MIRA
INFORM REPORT
|
Report Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
HIND
HIGH VACUUM COMPANY PRIVATE LIMITED |
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Formerly Known As : |
HINDHIVAC
PRIVATE LIMITED |
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Registered Office : |
Site No.
17, Phase – I, Peenya Industrial Area, Bangalore – 560059, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.03.2001 |
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Com. Reg. No.: |
08-28817 |
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CIN No.: [Company
Identification No.] |
U29120KA2001PTC028817 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH00126A |
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Legal Form : |
Private
limited liability company. |
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Line of Business : |
Manufacturers,
importers, exporters, trader and dealers in all kinds vacuum systems,
equipment, pumps, components and accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Undetermined
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
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Comments : |
In
absence of financials, it would be difficult to access company’s performance
and financial status. However,
positive factors are that company could get substantial term loans from it’s
banker and substantial registered capital. No
payment records are available. The company can be considered normal for
business dealings at usual trade terms and conditions with some caution. |
LOCATIONS
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Registered Office / Factory
: |
Site
No. 17, Phase – I, Peenya Industrial Area, Bangalore – 560059, Karnataka,
India |
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Tel. No.: |
91-80-28394615
/ 41931000 |
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Fax No.: |
91-80-28394874 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr.
Sakhamuri Venkata Narasaiah |
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Designation : |
Chairman
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Address : |
No. 16,
3rd Main Road, Jayamahal Extension, Bangalore – 560046, Karnataka,
India |
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Date of Birth/Age : |
26.09.2001 |
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Date of Appointment : |
26.03.2001 |
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Election Commission Identity Card
No.: |
KT/12/087/288291 |
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Name : |
Mr.
Sakhamuri Prasanth |
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Designation : |
Managing
Director |
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Address : |
No.
272, 4th Cross, 80 Feet Road, RMV II Stage, II Block, Bangalore –
560094, Karnataka, India |
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Date of Birth/Age : |
10.04.1963 |
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Date of Appointment : |
26.03.2001 |
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Election Commission Identity Card
No.: |
KT/12/087/288295 |
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Name : |
Mr.
Nagarjun Sakhamuri |
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Designation : |
Director
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Address : |
No.
284, 4th Cross, 80 Feet Road, RMV II Stage, II Block, Bangalore –
560094, Karnataka, India |
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Date of Birth/Age : |
09.05.1957 |
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Date of Appointment : |
01.08.2005 |
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Election Commission Identity Card
No.: |
KT/12/087/288293 |
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Name : |
Mr.
Vegasena Kasi Viswanath Raju |
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Designation : |
Director
– Technical |
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Address : |
No.
745/16, 9th Cross MRCR, Vijaynagar, Bangalore – 560040, Karnataka,
India |
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Date of Birth/Age : |
01.08.1942 |
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Date of Appointment : |
01.08.2003 |
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Election Commission Identity Card
No.: |
KT/13/080/0051393 |
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Name : |
Mr.
Nimmagadda Jagadeeswara Babu |
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Designation : |
Whole
Time Director |
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Address : |
No.
53, II Cross, NTI Layout, Vidyaranyapura, Bangalore – 560064, Karnataka,
India |
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Date of Birth/Age : |
01.06.1944 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr.
Balaji Srinivas |
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Designation : |
Director
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Address : |
L31,
Diamond District, Airport Road, Bangalore – 560008, Karnataka, India |
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Date of Birth/Age : |
06.07.1966 |
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Date of Appointment : |
15.09.2006 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Directors / Relatives of Directors |
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Mr. S.
V. Narasaiah |
479194 |
18.50 % |
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Ms. S.
Sarojini Devi |
469601 |
18.20 % |
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Ms. A.
Leelavathi |
446457 |
17.30 % |
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Mr.
Nagarjun Sakhamuri |
368565 |
14.30 % |
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Ms. S.
Geetha Ramani |
86636 |
3.40 % |
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Mr. S.
Prasanth |
403309 |
15.60 % |
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Ms. S.
Padmaja |
47105 |
1.80 % |
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Sub Total |
2300867 |
89.10 % |
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NRIs |
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Mr.
Seshagiri Rao Tummala |
29160 |
1.10 % |
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Mr.
Amaraneni Bharadwaj |
20995 |
0.80 % |
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Mr.
Gonuguntla V. Naidu |
29160 |
1.10 % |
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Mr.
Ignatius Thomas |
11665 |
0.50 % |
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Mr.
