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SVP-Advances (Eastern Zone):
VP & Head (SME Centre-BBSR):
Rameswar Agro Ind str!es Pvt "tdRe#$!es to R!s% e#artment o'servat!ons
January 21, 2009'servat!on o R!s% e#tt Re#$* to R!s% Comment'servat!on o VP +R!s%,:
The sanct!on of takeover of Corporation Bank Term Loans shouldbe after compliance all their terms of sanction letter dt 1 !2!200"#includin$%romoters mar$in of &0!11' for TL2,repayment(e)istin$ and future,additional capital infusion for costescalation #*s 9 lacs as percomparative sheet and any othere)penses, on +ithdra+al of unsecuredfor tenor of TL etc! so as to ensure thisis not treated as restructured!
The promoters have already brou$ht in the fundspresently as unsecured loan and * -.%L hasinitiated steps to convert the unsecured loan topaid(up capital so as to increase the capital to *s&00 lacs! The process is likely to be completed+ithin ne)t 2(& days! /e shall ensure obtainin$Copy of orm(2 orm( before disbursement of credit facilities!
Term Loan a3cs +ith Corporation Bank is re$ularas on date! .ecessary undertakin$ shall beobtained for continuation of unsecured loan asori$inally estimated so as to achieve desired4nancial levera$e position!
567 Center to con4rm reconciliationand end use of disbursed TL amounts!
/e have rechecked the TL sanctioned,repayment schedule stipulated present o3s+ith Corporation Bank 8 etails attached asanne)ure to ppl .ote: and observe that thereare .; irre$ularity in the a3cs as on date!
s far as end(use is concerned, +e have recentlyinspected the unit found that the assetscreation has been in line +ith envisa$ed pro
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?atchery is concerned, the promoters haveinfused lon$ term unsecured loan of *s 9 lacsinto the Company! -f the same is considered as
uasi e uity, then the Company +ould have a.et +orth of *s &" lacs as on 6arch &1, 200"+ith Aero term liability!
*atin$ con4rmed at 567( ! Thou$h +ith credit enhancement throu$hmort$a$e of immovable property, the 4nal creditratin$ +orks out to 567(&85;:! ?o+ever, as perthe su$$estion, +e have accepted the ratin$ as567( and accordin$ly, the note is placed toCompetent uthority for sanction!
%resent cash Do+ and sources of capital infusion be ascertained apriori!
The promoters have already infused maciency and mar$ins becompared +ith similar siAed peers!%ro
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method: and shall disburse the residual amountdurin$ I 2009(10 sub
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2 " lacs till ecember 1 , 200", +hichmeans only *s! 1" lacs, has beenfurther added in the pro
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the revenue pro4tability ratios considered bythe promoters are also in line +ith industrytrend .
The core promoterKs mar$in for thesecond e)pansion pro
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+arehousin$ business in the recent past! TheCompany does not encials and they have $ivenpositive opinion on the promoters! -nfact, 5B- has
also started pursuin$ +ith the promoters for the*ice 6ill pro
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t.ers This +ould be an G/atch accountK andrevie+ fre uency of si) months bemaintined,
.oted for compliance!
S.as.! B Prasad B R 5andaManager (Cred!t) Asst V!ce Pres!dent(Cred!t)
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