |
|
Debt/Equity ratio |
2.400 |
1.700 |
1.855 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
30.09.2012 |
30.09.2013 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
|
2916.100 |
9104.400 |
|
|
|
|
212.212 |
NET PROFIT MARGIN
|
Net Profit Margin |
|
30.09.2012 |
30.09.2013 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
|
2916.100 |
9104.400 |
|
Profit |
|
(412.200) |
(2381.000) |
|
|
|
(14.14%) |
(26.15%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
30.09.2013 (12th Months) |
30.09.2012 (18th Months) |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
2821.800 |
2911.200 |
1129.360 |
|
|
|
|
|
|
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 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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been shifted from
604, Akshat Tower, Near Pakwan Restaurant, Opposite Rajpat Club, S. G. Highway
Ahmedabad – 380015, Gujarat, India to present address w.e.f. 05.08.2008
OPERATIONS
The gross sales and other income for the period ended on 30th September, 2013 was Rs.9122.078 millions as against Rs. 2916.078 millions for the previous year. The Company incurred a loss before tax of Rs. 2381.564 millions and net loss of Rs. 2381.564 millions and net loss of Rs. 412.361 millions during the eighteen months period ended 30th September, 2012.
The Company so far produced 7,87,593 metric tones of clinker and exported 704369 metric tones of clinkers to various countries such as Saudi Arabia, Sri Lanka, Bangladesh, Mozambique, Malawi and East Africa.
FINANCE
During the reporting period, the Company has achieved sales of Rs. 9122.078 millions, EBITDA of Rs. (408.601) millions and PAT of Rs. (2381.264) millions.
During the year, the Company has availed additional term loan facility of Rs. 5205.90 millions from various banks for capotive jetties and construction of support infrastructure at Kutch & Surat.
Total term loan facility avail for the project of Rs. 20804.468 millions out of which, during the year repayment made of Rs. 2370.988 millions.
Further during the year company has also availed the working capital loan facility in the form of Fund Base & Non-fund Base of Rs. 1959.400 millions and of Rs. 812.400 millions respectively.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 30.09.2013 |
As
on 30.09.2012 |
|
Long-term
borrowings |
|
|
|
Fully convertible debentures others |
1294.600 |
1294.600 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
0.000 |
850.000 |
|
Total |
1294.600 |
2144.600 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10516010 |
19/07/2014 |
600,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, FORT, MUMBAI, MAHARASHTRA -400023, INDIA |
C17353434 |
|
2 |
10425666 |
04/07/2014 * |
5,778,400,000.00 |
PNB INVESTMENT SERVICES LIMITED (SECURITY TRUSTEE) |
C/O.PUNJAB NATIONAL BANK, CIRCLE OFFICE 6TH FLOOR, |
C17582636 |
|
3 |
10324257 |
17/12/2011 |
3,193,800,000.00 |
PUNJAB NATIONAL BANK (SECURITY AGENT CUM LENDERS A |
PNB HOUSE BRANCH, SIR P.M.ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B28259984 |
|
4 |
10323034 |
15/11/2011 |
10,000,000.00 |
PUNJAB NATIONAL BANK |
PNB HOUSE BRANCH, SIR. P. M. ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B27832138 |
|
5 |
10231922 |
13/07/2010 |
500,000,000.00 |
UNITED BANK OF INDIA |
UNITED BANK OF INDIA BUILDING, 25, SIR PHEROZ SHAH MEHTA ROAD,
FORT, MUMBAI, MAHARASHTRA - 400001, |
A90417866 |
|
6 |
10209521 |
12/03/2010 |
500,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE BRANCH, 1ST FLOOR, MAFATLAL CE |
A82152026 |
|
7 |
10133056 |
09/05/2013 * |
23,934,200,000.00 |
PNB INVESTMENT SERVICES LIMITED (SECURTY AGENT) |
C/O. PUNJAB NATIONAL BANK, IT CELL, MOTOR SALES, |
B75121764 |
|
8 |
10123800 |
03/06/2014 * |
26,819,700,000.00 |
PNB INVESTMENT SERVICES LIMITED (SECURITY TRUSTEE) |
C/O.PUNJAB NATIONAL BANK, CIRCLE OFFICE 6TH FLOOR, |
C06619019 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
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.60.95 |
|
|
1 |
Rs.99.32 |
|
Euro |
1 |
Rs.78.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
HEN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
RES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.