MIRA INFORM REPORT
|
Report Date : |
17.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
SECURE
METERS LIMITED |
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Registered Office : |
D-53,
2nd Floor, Saket, New Delhi-110017 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.1987 |
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Com. Reg. No.: |
55-106218 |
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CIN No.: [Company Identification No.] |
U74899DL1987PLC106218 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
JDHS00044C/JDHS00332D |
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PAN No.: (Permanent Account No.) |
AACCS8785M |
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Legal Form : |
A
closely held public limited liability company |
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Line of Business : |
Manufacturing of Secure
Energy Metering Systems and Calibration Equipments, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 6000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed company having fine track. The company’s
financial position is strong. Trade relations are fair. Payments are usually
correct and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
D-53,
2nd Floor, Saket, New Delhi-110017, India |
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Tel. No.: |
91-11-26531007 |
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Fax No.: |
91-11-26510752 |
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E-Mail : |
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Website : |
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Head Office : |
P.O. Box No. 30, Pratap
Nagar Industrial Area, E-Class, Udaipur – 313 003, Rajasthan |
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Tel. No.: |
91-294-2492300/301/2492302/2492303/2492304/2492305 |
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Fax No.: |
91-294-2492310 |
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E-Mail : |
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Factory/Warehouse: |
v
P. O. Box No. 30,
Pratap Nagar Industrial Area, E-Class, Udaipur – 313 003, Rajasthan Tel. 91-294-2492300/301/302/303/304/305 Fax. 91-294-2492310 v
Haripur Road,
Barotiwala – 174 103, Solan, Himachal Pradesh v
VIPPS Centre, 2 Local
Shopping Centre, Masjid Moth, Greater Kailash – II, New Delhi – 110048, India Tel. No.: 91-11-26412650 Fax No.: 91-11-26479769 E-Mail : sml@securemeters.com Website : http://www.securemetres.com |
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Overseas Office: |
101,
Upper Cross Street, No. 08-07, People’s Park Centre, Singapore – 058357 |
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Branches : |
Located At:- v
Sir Pherozeshah Mehta
Road, Post Box No. 1345, Mumbai – 400001, Maharashtra v
606-607, Silver Oaks,
Opposite Arun Society, Near Paldi Bus Stand, Ahmedabad – 380007, Gujarat v
134, Mittal Tower, ‘C’
Nariman Point, Mumbai – 400021, Maharashtra v
20, C. V. Raman Road,
Alwarpet, Chennai – 600018, Tamilnadu v
127, Vedachalam
Street, Vasudevan Nagar, Jafferkhanpet, Chennai – 600083, Tamilnadu v
1, ‘E’ Neelamber,
28-B, Shakespeare Sarani, Kolkata – 700017, West Bengal v
Plot No. BH. Bayababa
Math, Unit 9, Bhubaneshwar, Orissa v
B-10, Greenland
Society, Opp Harinagar, Gotri Road, Vadodara, Gujarat v
No. 6, Marappa Road,
Ulsoor, Bangalore, Karnataka v
Plot No. 31, Southern
Railway Colony, Picket, Secunderabad, Andhra Pradesh v
Plot No. 11, Home No.