Ashok Kumar Verma |
191795 |
7.40 % |
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Sub Total |
282775 |
10.90 % |
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Total |
2583642 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
importers, exporters, trader and dealers in all kinds vacuum systems,
equipment, pumps, components and accessories. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
200-499 |
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Bankers : |
State
Bank of India Peenya
Industrial Area, Bangalore – 560058, Karnataka, India |
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Banking Relations : |
Satisfactory
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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4000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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2583642 |
Equity
Shares |
Rs. 10/- each |
Rs. 25.836 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.836 |
25.836 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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72.077 |
41.605 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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97.913 |
67.441 |
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LOAN FUNDS |
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1] Secured Loans |
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120.324 |
102.223 |
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2] Unsecured Loans |
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4.553 |
3.664 |
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TOTAL BORROWING |
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124.877 |
105.887 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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222.790 |
173.328 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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98.730 |
54.351 |
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Capital work-in-progress |
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1.973 |
0.475 |
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INVESTMENT |
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0.012 |
0.012 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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171.082 |
139.141 |
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Sundry Debtors |
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134.899 |
78.706 |
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Cash & Bank Balances |
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31.783 |
24.199 |
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Other Current Assets |
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1.419 |
0.186 |
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Loans & Advances |
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83.457 |
46.699 |
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Total Current Assets |
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422.640 |
288.931 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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300.565 |
170.441 |
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Provisions |
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Total Current Liabilities |
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300.565 |
170.441 |
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Net Current Assets |
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122.075 |
118.490 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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222.790 |
173.328 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover [including other
income] |
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373.901 |
256.701 |
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Profit/(Loss)
Before Tax |
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NA |
NA |
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Provision
for Taxation |
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NA |
NA |
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Profit/(Loss)
After Tax |
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57.580 |
35.014 |
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Total Expenditure |
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316.321 |
221.687 |
KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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15.40 |
13.64 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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4.35 |
4.10 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.41 |
1.70 |
LOCAL AGENCY
FURTHER INFORMATION
The name
of the company has been changed from HINDHIVAC PRIVATE LIMITED to present
w.e.f. 17.10.2005.
Business
To taken
over the Vacuum Systems and Pumps Division of the company known as Hind High
Vacuum Company Private Limited together with all assets and liabilities under a
Scheme of arrangement and to continue to carry on the business of manufacturers
of importers and exporters, traders, dealers in all kinds’ vacuum systems,
equipment, pumps, components and accessories.
Indebtness of the company [Secured Loans
Including Interest Outstanding]
|
Financial Institutions / Bank |
Amount [In
Millions] As on 19.09.2005 |
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Cash
Credit From SBI |
29.654 |
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Cash
Credit From SBI – FCNBDL |
49.881 |
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Corporate
Loan From SBI |
3.500 |
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Ford
Credit Kotak Mahindra Limited |
0.232 |
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ABN
Amro Bank |
0.163 |
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ICICI
Bank Limited [Computers] |
0.029 |
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Standard
Chartered Bank |
0.016 |
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HDFC
Bank Limited |
0.634 |
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ICICI
Bank [INNOVA] |
0.591 |
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ABN
Amro Bank [COROLLA] |
0.389 |
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Citi
Bank OD A/C |
1.646 |
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Total |
86.735 |
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Name of the company |
HINDHIVAC PRIVATE LIMITED |
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Presented By |
STATE BANK OF INDIA, PEENYA INDUSTRIAL
AREA, BANGALORE – 560058, KARNATAKA, INDIA |
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1) Date and description of instrument creating the change |
09.08.2002
[Regd. Doc. 11.08.2002] General
agreement for the grant of small industrial advance and hypothecation of
movables, book debts and other assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
77.000 Millions [CC
Stocks : Rs. 22 Millions, CC Rec : Rs. 23.500 Millions, LC : Rs. 1.500
Millions and BG : Rs. 30.00 Millions] |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation
of the whole of the present and future stocks, book debts, outstanding, money receivables, claims bills, movables
and other movable assets belonging to the company. Collaterals security
Hypothecation of plant and machinery
and equitable mortgage created by deposit of title deeds on company’s
immovable properties Plot
No. 17, Formed out of Sy. No. 23, 34 & 25 of Peenya Industrial Area,
Bangalore – 560058, Karnataka, India Property
bearing Plot No. 472-D, Penya, 4th Phase, Formed out of Sy. No. 46
of property bearing No. 116, in Peenya I Stage, Bangalore North Immovable
property Bearing No. 116, in Peenya I Stage, Bangalore and corporate
Guarantee offered to Hind High Company Private Limited against various credit
facilities sanctioned by bank. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 14.50 % p.a. Margin as applicable Repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank of India Peenya
Industrial Area, Bangalore – 560058, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
Letter
evidencing deposit of title deeds |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Total
limits enhanced from Rs. 88.500 Millions to Rs. 99.200 Millions Hind
High Vacuum Company Private Limited enhanced from Rs. 11.500 Millions to Rs. 22.200
Millions and Hindivac Private Limited Rs. 77 Millions to continue. Extension
of equitable mortgage created by deposit of title deeds on company’s
immovable properties situated at No. 17, I Phase, Peenya Industrial Area,
Bangalore and Plot No. 472-D, IV Phase, Peenya Industrial Area, Bangalore to
continue. All
other terms and conditions including all existing securities to continue for
the enhanced limits. |
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.44.18 |
|
UK
Pound |
1 |
Rs.86.36 |
|
Euro |
1 |
Rs.57.54 |
RATING EXPLANATIONS
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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 |
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