MIRA
INFORM REPORT
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Report Date : |
16.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
LYCOS
INDIA LIMITED |
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Registered Office : |
Plot
No. 143-B, Sector – A, Zone – A, M. I. Estate, Bhubaneswar – 751010, Orissa |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
26.10.1999 |
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Com. Reg. No.: |
15-5960 |
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CIN No.: [Company
Identification No.] |
U31200OR1999PLC005960 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BBNL00238A |
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PAN No.: [Permanent
Account No.] |
AAACL6593N |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Service
and Supply of Analog & Digital Cards. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
10000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having satisfactory track. Trade relations are fair. Payments are usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered / Head Office : |
Plot
No. 143-B, Sector – A, Zone – A, Mancheswar Industrial Estate, Mancheswar,
Bhubaneswar – 751010, Orissa |
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Tel. No.: |
91-674-2588608/2588609 |
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Fax No.: |
91-674-2588609 |
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E-Mail : |
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Website : |
http://www.lycosind.com |
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Branches
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Located
at : Hyderabad,
Kolkata, Chennai, Vishakapatanam and Jhansi |
DIRECTORS
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Name : |
Mr.
Ashok Kumar Jena |
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Designation : |
Managing
Director |
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Address : |
Plot
No. 94/E, Acharya Vihar, Bhubaneswar, Khurda – 751004, Orissa |
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Date of Birth/Age : |
03.07.1963 |
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Date of Appointment : |
27.10.1999 |
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Name : |
Ms.
Aswini Kumar Jena |
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Designation : |
Director
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Address : |
Plot
No. 94/E, Acharya Vihar, Bhubaneswar, Khurda – 751004, Orissa |
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Date of Birth/Age : |
06.12.1935 |
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Date of Appointment : |
27.10.1999 |
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Name : |
Mr.
Sanghamitra Baliarsingh |
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Designation : |
Director
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Address : |
Plot
No. 31/391, Nayapally, Bhubaneswar – 751004, Orissa |
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Date of Birth/Age : |
30.08.1970 |
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Date of Appointment : |
27.10.1999 |
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Name : |
Mr.
Bibekananda Jena |
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Designation : |
Director
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Address : |
Plot
No. 94/E, Acharya Vihar, Bhubaneswar, Khurda – 751004, Orissa |
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Date of Birth/Age : |
02.07.1962 |
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Date of Appointment : |
10.11.2004 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Ashok Kumar Jena |
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18600 |
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Ms.
Aswini Kumar Jena |
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12500 |
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Mr.
Sanghamitra Baliarsingh |
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2000 |
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Ms.
Rashmi Rekha Jena |
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2000 |
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Mr.
Satyakam Jena |
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2000 |
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Ms.
Nibedita Jena |
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2000 |
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Ms.
Janaki Bala Jena |
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2000 |
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Mr.
Bibekananda Jena |
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30000 |
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TOTAL |
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71100 |
BUSINESS DETAILS
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Line of Business : |
Service
and Supply of Analog & Digital Cards. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Standard
Chartered Bank ICICI
Bank |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
D. V.
R. Murty & Company Chartered
Accountants, Flat
No. 004, ‘Harihar Palace’, Behind of SBI Colony, Sastri Nagar, Bhubaneswar –
751001, Orissa, India |
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Tel. No.: |
91-674-2421615
/ 2421535 |
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Mobile No.: |
91-9437009531 |
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E-Mail : |
dvrmurty@vsnl.net |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
71100 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.711 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.711 |
0.711 |
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2] Share Application Money |
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1.270 |
0.700 |
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3] Reserves & Surplus |
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1.022 |
0.889 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.003 |
2.300 |
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LOAN FUNDS |
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1] Secured Loans |
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3.364 |
2.982 |
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2] Unsecured Loans |
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1.219 |
1.769 |
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TOTAL BORROWING |
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4.583 |
4.751 |
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DEFERRED TAX LIABILITIES |
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0.425 |
0.353 |
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TOTAL |
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8.011 |
7.404 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.515 |
5.858 |
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Capital work-in-progress |
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0.179 |
0.010 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.068 |
0.052 |
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Sundry Debtors |
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2.876 |
1.930 |
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Cash & Bank Balances |
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[0.061] |
0.020 |
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Other Current Assets |
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0.386 |
0.365 |
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Loans & Advances |
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0.427 |
0.477 |
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Total Current Assets |
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3.696 |
2.844 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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1.388 |
1.319 |
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Total Current Liabilities |
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1.388 |
1.319 |
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Net Current Assets |
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2.308 |
1.525 |
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MISCELLANEOUS EXPENSES |
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0.009 |
0.011 |
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TOTAL |
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8.011 |
7.404 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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6.035 |
5.205 |
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Profit/(Loss)
Before Tax |
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0.285 |
0.411 |
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Provision
for Taxation |
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0.080 |
0.074 |
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Profit/(Loss)
After Tax |
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0.205 |
0.337 |
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Total
Expenditure |
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4.993 |
4.090 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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3.39 |
6.47 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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4.72 |
7.89 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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3.09 |
4.72 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.09 |
0.17 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.98 |
2.63 |
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Current
Ratio (Current
Asset/Current Liability) |
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2.66 |
2.15 |
LOCAL AGENCY
FURTHER INFORMATION
DIVIDEND
:
The
company has earned net profit of Rs. 0.285 million before providing income
tax. The provision of Rs. 0.080 million
made for Income tax during the financial 2005-2006. The remaining balance of net profit transferred to the reserve
account for strengthening the company future funds position. Hence the directors not declare the dividend
for the current year.