1010, Shaktinagar, Gupteswar, Jabalpur – 482008, Madhya Pradesh v
A-111/201, B, Kamal
Apartment (2), Power House Road, Bani Park, Jaipur – 302001, Rajasthan v
Springdale School
Complex, Manik Nagar, R. G. Baruah Road, P.O. Japorigog, Guwahati – 781005,
Assam v
TC No. 3/2187,
‘Sulatha’, 1st Floor, LIC Lane, Patton, Thiruvananthapuram –
695004, Kerala v
Pesticides India,
Chandola Talao, Near Kashiram Textiles, N.H. 8, Post Narol, Ahmedabad –
382405, Gujarat v
85, Seema Nagar 2,
Palanpur Patia, Rander Road, Surat, Gujarat |
DIRECTORS
|
Name : |
Mr. Sanjay Singhal |
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Designation : |
Managing Director |
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Address : |
Lake House, P. P. Singhal
Marg, Udaipur – 313001, Rajasthan |
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Date of Birth/Age : |
22.01.1955 |
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Qualification : |
B. Sc. |
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Experience : |
20 Years |
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Date of Appointment : |
23.08.1993 |
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Name : |
Mr. Arvind Singhal |
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Designation : |
Director |
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Address : |
Lake House, P.P. Singhal
Marg, Udaipur, Rajasthan-313001 |
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Date of Birth/Age : |
29.11.1947 |
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Qualification : |
M. Com |
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Experience : |
30 Years |
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Date of Appointment : |
21.09.1999 |
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Other Directorships |
v
P. I. Industries
Limited, India v
Fimakon India Limited,
India v
Wolkem India Limited,
India |
|
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|
|
Name : |
Mr. Dilip Dwarkadas Upeshi |
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Designation : |
Director (Mumbai, Maharashtra, India) |
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Address : |
501, Shanti Apartments, 98,
Walkeshwar Road, Mumbai-400006, Maharashtra |
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Date of Birth/Age : |
28.01.1936 |
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Date of Appointment : |
28.03.1995 |
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Name : |
Mr. Girdhar Gopal Agrawal |
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Designation : |
Director (Fatehpura,
Udaipur, Rajasthan, India) |
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Address : |
Govindam, 6, Bhan Bagh, New
Fatehpura, Udaipur-313001, Rajasthan |
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Date of Birth/Age : |
25.11.1933 |
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Date of Appointment : |
22.04.1987 |
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Name : |
Mr. Prabhu Lal Agarwal |
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Designation : |
Director (Udaipur,
Rajasthan, India) |
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Address : |
Narayan
Villa, 56-A, New Fatehpura, Sukhadia Circle, Udaipur-313001, Rajasthan |
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Date of Birth/Age : |
22.10.1926 |
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Date of Appointment : |
28.03.1995 |
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Name : |
Mr. Pradyumna Natvarlal
Shah |
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Designation : |
Director (Mumbai,
Maharashtra, India) |
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Address : |
Shantiniketan, Prabhat
Colony Road No.1, Santacruz (East), Mumbai-400055, Maharashtra |
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Date of Birth/Age : |
01.01.1929 |
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Date of Appointment : |
28.03.1995 |
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Name : |
Mr. Ajay Relan |
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Designation : |
Director (New Delhi, India) |
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Name : |
Mr. Arvind Singhal |
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Designation : |
Director (Udaipur, Rajasthan,
India) |
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Name : |
Mr.
Hemender P Pandwal |
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Designation : |
Director
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Address : |
844,
Gyan Nagar, Hiran Magri, Sector -4, Udaipur-313003, Rajasthan |
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Date of Birth/Age : |
26.03.1961 |
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Date of Appointment : |
31.05.1999 |
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Name : |
Mr. Charles R. Stephenson |
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Designation : |
Director |
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Name : |
A. K. Nahar |
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Designation : |
Company Secretary |
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Name : |
H. S. Puri |
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Designation : |
General Manager (Finance) |
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Name : |
Mr. Salil Singhal |
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Designation : |
Chairman |
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Address : |
Singhal Farm House,
Rajokri, New Delhi-110038, India |
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Date of Birth/Age : |
21.08.1946 |
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Date of Appointment : |
01.04.1997 |