Fixed
Assets
Land
& Building, Electronic Machinery, Electronic Equipment, Generator,
Furniture & Fixture, Motor Vehicle, Computer & Printers, Air
Conditioner and Bi-Cycle.
Form
8 Particular for creation or modification of charges
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Corporation
identity number or foreign company registrations number of the company |
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Name of the
company |
LYCOS INDIA LIMITED |
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Address |
143B, Sector A, Zone A, M I Estate,
Bhubaneswar |
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This Form is for
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Creation of
charge |
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Type of Charges |
Hypothecation |
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Particular of
the charge holder |
Sundaram Finance
Limited No. 21, Patulios
Road, Chennai – 600002, Tamilnadu, India CIN No. :
U65191TN1954PLC002429 E-mail : sf@sundaramfinance.in |
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Nature or
description of the instrument creating charge |
Loan Agreement
Bearing Cont No. BW-2513 |
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Date of the
instrument creating charge |
26.04.2006 |
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Amount Secure by
the charge |
Rs. 0.086
million |
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Brief of the
principal terms and conditions and extent and operation of the charge |
The total amount
of Rs. 0.086 million is repayable in 11 monthly instalments. Ist instalment of Rs. 0.008 million &
10 instalments of Rs. 0.007 million each. Rate of Interest – 19.66% |
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Description of
the property charge whether it is a charge on |
Vehicles |
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Modification
charge Charge
identification number of the charge to be modified |
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Date of
instrument modifying the charge |
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Particulars of
the Property charged |
1 No. 2006 Model
Piaggio 3 Wheeler – E No. R6B0217314, Ch No. BGC341860 |
WEBSITE
DETAILS
Company
As an
expanding communication equipments service provider and software company, they
believe in a set of basic principles to maintain sanity during the blistering
pace. These are their values, sincerity, hard work, efficiency and commitment.
Core
Values
They
grow by their virtues. Due to their strict administration qualities they are
able to successfully implement the basics of their company rules and values.
They promise to build a transparent relationship with their clients. They
guarantee their complete dedication and efficient results to each of their
clients.
Relationship
They are
professional, innovative, time constraint and polite. They believe in long run
business with each of their clients. They believe more in relationship as well
as the deal committed.
They
think that their company dealings are not something to be scaled off. To reach
the peak of efficiency with good relationship they implement the words said by
us, in their work. Each project follows a specific pattern suited to the
deliverables outlined. Tasks and targets are decided and communicated,
monitored and controlled.
Business
For the
promotion of their business they always try to give priority to the client
satisfaction. Expertise in their area helps them to meet the requirements of
their clients faster and best. They believe in their team which comprises
of people having great experience and expertise in their work areas, these
people are innovative and have a passion to implement their creativity up
to best.
Facilities
Ample
open space
24-hours
Security
Open
office plan
Redundant
Internet infrastructure
PRODUCTS
They
believe in dealing with products of good quality so that our customers have no
problem at all.
For this
reason they deal only in VHF set's of Kenwood and Motorola which are
renowned companies in the market and have proved their efficiency in the past .
Apart from
this they are also in consideration with some research and
development work.
RESEARCH AND DEVELOPMENT
Their
Research and Development center mainly comprises of some major research
topics like Automation via Micro controllers etc.
Some
major headings of their research and development tasks are as under:
OPTICAL FIBER COMMUNICATION
Automatic
Switching over from 2MB link (optical fiber cable) to 34 MB link in Ericsson's
Universal Multiplexer
Network
Monitoring System :
In this
project their team is trying to generate a single monitoring body between the
source and the destination so as to govern or check the status of each
intermediary node falling in between source and destination.
PROGRAM LOGIC CONTROL
Basically
they are developing programs in Allen Bradley PLC and Siemens PLC.
Applications
with PLC under consideration:
Packaging
industry, Steel Plant, Cement Industry etc
They
develop a PLC program to carry out tasks in the above mentioned
industries at their respective stages successfully.
SCADA (Supervisory Control and Data Acquisition)
This is a Technology whose one important feature is graphical user interface that is used to keep a check on the overall activities of a PLC. It means that, with the help of SCADA they may check the status of each segment of work performed by a PLC by just sitting at one place.
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.45.17 |
|
UK
Pound |
1 |
Rs.85.24 |
|
Euro |
1 |
Rs.57.89 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|