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Experience : |
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
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Mr. Salil Singhal |
16777 |
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Mr. Arvind Singhal (Partner
– Hycron India) |
50000 |
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Mr. Girdhar Gopal Agarwal |
50 |
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Mr. Sanjay Singhal |
714299 |
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Mr. Sanjaya Singhal (HUF) |
145632 |
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Mr. Suket Sanjaya Singhal |
305417 |
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Ms. Anaya Sanjay Singhal |
10910 |
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Ms. Nandita Singhal |
9600 |
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Mrs. Ananya Singhal |
303237 |
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Mr. Suket Singhal |
3777 |
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Salil Arvind and Sanjaya
Family Trust |
33527 |
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Sanjay Sinhgal |
614155 |
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Mrs. Nandita Singhal |
437054 |
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Mr. Sanjaya Singhal
(Partner – Hycron India) |
387142 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Secure
Energy Metering Systems and Calibration Equipments, etc. |
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Products : |
·
High Accuracy System
for Bulk Supply Point Metering ·
Flexible System for
Light Industrial, Commercial and Domestic Metering Applications ·
Single Phase
Electricity Dispenser with Remote Keypad and Display for Domestic Application ·
High Accuracy Metering
for Commercial and Industrial Applications. ·
Panel Instrument for
Industry and Commerce. ·
Maximum Demand
Controller to optimally utilise sanctioned loads Generic
Name of Principal Product/Service of the company are :-
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Brand Names : |
Secure,
Sems and Entity |
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Terms : |
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Selling : |
Cash,
Contract, L/C or Credit (60 days) terms. |
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Purchasing : |
Cash,
L/C or Credit (60 days) terms |
GENERAL INFORMATION
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Customers : |
v
Rajasthan State
Electricity Board v
Power Grid Corporation
of India Limited |
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No. of Employees : |
1500 |
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Bankers : |
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State Bank of Bikaner
and Jaipur, Chetak Circle, Udaipur, Rajasthan v
State Bank of India,
Commercial Branch, Madhuban, Udaipur – 313001, Rajasthan v
IDBI Bank Limited,
D-24, Durlabh Niwas, Prithviraj Road, C-Scheme, Jaipur, Rajasthan v
Punjab National Bank,
Chetak Cirlce, Udaipur, Rajasthan v
ICICI Bank Limited,
Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India |
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Facilities : |
Secured Loans
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Banking Relations : |
Satisfactory
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Auditors : |
Chandabhoy and Jassobhoy Chartered
Accountants |
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Address: |
605-607, Silver Oaks, Near
Mahalaxmi Char Rasta, Raldi, Ahmedabad – 380 007, Gujarat |
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Tel. No.: |
91-79-26586063/26586069 |
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Fax No.: |
91-79-26586063 |
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E-Mail : |
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Associates/Subsidiaries
: |
v
P. I. Industries
Limited v
Hycorn India Limited v
Hycorn Electronics v
Polymers Response
International Limited, U.K. v
Entity Metering
Systems Limited, UK v
Lipi Data Systems
Limited v
Biotech International
Limited v
Wolkem India Limited v
Fimakem India Limited v
Computronics
International Limited v
P. P. Singhal and
Company v
Godha Extrusions
Limited v
Chemicals
International Limited v
Technocan Equipment
Manufacturing Private Limited v
Binari Holding Private
Limited v
Kemini Circuits
Limited v
VIPPS India v
Coastal Chemical
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each
|
Rs. 150.000 millions |
|
1000000 |
Cumulative Redeemable
Preference Shares |
Rs. 100/- each |
Rs. 100.000 millions |
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Total |
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Rs. 250.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4335926 |
Equity Shares |
Rs. 10/- each
|
Rs. 43.359 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
43.359 |
43.359 |
43.359 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1507.005 |
1160.229 |
1059.506 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1550.364 |
1203.588 |
1102.865 |
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LOAN FUNDS |
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1] Secured Loans |
876.444 |
527.964 |
368.721 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
876.444 |
527.964 |
368.721 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
50.119 |
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TOTAL
|
2426.808 |
1731.552 |
1521.705 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
432.294 |
382.333 |
371.035 |
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Capital work-in-progress
|
25.082 |
34.093 |
19.168 |
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INVESTMENT
|
443.210 |
421.605 |
88.048 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
|
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Inventories
|
622.140
|
289.461 |
267.227 |
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Sundry Debtors
|
1324.297
|
703.090 |
775.010 |
|
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Cash & Bank Balances
|
96.333
|
88.296 |
202.571 |
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Other Current Assets
|
0.000
|
0.000 |
0.000 |
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Loans & Advances
|
359.314
|
220.380 |
194.850 |
Total Current Assets
|
2402.084
|
1301.227 |
1439.658 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
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Current Liabilities
|
722.832
|
298.324 |
288.629 |
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Provisions
|
153.030
|
109.382 |
108.015 |
Total Current Liabilities
|
875.862
|
407.706 |
396.644 |
|
Net Current
Assets
|
1526.222
|
893.521 |
1043.014 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.440 |
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TOTAL
|
2426.808 |
1731.552 |
1521.705 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
3188.633 |
2007.051 |
1701.013 |
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|
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Profit/(Loss) Before Tax
|
429.816 |
147.040 |
287.355 |
Provision for Taxation
|
25.852 |
20.202 |
34.046 |
Profit/(Loss) After Tax
|
403.964 |
126.838 |
253.309 |
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Export Value
|
NA |
464.749 |
526.079 |
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Import Value
|
NA |
512.439 |
309.955 |
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Total Expenditure
|
2758.817 |
1860.011 |
1413.658 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
12.67
|
6.32 |
14.89 |
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Net
Profit Margin (PBT/Sales) |
(%) |
13.48
|
7.33 |
16.89 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
15.16
|
7.34 |
13.99 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.11 |
0.23 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.13
|
0.78 |
0.69 |
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Current
Ratio (Current
Asset/Current Liability) |
|
2.74
|
3.19 |
3.63 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U74899DL1987PLC106218 |
|
Name
of the company |
SECURE
METERS LIMITED |
|
Address |
D-53,
2nd Floor, Saket, New Delhi-110017 |
|
This
Form is for |
Creation
of charge |
|
Type
of Charges |
Hypothecation Equitable mortgage or property by depositing the
title deeds |
|
Particular
of the charge holder |
State
Bank of India, Commercial Branch, Madhuban, Udaipur – 313001, Rajasthan |
|
Nature
or description of the instrument creating charge |
FORM c-1- Agreement of loan, from C-2- Agreement of
Hypothecation of goods and assets, Form C-3, Agreement of pledge of goods and
assets, Form C-5 Letter of individual limits, memorandum for creation |
|
Brief
of the principal terms and conditions and extent and operation of the charge |
Interest and repayment – as per terms and conditions
of theagreement dated 22.032006 Mortgage of lease deed of immovable property at
Bhamashah Industrial Area, Kaladwas, Udaipur- As security |
|
Particulars
of the Property charged |
Industrial plots (31 Nos) bearing No.G-421, 432 |
|
Name of the company |
U74899DL1987PLC106218 |
|
Presented By |
|
|
1) Date and description of
instrument creating the change |
On
02.01.2006 the following documents were executed in favour of Industrial
Development Bank of India Limited, Jaipur Agreement
of hypothecation of goods and assets for availing adhoc working capital
limits of Rs.100 millions Facilities
agreement for availing adhoc working capital limits or Rs.100.000 millions |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Rs.100.000
millions in favour of IDBI, Jaipur |
|
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 whole of the stocks of raw materials, stock in process , semi finished and
finished goods stores and spares and other movable assets whether lying in
the factory premises of the company or in transit and or elsewhere both
present and future on pari passu basis. Hypothecation
of book debts on pari passu basis |
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
Interest : as per prevailing terms and conditions Ths agreement shall operate as continuing security Goods will be fully insured Repayable on demand |
|
5) Name and Address and
description of the person entitled to the charge. |
Industrial Development Bank of India Limited, D-24,
Durlabh Niwas, Prithviraj Road, C-Scheme, Jaipur-302001 |
|
6) Date and brief description of instrument
modifying the charge |
N.A. |
|
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. |
N.A. |
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Hi-Tech Innovation
Profile
In
a short span of twelve years, the company has come a long way. An idea based on
a new dimension in metering in the late 80s, developed by a small team, has now
blossomed to a mission shared by over 400 employees. The company that made a
modest beginning with the introduction of electronic meters for the first time
in India is ahead of its time. The company surveyed technologies worldwide and
zeroed in on innnovative development in the metering field in UK. The company
was founded in 1988 and it is licensed the product named “Credit and Load
Management Unit CALMU” from Polymeters Response International Limited, U.K.
Fixed assets
v
Land,
v
Buildings
v
R & D building
v
Plant & machinery
v
R & D equipment
v
Office equipment
v
Furniture & fixtures
v
Vehicles
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.44.28 |
|
UK
Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
TOTAL |
|
72 |
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
|
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 |